{"id":17485,"date":"2021-06-16T17:20:08","date_gmt":"2021-06-16T22:20:08","guid":{"rendered":"https:\/\/theamericangenius.com\/housing\/?p=17485"},"modified":"2021-06-16T17:21:18","modified_gmt":"2021-06-16T22:21:18","slug":"housing-supply-crisis","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/politics\/housing-supply-crisis\/","title":{"rendered":"Housing supply crisis: NAR insists governments take ‘once-in-a-generation’ action"},"content":{"rendered":"

The National Association of Realtors (NAR) has repeatedly beat the drum<\/a> for over six years regarding housing supply, so much so that perhaps real estate practitioners have simply accepted it as the ongoing problem that it is. But in a new report<\/a> by Rosen Consulting Group, released by NAR, housing supply is officially in crisis across all regions<\/strong>. <\/p>\n

NAR Chief Economist, Dr. Lawrence Yun has reiterated in most reports for years that the only relief for increasingly tight inventory levels lies an increase in housing starts, placing industry hopes firmly in the hands of American homebuilders who are strapped with lending standards that shifted after the 2008 housing crash, now paired with labor shortages and astronomically skyrocketing pricing on materials. <\/p>\n

NAR reports that after decades of under-building and under-investment, housing is now in more of a “dire” status than previously expected<\/strong>. The report, “Critical Infrastructure: Social and Economic Benefits of Building More Housing<\/a><\/em>” asserts that local and federal policymakers must consider “once-in-a-generation” action and that “no matter the approach,” action must be “immediate.” <\/p>\n

For an organization that typically employs very tempered wording, this aggressive language is alarming. <\/strong><\/p>\n

As bloggers scream “housing bubble” and analysts warn the script looks nothing like 2008, the timing of this report and the alarm bells being run by NAR are not to be ignored. <\/p>\n

\u201cThe state of America\u2019s housing stock\u2026 is dire, with a chronic shortage of affordable and available homes [needed to support] the nation\u2019s population,\u201d the report asserts. \u201cA severe lack of new construction and prolonged underinvestment [have led] to an acute shortage of available housing\u2026 to the detriment of the health of the public and the economy<\/strong>. The scale of underbuilding and the existing demand-supply gap is enormous\u2026 and will require a major national commitment to build more housing of all types.\u201d<\/p>\n

Dr. Yun notes \u201cIt\u2019s clear from the findings of this report and from the conditions we\u2019ve observed in the market over the past few years that we\u2019ll need to do something dramatic<\/strong> to close this gap\u201d between hopeful homebuyers and tightened supply levels. <\/p>\n

The report urges lawmakers to “expand access to resources, remove barriers to and incentivize new development, and make housing construction an integral part of a national infrastructure strategy.”<\/p>\n

NAR President Charlie Oppler, says that adequate increases in housing construction this decade would add an estimated 2.8 million American jobs and $50 billion in new, nationwide tax revenue<\/strong>. \u201cAdditional public funding and policy incentives for construction will very clearly provide huge benefits to our nation\u2019s economy, and our work to close this gap will be particularly impactful for lower-income households, households of color and millennials.\u201d<\/p>\n

Earlier this year, NAR encouraged policymakers<\/a> to reform zoning and permitting policies, also recommending other policies to address national housing supply shortages. <\/p>\n

At that time, it sounded like an urgent request. Today, we hear an alarm bell, a demand<\/em>.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

(POLITICS) After years of sounding the alarm bell regarding housing supply and demand imbalances, NAR is pushing local and federal governments to respond “immediately.” <\/p>\n","protected":false},"author":2,"featured_media":17487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[365],"tags":[2218,1234],"class_list":["post-17485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-housing-supply","tag-real-estate-news"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2021\/06\/housing-supply-crisis-homes.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/17485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=17485"}],"version-history":[{"count":7,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/17485\/revisions"}],"predecessor-version":[{"id":17494,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/17485\/revisions\/17494"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/17487"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=17485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=17485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=17485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}