Washington, D.C. – NMHC’s Vice President of Research, Caitlin Walter, recently took part in the Up for Growth Coalition’s briefing on the nation’s affordability challenges. As one of the expert panelists, Walter presented new information, highlighting research released in just the last few weeks focusing on the cost of regulations. The nation’s housing affordability challenges continue to worsen, but if policymakers, business leaders and housing advocates come to the table in search of meaningful solutions, then much can be done to provide America’s working families more housing options. This was the leading takeaway from panelists and Members of Congress who participated in a housing briefing on Capitol Hill, hosted by the Up for Growth National Coalition.
During the discussion, Walter highlighted the NMHC and NAHB cost of regulation study, which found that regulation imposed by all levels of government accounts for an average of 32.1 percent of multifamily development costs. Further, in a quarter of cases, that number can reach as high as 42.6 percent. “Red tape is a problem at the local level, but at the federal level as well. It makes it more difficult to build affordable units,” Walter stated.
Walter also highlighted the growing need for more supply. Highlighting NMHC/NAA demand research, she made it clear that the country needs to produce 4.6 million new apartments by 2030 to keep up with demand.
This wide-ranging discussion highlighted the importance of housing issues to political leaders at all levels of government and underlined the urgency of taking concerted, comprehensive action to not only educate policymakers on this growing housing crisis but to identify new and innovative solutions that will help address these housing affordability challenges. Caitlin Walter, NMHC‘s Vice President of Research, was joined by:
- Congressman Denny Heck (D-WA) – Chair of the New Democrat Coalition’s Housing Task Force
- Congressman Steve Stivers (R-OH)
- Congresswoman Cathy McMorris Rodgers (R-WA)
- Mike Kingsella – Executive Director, Up for Growth National Coalition
- Clyde Holland – Chairman & CEO, Holland Partner Group & Chairman of the Board of Up for Growth National Coalition (Read Holland’s op ed on the housing crisis)
- John Tapogna – CEO, ECONorthwest (Economic consulting firm that produced Housing Underproduction in the U.S. on behalf of Up for Growth National Coalition)
- Ali Solis – President & CEO, Make Room USA
- Liz Osborn – Senior Director, Congressional Relations, Enterprise Community Partners
- Sasha Marshall – Planner for the City of Houston, Housing & Community Development Department
* * *
Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is the leadership of the trillion-dollar apartment industry. We bring together the prominent apartment owners, managers and developers who help create thriving communities by providing apartment homes for 39 million Americans. NMHC provides a forum for insight, advocacy and action that enables both members and the communities they help build to thrive. For more information, contact NMHC at 202/974-2300, e-mail the Council at firstname.lastname@example.org, or visit NMHC's web site at www.nmhc.org.