Part 7: Will more housing solve the affordable housing crisis?
Part 7: Will more housing solve the affordable housing crisis?
SUMMARY
While basic economic logic may imply that increasing the supply of housing will decrease the price of a home, the data shows this is not the case. By comparing the number of housing starts and low-income units constructed in a given year within New York, California, Washington, and Texas, it’s evident that a robust solution to the housing affordability crisis will call on communities across the nation to do more than just build houses.
CHART 1- DB 1.7
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% Change LI Construction
% Change Starts
% Change Starts
% Change LI Construction
0500400300200100-10050-50450350250150NYCAWATXNATL.
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The rest of the story
The housing affordability crisis in the United States is not only the result of economic factors. Other factors play a role, such as:
- The unequal geographic distribution of employment opportunities
- Zoning laws and other locally rooted policies
- Demographic characteristics
In our next series of blog posts, we will be exploring how these additional factors have contributed to the housing affordability crisis facing the United States. By developing a better understanding of how and why the housing crisis emerged, we can begin to understand what solutions have the greatest potential to create more vibrant housing communities across the nation.