News Digest
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Resources
News digest
Bite-sized news summaries by our editorial team, sourced from industry-leading newspapers both regional and national.
All Affordable Housing Technology Housing Market Policy
Fast Company
Sep 19, 2024
How Fed Rate Cuts Impact the Housing Market
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Although lower rates make borrowing more affordable, the ongoing housing shortage and existing conditions in the market remain tough obstacles. Key Takeaways: - Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mo...
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Fast Company
September 19, 2024
How Fed Rate Cuts Impact the Housing Market
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Although lower rates make borrowing more affordable, the ongoing housing shortage and existing conditions in the market remain tough obstacles.
Key Takeaways:
- Lower Mortgage Rates: Fed rate cuts have already reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%. This could ease the burden for homebuyers and those refinancing.
- Home Sales: As rates decline, more homeowners might be encouraged to sell, which could help alleviate some of the housing market’s stagnation. However, a full recovery of the resale market is expected to be gradual.
- Ongoing Supply Issues: Despite lower rates, housing supply shortages will persist, especially in high-demand areas. Supply constraints, driven by zoning restrictions and labor/material shortages, remain a barrier to affordability.
While the Fed’s actions are a positive step toward stabilizing the housing market, broader structural challenges—particularly the lack of new housing supply—will continue to affect the market
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NPR
Jul 31, 2024
Do you rent? You may be more vulnerable to climate-driven disasters
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
Climate disasters are wreaking havoc across the United States and are disproportionately impacting renters, who often lack the financial resources and insurance protection of homeowners. Hurricane Ian survivors are facing a financial crisis long after the storm has passed. The once-affordable paradise of Matlacha, Florida, was shattered by the Ca...
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NPR
July 31, 2024
Do you rent? You may be more vulnerable to climate-driven disasters
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Climate disasters are wreaking havoc across the United States and are disproportionately impacting renters, who often lack the financial resources and insurance protection of homeowners.
Hurricane Ian survivors are facing a financial crisis long after the storm has passed. The once-affordable paradise of Matlacha, Florida, was shattered by the Category 5 hurricane, leaving residents grappling with staggering financial losses. As a renter, Venus James found herself particularly vulnerable, with no insurance coverage and soaring costs for everything from housing to basic necessities.
Rising rents, job losses, and the depletion of savings have pushed many survivors into a cycle of financial hardship. Experts call for increased government support, including eviction moratoriums and direct financial assistance, to help renters recover from disasters and prevent further economic devastation.
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Affordable Housing Finance
Jul 25, 2024
Greystone expands affordable housing initiatives with initial LIHTC fund
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
Greystone, a prominent commercial real estate finance firm, is expanding its affordable housing portfolio with the launch of its first national multi-investor Low-Income Housing Tax Credit (LIHTC) fund. Led by industry veterans Greg Voyentzie, Sarah Laubinger, and Todd Jones, the fund aims to raise $100 million and is expected to close by early nex...
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Affordable Housing Finance
July 25, 2024
Greystone expands affordable housing initiatives with initial LIHTC fund
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Greystone, a prominent commercial real estate finance firm, is expanding its affordable housing portfolio with the launch of its first national multi-investor Low-Income Housing Tax Credit (LIHTC) fund. Led by industry veterans Greg Voyentzie, Sarah Laubinger, and Todd Jones, the fund aims to raise $100 million and is expected to close by early next year.
The new venture leverages Greystone's existing strength in affordable housing lending to offer a comprehensive suite of financing solutions for developers. The company plans to develop proprietary tools to streamline deal evaluation and management, enhancing investor returns and driving positive community impact.
(Image Source: AHF)
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The Washington Post
Jul 15, 2024
Homelessness, already at a record high last year, appears to be worsening among workers
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
Homelessness is rising in the US, with a growing number of employed people now unable to afford housing due to high rents. Plumbers, delivery workers, pizzeria employees, casino supervisors and other working class Americans are becoming the new face of homelessness. Rising costs and a lack of affordable housing options are forcing people to sleep...
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The Washington Post
July 15, 2024
Homelessness, already at a record high last year, appears to be worsening among workers
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Homelessness is rising in the US, with a growing number of employed people now unable to afford housing due to high rents. Plumbers, delivery workers, pizzeria employees, casino supervisors and other working class Americans are becoming the new face of homelessness.
Rising costs and a lack of affordable housing options are forcing people to sleep in cars, motels or even public spaces. The situation is particularly difficult for those who don't qualify for government assistance due to their income but cannot afford rent on their own. Experts say increasing rental assistance and building more affordable housing are some ways to address this issue.
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New York Post
Jun 26, 2024
Housing market won’t come ‘unstuck’ until 2026, economists predict — here’s why
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
Bank of America economists predict the US housing market won't recover until at least 2026, with home affordability improving only with a recession. They attribute the prolonged downturn to a surge in demand during the pandemic, followed by high inflation and mortgage rates. Home prices are expected to rise by 4.5% in 2024 and 5% in 2025, then stab...
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New York Post
June 26, 2024
Housing market won’t come ‘unstuck’ until 2026, economists predict — here’s why
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Bank of America economists predict the US housing market won't recover until at least 2026, with home affordability improving only with a recession. They attribute the prolonged downturn to a surge in demand during the pandemic, followed by high inflation and mortgage rates. Home prices are expected to rise by 4.5% in 2024 and 5% in 2025, then stabilize in 2026. The "lock-in effect" of current homeowners unwilling to sell due to high mortgage rates will persist. However, improving credit conditions and less restrictive monetary policies may attract some buyers back to the market.
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U.S. Department of Treasury - Press Release
Jun 24, 2024
Treasury Secretary Janet L. Yellen to Announce New Housing Efforts as Part of Biden Administration Push to Lower Housing Costs
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
The Treasury Department is allocating $100 million over three years to boost affordable housing development as part of the Biden administration's plan to combat rising living costs. Other efforts, announced this week by Treasury Secretary, Janet Yellen, include offering greater interest rate predictability to housing finance agencies, urging Federa...
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U.S. Department of Treasury - Press Release
June 24, 2024
Treasury Secretary Janet L. Yellen to Announce New Housing Efforts as Part of Biden Administration Push to Lower Housing Costs
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The Treasury Department is allocating $100 million over three years to boost affordable housing development as part of the Biden administration's plan to combat rising living costs. Other efforts, announced this week by Treasury Secretary, Janet Yellen, include offering greater interest rate predictability to housing finance agencies, urging Federal Home Loan Banks to increase their housing program spending, and providing updated guidance for state and local governments on using recovery funds for housing. Yellen also called for expanding the Low-Income Housing Tax Credit and reducing legal barriers to housing development.
📢 Treasury Secretary, Janet Yellen - “ Eliminating needless legal barriers to housing development doesn’t just affect individuals and communities. Economists estimate that restrictive residential land use regulations."
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NBC News
Jun 11, 2024
The homebuying affordability gap is widening across the country, creating 'an impossible market'
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
The worsening housing affordability crisis in the U.S. has broken several records, the recent being the national affordability gap nearing a 10-year high. Only 63% of counties are now affordable for median-income households, compared to 94% in 2019. The median home price exceeds what the average household can afford by nearly $70,000. The West, esp...
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NBC News
June 11, 2024
The homebuying affordability gap is widening across the country, creating 'an impossible market'
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The worsening housing affordability crisis in the U.S. has broken several records, the recent being the national affordability gap nearing a 10-year high. Only 63% of counties are now affordable for median-income households, compared to 94% in 2019. The median home price exceeds what the average household can afford by nearly $70,000. The West, especially the San Francisco Bay Area, is facing significant gaps due to supply shortages and continues to top the list of one of the most unaffordable housing markets in the country. Even traditionally affordable areas like Henry County, Indiana, are seeing dramatic price increases, making homeownership increasingly unattainable for many. High interest rates, low construction, and rising prices are key factors.
You can see a full breakdown of affordable housing shortage by county on our Housing Count page
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US News
May 15, 2024
States With the Largest Homeless Populations
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
In 2023, the number of homeless individuals in the U.S. reached approximately 653,000, the highest since such records began in 2007. This figure represents a significant 12% increase compared to 2020, as reported by the U.S. Department of Housing and Urban Development in their Annual Homelessness Assessment Report to Congress. Data for this report ...
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US News
May 15, 2024
States With the Largest Homeless Populations
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
In 2023, the number of homeless individuals in the U.S. reached approximately 653,000, the highest since such records began in 2007. This figure represents a significant 12% increase compared to 2020, as reported by the U.S. Department of Housing and Urban Development in their Annual Homelessness Assessment Report to Congress. Data for this report is gathered from point-in-time counts conducted every January by volunteers, local outreach teams, shelters, and service providers. Here are the top 10 states with the largest homesless population:
- California (181,399)
- New York (103,200)
- Florida (30,756)
- Washington (28,036)
- Texas (27,377)
- Oregon (20,142)
- Massachusetts (19,141)
- Colorado (14,439)
- Arizona (14,237)
- Pennsylvania (12,556)
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The New York Times
May 13, 2024
Priced Out of Housing, Communities Take Development Into Their Own Hands
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
In Traverse City, Michigan, businesses were booming but new employees struggled to find housing due to rising costs and gentrification. Addressing this, Chris Treter, alongside a coalition including a local lawyer and entrepreneurs, spearheaded the development of Commongrounds, a mixed-use cooperative designed to offer affordable living and busines...
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The New York Times
May 13, 2024
Priced Out of Housing, Communities Take Development Into Their Own Hands
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
In Traverse City, Michigan, businesses were booming but new employees struggled to find housing due to rising costs and gentrification. Addressing this, Chris Treter, alongside a coalition including a local lawyer and entrepreneurs, spearheaded the development of Commongrounds, a mixed-use cooperative designed to offer affordable living and business spaces. They funded this $20 million project through a novel crowdfunding effort, raising substantial capital from nearly 500 local investors and additional community members who supported the cooperative model. This approach not only financed the project but also ensured community involvement and governance. The result is a vibrant facility featuring affordable apartments, commercial spaces, and community services, fully occupied and serving as a model for sustainable, community-driven development in gentrifying areas.
(Image credits: Taylor Ballek for New York Times)
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Housing Wire
May 8, 2024
Home prices grew in 93% of markets in Q1 2024: NAR
AFFORDABLE HOUSING
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HOUSING MARKET
In the first quarter of 2024, home prices increased in 93% of U.S. metro areas, with significant growth observed in 30% of these markets. The national median price for single-family homes rose to $389,400, marking a 5% year-over-year increase. The South led in sales volume, while the Northeast saw the highest price appreciation. Despite high mortga...
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Housing Wire
May 8, 2024
Home prices grew in 93% of markets in Q1 2024: NAR
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
In the first quarter of 2024, home prices increased in 93% of U.S. metro areas, with significant growth observed in 30% of these markets. The national median price for single-family homes rose to $389,400, marking a 5% year-over-year increase. The South led in sales volume, while the Northeast saw the highest price appreciation. Despite high mortgage rates, market conditions improved slightly for buyers due to a marginal decline in required mortgage payments compared to the previous quarter.
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Newsweek
Apr 15, 2024
California's Housing Market Is Getting Worse for Buyers
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
The housing market for buyers in California is becoming increasingly challenging. Prices are soaring while the inventory remains limited. Statistics reveal a stark reality: home prices have surged 9.7% over the past year, with the median home price now at $813,980. Meanwhile, inventory levels have plummeted by 48.3%, exacerbating the affordability ...
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Newsweek
April 15, 2024
California's Housing Market Is Getting Worse for Buyers
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The housing market for buyers in California is becoming increasingly challenging. Prices are soaring while the inventory remains limited. Statistics reveal a stark reality: home prices have surged 9.7% over the past year, with the median home price now at $813,980. Meanwhile, inventory levels have plummeted by 48.3%, exacerbating the affordability crisis. Despite historically low mortgage rates, competition remains fierce, leading to bidding wars and further price escalation. Experts suggest that while the market may stabilize in the long term, immediate relief for buyers appears unlikely.
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The New York Times
Apr 15, 2024
New York Nears a Housing Deal to Confront Affordability Crisis
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
After Kathy Hochul's failed New York Housing Compact plan last year, New York State is trying again to tackle its severe housing crisis. According to anonymous sources close to the deal, New York state leaders have reportedly reached a tentative agreement on a legislative plan to tackle the crisis and will be presented to the full Senate and Assemb...
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The New York Times
April 15, 2024
New York Nears a Housing Deal to Confront Affordability Crisis
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
After Kathy Hochul's failed New York Housing Compact plan last year, New York State is trying again to tackle its severe housing crisis. According to anonymous sources close to the deal, New York state leaders have reportedly reached a tentative agreement on a legislative plan to tackle the crisis and will be presented to the full Senate and Assembly on Monday. The framework of the deal offers incentives for both developers and tenants. Developers would receive significant tax breaks to develop more affordable units, while tenants would benefit from enhanced protections against eviction in certain cases. Additionally, the agreement would allow landlords of rent-stabilized apartments to raise rents for renovation costs and eliminate size restrictions on new Manhattan apartment buildings, fulfilling long-standing desires of city officials.
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The Daily Progress
Apr 14, 2024
Homebuyers’ quandary: to wait or not to wait for lower mortgage rates
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
Currently, the average rate for a 30-year mortgage stands at around 6.9%, a significant decrease from late October when it peaked at nearly 8%. Despite expectations of rates declining later in the year, some buyers are opting to act now due to fears of increased competition. The combination of high mortgage rates and soaring home prices has made af...
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The Daily Progress
April 14, 2024
Homebuyers’ quandary: to wait or not to wait for lower mortgage rates
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Currently, the average rate for a 30-year mortgage stands at around 6.9%, a significant decrease from late October when it peaked at nearly 8%. Despite expectations of rates declining later in the year, some buyers are opting to act now due to fears of increased competition. The combination of high mortgage rates and soaring home prices has made affordability a major concern, with many households earning less than what's needed to afford a median-priced home. While economists anticipate mortgage rates easing, uncertainty remains.
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Housing Wire
Mar 28, 2024
Bipartisan housing policy efforts are gaining traction, but challenges remain
AFFORDABLE HOUSING
TECHNOLOGY
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HOUSING MARKET
There are ongoing bipartisan efforts at various levels of government to address housing supply and pricing challenges in the United States. The importance of local action in addressing these issues, particularly through measures such as accessory dwelling units (ADUs), changes in zoning rules, and reduction of lot sizes, is increasingly becoming ev...
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Housing Wire
March 28, 2024
Bipartisan housing policy efforts are gaining traction, but challenges remain
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
There are ongoing bipartisan efforts at various levels of government to address housing supply and pricing challenges in the United States. The importance of local action in addressing these issues, particularly through measures such as accessory dwelling units (ADUs), changes in zoning rules, and reduction of lot sizes, is increasingly becoming evident. Despite political differences, lawmakers in some states are collaborating on bipartisan housing legislation. However, challenges such as NIMBYism hinder progress at the local level, prompting calls for state-level intervention to overcome resistance to housing reforms.
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The New York Times
Mar 25, 2024
The Mayor of Los Angeles Wants to Prove Homelessness Can Be Solved
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
Los Angeles Mayor Karen Bass took office in 2022 and since then, has been making a big push to address homelessness, particularly in Venice Beach. Mayor Bass initiated the Inside Safe program to provide motel rooms for homeless residents, resulting in cleaner sidewalks and parks in Venice Beach. However, challenges persist, including budgetary cons...
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The New York Times
March 25, 2024
The Mayor of Los Angeles Wants to Prove Homelessness Can Be Solved
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Los Angeles Mayor Karen Bass took office in 2022 and since then, has been making a big push to address homelessness, particularly in Venice Beach. Mayor Bass initiated the Inside Safe program to provide motel rooms for homeless residents, resulting in cleaner sidewalks and parks in Venice Beach. However, challenges persist, including budgetary constraints and the need for permanent housing solutions. Critics accuse Bass of prioritizing aesthetics over long-term solutions, while supporters applaud her urgency in tackling the crisis. Despite progress, concerns remain about the sustainability and effectiveness of current efforts, highlighting the complex nature of addressing homelessness in Los Angeles.
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National Mortgage News
Mar 20, 2024
What makes mortgage professionals embrace, or balk at, AI use
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HOUSING MARKET
According to a recent market study report by Arizent, where the company surveyed professionals across different financial segments such as banking, insurance, mortgage, technology etc, there is a range of different opinions about AI. Most respondents have concerns over job displacement and ethical considerations persist, especially regarding genera...
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National Mortgage News
March 20, 2024
What makes mortgage professionals embrace, or balk at, AI use
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
According to a recent market study report by Arizent, where the company surveyed professionals across different financial segments such as banking, insurance, mortgage, technology etc, there is a range of different opinions about AI. Most respondents have concerns over job displacement and ethical considerations persist, especially regarding generative AI's accuracy and fairness. The general attitude among mortgage professionals is to be hyper cautious towards adopting generative AI, and they citied uncertainty and budget constraints as top considerations. Some of the main concerns of industry professionals regarding the adoption of AI includes loss of personalized customer interactions and job security. Despite apprehensions, there's acknowledgment of AI's potential to enhance efficiency and job performance, with expectations of AI handling a significant portion of tasks within the next five years. While efficiency gains are anticipated across various industries, banking professionals foresee AI primarily bolstering fraud protection.
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The Wall Street Journal
Mar 16, 2024
Why private developers are rejecting government money for affordable housing
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
In California, state and local governments have allocated substantial funds for affordable housing initiatives. Despite widespread acknowledgment of the need for affordable housing, publicly funded initiatives face challenges such as labor agreements and bureaucratic processes, which can inflate costs and slow down construction. Many private firms ...
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The Wall Street Journal
March 16, 2024
Why private developers are rejecting government money for affordable housing
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
In California, state and local governments have allocated substantial funds for affordable housing initiatives. Despite widespread acknowledgment of the need for affordable housing, publicly funded initiatives face challenges such as labor agreements and bureaucratic processes, which can inflate costs and slow down construction. Many private firms are moving away from a reliance on government funds, which according to them, drives up development cost owing to the red tape. Instead, these firms are exploring alternative financing models.
For example, SDS Capital Group is raising an impact fund from private investors, to build a 49-unit low-income housing project in South Los Angeles. While privately financed projects may still rely on government support for operation, recent regulatory changes have facilitated approvals and increased profitability for such developments. Concerns linger regarding the long-term maintenance and sustainability of privately funded housing projects, particularly regarding the welfare of residents and the availability of federal funding for rental assistance programs. Nevertheless, advocates see potential in private-equity models to drive down construction costs and inspire government reform in affordable housing initiatives.
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The Seattle Times
Mar 15, 2024
Bill to hold WA cities accountable for affordable housing could return
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
During the recent legislative session, House Bill 2474, aimed at holding Washington cities accountable for building affordable housing and shelters, gained momentum before dying at the Senate. Championed by Rep. Strom Peterson, the bill was prompted by instances like Kenmore's rejection of a 100-unit affordable housing project, drawing criticism fr...
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The Seattle Times
March 15, 2024
Bill to hold WA cities accountable for affordable housing could return
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
During the recent legislative session, House Bill 2474, aimed at holding Washington cities accountable for building affordable housing and shelters, gained momentum before dying at the Senate. Championed by Rep. Strom Peterson, the bill was prompted by instances like Kenmore's rejection of a 100-unit affordable housing project, drawing criticism from Governor Inslee for obstructing solutions to homelessness. Evolving over the session, the bill proposed fiscal penalties for non-compliant cities, emphasizing mediation between cities and housing developers before enforcement. Despite setbacks, advocates like Michele Thomas stressed the urgency of addressing homelessness, a critical issue highlighted by over 28,000 homeless individuals counted in Washington during the 2023 Point-in-Time count. With hopes for its return next year, the bill reflects a statewide imperative to bridge the gap in housing needs, projected to exceed 500,000 units for low-income earners over the next two decades.
Photo by Zhifei Zhou on Unsplash
\ Original article](https://www.seattletimes.com/seattle-news/homeless/bill-to-hold-wa-cities-accountable-for-affordable-housing-could-return/)
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The New York Times
Mar 12, 2024
In hospitals, affordable housing gets the long-term investor it needs
AFFORDABLE HOUSING
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HOUSING MARKET
There has been an emergence in partnerships between healthcare systems and affordable housing developers, such as the H3C project in New Orleans, aiming to integrate stable housing with better health outcomes. Supported by investments from entities like Aetna and Kaiser Permanente, these initiatives reflect a growing recognition among health organi...
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The New York Times
March 12, 2024
In hospitals, affordable housing gets the long-term investor it needs
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
There has been an emergence in partnerships between healthcare systems and affordable housing developers, such as the H3C project in New Orleans, aiming to integrate stable housing with better health outcomes. Supported by investments from entities like Aetna and Kaiser Permanente, these initiatives reflect a growing recognition among health organizations of the benefits of addressing housing insecurity. While healthcare systems are not acting as banks, they are bridging gaps in funding for affordable housing, leveraging resources to meet community needs and their own nonprofit requirements. Such collaborations extend beyond traditional housing projects to include specialized care facilities and initiatives targeting populations with the greatest needs. Additionally, healthcare systems are exploring innovative approaches, including utilizing their land assets and collecting data to inform future partnerships and interventions aimed at addressing health and housing disparities.
Photo by Nice Trip on Unsplash
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Affordable Housing Finance
Jul 25, 2024
Greystone expands affordable housing initiatives with initial LIHTC fund
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
NEWS ARTICLE SUMMARY
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Affordable Housing Finance
July 25, 2024
Greystone expands affordable housing initiatives with initial LIHTC fund
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
(Image Source: AHF)
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The Washington Post
Jul 15, 2024
Homelessness, already at a record high last year, appears to be worsening among workers
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
NEWS ARTICLE SUMMARY
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The Washington Post
July 15, 2024
Homelessness, already at a record high last year, appears to be worsening among workers
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
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The New York Times
May 13, 2024
Priced Out of Housing, Communities Take Development Into Their Own Hands
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
NEWS ARTICLE SUMMARY
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The New York Times
May 13, 2024
Priced Out of Housing, Communities Take Development Into Their Own Hands
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
(Image credits: Taylor Ballek for New York Times)
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The New York Times
Apr 15, 2024
New York Nears a Housing Deal to Confront Affordability Crisis
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
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The New York Times
April 15, 2024
New York Nears a Housing Deal to Confront Affordability Crisis
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
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The New York Times
Mar 25, 2024
The Mayor of Los Angeles Wants to Prove Homelessness Can Be Solved
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
NEWS ARTICLE SUMMARY
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The New York Times
March 25, 2024
The Mayor of Los Angeles Wants to Prove Homelessness Can Be Solved
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
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The Wall Street Journal
Mar 16, 2024
Why private developers are rejecting government money for affordable housing
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
NEWS ARTICLE SUMMARY
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The Wall Street Journal
March 16, 2024
Why private developers are rejecting government money for affordable housing
TECHNOLOGY
affordable housing
POLICY
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The New York Times
Mar 12, 2024
In hospitals, affordable housing gets the long-term investor it needs
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The New York Times
March 12, 2024
In hospitals, affordable housing gets the long-term investor it needs
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The New York Times
Mar 11, 2024
To Fix a Housing Crisis, New York Leaders Seek to Revive a 1950s Idea
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Leaders in New York’s State Senate are set to propose sweeping legislation to counter the growing housing crisis in the state of New York. The proposed legislation by leaders in New York’s State Senate aims to address the housing crisis through several key points: - Creation of a new public benefit corporation to finance housing construction on st...
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The New York Times
March 11, 2024
To Fix a Housing Crisis, New York Leaders Seek to Revive a 1950s Idea
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Leaders in New York’s State Senate are set to propose sweeping legislation to counter the growing housing crisis in the state of New York. The proposed legislation by leaders in New York’s State Senate aims to address the housing crisis through several key points:
- Creation of a new public benefit corporation to finance housing construction on state-owned land, inspired by the Mitchell-Lama program.
- Introduction of a new developer tax break with stronger affordability protections than the previous 421a program.
- Inclusion of "good cause eviction" legislation to restrict landlords' ability to evict tenants and justify rent hikes.
- Push for more construction of larger residential buildings in Manhattan and legalization of basement units.
- Requirement for condos and rentals built through the program to be affordable to middle-income households.
The proposal will be released as part of the One House budget bill, to incentivize significant new development while supporting landlords and tenants. However, its success hinges on gaining support from both houses of the Legislature and the governor, with details such as financial viability and inclusiveness of tenant protections remaining crucial factors.
Photo by Jan Folwarczny on Unsplash
\ Original article](https://www.nytimes.com/2024/03/11/nyregion/housing-crisis-new-york-senate-mitchell-lama.html)
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NPR
Jan 25, 2024
Housing is now unaffordable for a record half of all U.S. renters, study finds
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Rising rents and reduced working hours during the COVID-19 pandemic have left many U.S. renters struggling to make ends meet, with a record 50% paying over 30% of their income on rent and utilities, per Harvard University's report. The unaffordability trend saw the most significant jump among households earning $30,000 to $74,999 annually, with a t...
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NPR
January 25, 2024
Housing is now unaffordable for a record half of all U.S. renters, study finds
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Rising rents and reduced working hours during the COVID-19 pandemic have left many U.S. renters struggling to make ends meet, with a record 50% paying over 30% of their income on rent and utilities, per Harvard University's report. The unaffordability trend saw the most significant jump among households earning $30,000 to $74,999 annually, with a third of full-time renters still being heavily cost-burdened. Even lower-income renters, already facing severe challenges, experienced a further increase to 83% being cost-burdened. The report attributes the homelessness surge to a severe housing shortage and rising rent costs, exacerbated by a lack of affordable housing options. Despite a cooling housing market, the cost of construction has hit record highs leading to the construction of predominantly high-end apartments. This is further contributing to a growing affordability gap, with median rents outpacing income growth since 2001. The situation has increased demand for federal housing subsidies, which remain underfunded and insufficient.
Photo by Levi Meir Clancy on Unsplash
\ Original article](https://www.npr.org/2024/01/25/1225957874/housing-unaffordable-for-record-half-all-u-s-renters-study-finds)
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Gothamist
Jan 13, 2024
NYC housing costs grew 68% in last decade, highest jump in U.S., report says
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According to a new report by State Comptroller Tom DiNapoli, housing costs in and around New York City have surged by 68% between 2012 and 2022, outpacing other major U.S. metropolitan areas, The average household's housing expenses in New York City and Nassau, Suffolk, Rockland and Westchester counties rose from $18,000 to $30,300 during this peri...
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Gothamist
January 13, 2024
NYC housing costs grew 68% in last decade, highest jump in U.S., report says
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According to a new report by State Comptroller Tom DiNapoli, housing costs in and around New York City have surged by 68% between 2012 and 2022, outpacing other major U.S. metropolitan areas, The average household's housing expenses in New York City and Nassau, Suffolk, Rockland and Westchester counties rose from $18,000 to $30,300 during this period. Across the nation, housing costs make up 34% of average household expenses, whereas for New Yorkers, this has reached a record high of 40%. Over half of New York households are now "rent-burdened," spending at least 30% of income on housing. According to Deputy Comptroller Rahul Jain, the deadly combination of too-little housing production and too-high rent is responsible for increased evictions and a high rate of homelessness. Although he believes that the government is making smart policy choices, he emphasizes on the need to speed up efforts.
\ Original article](https://gothamist.com/news/nyc-housing-costs-grew-68-in-last-decade-highest-jump-in-us-report-says)
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National Mortgage News
Mar 20, 2024
What makes mortgage professionals embrace, or balk at, AI use
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National Mortgage News
March 20, 2024
What makes mortgage professionals embrace, or balk at, AI use
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Housing Wire
Jan 30, 2024
How AI and a changing rental market will shape property management in 2024
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In 2024, the rental market is poised for transformation with two key factors: the growing impact of artificial intelligence (AI) tools and heightened competition among the multifamily rental market. A survey by AppFolio indicates that nearly half of property management professionals either use AI or plan to adopt it. Property managers face the chal...
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Housing Wire
January 30, 2024
How AI and a changing rental market will shape property management in 2024
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In 2024, the rental market is poised for transformation with two key factors: the growing impact of artificial intelligence (AI) tools and heightened competition among the multifamily rental market. A survey by AppFolio indicates that nearly half of property management professionals either use AI or plan to adopt it. Property managers face the challenge of maintaining high occupancy rates amidst a competitive market, with delinquencies identified as a top threat. To thrive in this changing landscape, property managers are leveraging AI to enhance operational efficiency, streamline tasks, and improve employee satisfaction, while also focusing on understanding resident expectations and offering digital services to attract and retain modern renters. A strategic technology approach is crucial for success in 2024 and beyond.
Photo by Towfiqu barbhuiya on Unsplash
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Multifamily Dive
Jan 29, 2024
Funding for proptech plummets 42%
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In 2021 and 2022, the commercial real estate sector experienced a surge in proptech adoption, leading to increased investment. However, a recent report from the Center for Real Estate Technology and Innovation highlights a slowdown in momentum during 2023, attributed to factors such as inflation and geopolitical uncertainty. Venture capital investm...
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Multifamily Dive
January 29, 2024
Funding for proptech plummets 42%
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In 2021 and 2022, the commercial real estate sector experienced a surge in proptech adoption, leading to increased investment. However, a recent report from the Center for Real Estate Technology and Innovation highlights a slowdown in momentum during 2023, attributed to factors such as inflation and geopolitical uncertainty. Venture capital investment in proptech witnessed a significant decline of 42% in 2023, amounting to $11.38 billion, compared to the previous year's total of $19.75 billion and the peak of $32 billion in 2021. Notably, the multifamily segment is being hailed as resilient, owing to continued robust activity in technologies targeting this space. What remains popular are technologies that help solve consumer problems, like reducing fraud.
(Photo by Luis Villasmil on Unsplash)
\ Original article](https://www.multifamilydive.com/news/Proptech-investment-multifamily-housing-apartment-operations/705058/)
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Housing Wire
Sep 13, 2023
Amazon Housing Equity Fund partners with National Housing Trust for affordability pilot program
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Retail giant Amazon announced on Wednesday the launch of a new pilot program designed to assist moderate-income families in three different U.S. communities with the purchase of up to 800 homes, in partnership with the National Housing Trust (NHT). The initiative will include $40 million to assist residents in the Puget Sound, Washington, Arlingto...
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Housing Wire
September 13, 2023
Amazon Housing Equity Fund partners with National Housing Trust for affordability pilot program
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Retail giant Amazon announced on Wednesday the launch of a new pilot program designed to assist moderate-income families in three different U.S. communities with the purchase of up to 800 homes, in partnership with the National Housing Trust (NHT).
The initiative will include $40 million to assist residents in the Puget Sound, Washington, Arlington, Virginia, and Nashville, Tennessee communities, the company said. Amazon says the investment will “help moderate-income residents in these communities to purchase homes as a path to help build generational wealth.”
The nonprofit NHT will use the funds from Amazon’s program to acquire and build affordable homes for sale in partnership with a network of local organizations - Habitat for Humanity Seattle-King & Kittitas Counties serving the Puget Sound region; the African Community Housing & Development (ACHD) and Homestead Community Land Trust both serving King County, Wash., the Douglass Community Land Trust in Washington, D.C. and The Housing Fund serving Nashville.
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The Real Deal
Apr 3, 2023
Florida’s affordable housing law could “change the look of coastal cities”
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Developers are analyzing how to take advantage of Florida’s new legislation, which will set aside over $700 million in funding, create tax breaks, and provide zoning-related incentives for affordable and workforce housing developments. The law could contribute to a new boom in housing development, from entirely affordable buildings to mixed-income...
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The Real Deal
April 3, 2023
Florida’s affordable housing law could “change the look of coastal cities”
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Developers are analyzing how to take advantage of Florida’s new legislation, which will set aside over $700 million in funding, create tax breaks, and provide zoning-related incentives for affordable and workforce housing developments.
The law could contribute to a new boom in housing development, from entirely affordable buildings to mixed-income towers on commercial sites that developers are now looking to purchase, experts say. The Live Local Act, which Gov. Ron DeSantis signed last week, aims to help fill financing gaps, making more developments economically feasible. What is still crucial, attorneys and developers said, is combining that with incentives on the local level. he new legislation sets aside $259 million in SAIL (State Apartment Incentive Loan) funds. It also promises $252 million in SHIP (State Housing Initiatives Program) funding to incentivize local governments to partner with developers preserving or building new housing. The law goes into effect July 1. Developers are expected to apply for incentives this summer, and receive funds next year. If developers don’t have to pay property taxes (beginning in 2024), they can count on a project generating more net operating income, which means they can borrow more debt. Ultimately, that means they could develop more units, experts said. The huge increase in construction costs — including the price of land, debt, labor and materials — and insurance have contributed to the lack of affordable housing.
The Live Local Act aims to remedy some of that. It will put $100 million in non-recurring funds into a competitive loan program that developers could tap to cover inflation-related cost increases for Florida Housing and Finance Corporation-approved multifamily developments that haven’t broken ground yet.
Image: Brian Sidman, Keith Poliakoff, J.C. De Ona and Jake Morrow (Source: Getty)
\ Original article](https://therealdeal.com/miami/2023/04/03/floridas-affordable-housing-law-could-change-the-look-of-coastal-cities/)
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Portland Mercury
Mar 13, 2023
Climate Change and the Housing Crisis are Burdening Portland’s Emergency Shelter System
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With climate change making severe weather events more common and the area’s housing crisis increasing the number of people who need support, the operation of the shelters is taking an increasing toll on county and city officials and budgets, as well as the community volunteers whose labor the region relies on to run the shelters. Image credits - M...
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Portland Mercury
March 13, 2023
Climate Change and the Housing Crisis are Burdening Portland’s Emergency Shelter System
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With climate change making severe weather events more common and the area’s housing crisis increasing the number of people who need support, the operation of the shelters is taking an increasing toll on county and city officials and budgets, as well as the community volunteers whose labor the region relies on to run the shelters.
Image credits - Mika Baumeister/Unsplash
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New York Post
Jun 26, 2024
Housing market won’t come ‘unstuck’ until 2026, economists predict — here’s why
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New York Post
June 26, 2024
Housing market won’t come ‘unstuck’ until 2026, economists predict — here’s why
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NBC News
Jun 11, 2024
The homebuying affordability gap is widening across the country, creating 'an impossible market'
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NBC News
June 11, 2024
The homebuying affordability gap is widening across the country, creating 'an impossible market'
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US News
May 15, 2024
States With the Largest Homeless Populations
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US News
May 15, 2024
States With the Largest Homeless Populations
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Housing Wire
May 8, 2024
Home prices grew in 93% of markets in Q1 2024: NAR
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Housing Wire
May 8, 2024
Home prices grew in 93% of markets in Q1 2024: NAR
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Newsweek
Apr 15, 2024
California's Housing Market Is Getting Worse for Buyers
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Newsweek
April 15, 2024
California's Housing Market Is Getting Worse for Buyers
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The Daily Progress
Apr 14, 2024
Homebuyers’ quandary: to wait or not to wait for lower mortgage rates
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The Daily Progress
April 14, 2024
Homebuyers’ quandary: to wait or not to wait for lower mortgage rates
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Newsweek
Feb 21, 2024
Black Homeownership is Set to Soar
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Homeownership among Black Americans has consistently trailed behind all others in the country, including by 28% compared to white homeowners. However, according to a new report by the National Association of Realtors (NAR), Black homeownership is expected rise in the future. How? As more Millennials and Gen Z enter into the home buying market, th...
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Newsweek
February 21, 2024
Black Homeownership is Set to Soar
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Homeownership among Black Americans has consistently trailed behind all others in the country, including by 28% compared to white homeowners. However, according to a new report by the National Association of Realtors (NAR), Black homeownership is expected rise in the future.
How? As more Millennials and Gen Z enter into the home buying market, there will be a rise in minority owners. This is because on average, this demographic is more racially and ethnically diverse.
Future predictions - 1.5 million Black households will turn the median homebuying age over the next 5 years. Female and millennial buyers have been driving growth in Black homeownership and will continue to do so. Besides Black households, 775,000 Asian households and 2.2 million Hispanic households will also turn the median homebuying age in the next 5 years.
Challenges remain - Barriers such as rental affordability, student debt, and mortgage denial rates persist, hindering Black Americans' ability to purchase homes and achieve equitable homeownership rates. Addressing these challenges will be crucial to fostering greater inclusivity in the housing market.
Photo by Tierra Mallorca on Unsplash
\ Original article](https://www.newsweek.com/black-home-ownership-set-soar-1871585)
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NPR
Jan 25, 2024
Housing is now unaffordable for a record half of all U.S. renters, study finds
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NPR
January 25, 2024
Housing is now unaffordable for a record half of all U.S. renters, study finds
TECHNOLOGY
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POLICY
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\ Original article](https://www.npr.org/2024/01/25/1225957874/housing-unaffordable-for-record-half-all-u-s-renters-study-finds)
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S&P Global
Dec 23, 2023
Distress in CRE loans on nonowner-occupied properties rises at US banks
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In recent quarters, US bank loans backed by owner-occupied commercial real estate have outperformed those backed by nonowner-occupied properties. This shift began in 2020 when work-from-home policies impacted nonowner-occupied commercial real estate loans. The delinquency ratio for nonowner-occupied properties surpassed that of owner-occupied ones ...
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S&P Global
December 23, 2023
Distress in CRE loans on nonowner-occupied properties rises at US banks
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In recent quarters, US bank loans backed by owner-occupied commercial real estate have outperformed those backed by nonowner-occupied properties. This shift began in 2020 when work-from-home policies impacted nonowner-occupied commercial real estate loans. The delinquency ratio for nonowner-occupied properties surpassed that of owner-occupied ones in 2022 and continued to rise in 2023. The trend suggests that loans on owner-occupied properties carry less risk, reflecting property owners' likelihood to stay current on loans. However, the performance varies based on bank size, with larger banks experiencing worse delinquency ratios for nonowner-occupied loans. Notably, some major lenders like Morgan Stanley and Citigroup focus heavily on nonowner-occupied properties.
Photo by Jorge Salvador on Unsplash
\ Original article](https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/distress-in-cre-loans-on-nonowner-occupied-properties-rises-at-us-banks-79702704)
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Housing Wire
Nov 22, 2023
Here’s what you can expect from the 2024 housing market
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The housing market is undergoing significant challenges, with 2023 expected to see the lowest home sales since 2010. Despite an anticipated increase in activity in 2024, transactions are projected to remain below average. Mortgage rates, after reaching a two-decade high in 2023, are expected to decrease in 2024 but will likely settle between 6% and...
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Housing Wire
November 22, 2023
Here’s what you can expect from the 2024 housing market
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The housing market is undergoing significant challenges, with 2023 expected to see the lowest home sales since 2010. Despite an anticipated increase in activity in 2024, transactions are projected to remain below average. Mortgage rates, after reaching a two-decade high in 2023, are expected to decrease in 2024 but will likely settle between 6% and 6.5%. This shift may attract both buyers and sellers, reshaping market dynamics.
The trajectory of home prices is uncertain and hinges on the timing of buyer and seller reentry. If sellers enter first, early 2024 could witness modest and short-lived price drops. However, markets with affordability challenges, particularly major coastal areas, face higher risks of corrections. Conversely, a resurgence of buyers before sellers could lead to a competitive market with rising prices.
First-time buyers may initially favor the rental market due to attractive deals, but the strong desire for homeownership, especially among millennials, suggests potential shifts as rates drop and inventory increases in 2024. Demographic factors, including delayed home purchases by boomers and the pent-up demand from millennials, are expected to keep inventory low, supporting firm and growing home prices in 2024.
While there is optimism, potential wildcards, such as the threat of another coronavirus strain, geopolitical risks, economic recession, and political uncertainties, could impact consumer confidence and influence home buying and selling activity in unforeseen ways.
Photo by Breno Assis on Unsplash
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Fast Company
Sep 19, 2024
How Fed Rate Cuts Impact the Housing Market
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Fast Company
September 19, 2024
How Fed Rate Cuts Impact the Housing Market
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Key Takeaways:
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NPR
Jul 31, 2024
Do you rent? You may be more vulnerable to climate-driven disasters
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NPR
July 31, 2024
Do you rent? You may be more vulnerable to climate-driven disasters
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U.S. Department of Treasury - Press Release
Jun 24, 2024
Treasury Secretary Janet L. Yellen to Announce New Housing Efforts as Part of Biden Administration Push to Lower Housing Costs
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U.S. Department of Treasury - Press Release
June 24, 2024
Treasury Secretary Janet L. Yellen to Announce New Housing Efforts as Part of Biden Administration Push to Lower Housing Costs
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Housing Wire
Mar 28, 2024
Bipartisan housing policy efforts are gaining traction, but challenges remain
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Housing Wire
March 28, 2024
Bipartisan housing policy efforts are gaining traction, but challenges remain
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The New York Times
Mar 25, 2024
The Mayor of Los Angeles Wants to Prove Homelessness Can Be Solved
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The New York Times
March 25, 2024
The Mayor of Los Angeles Wants to Prove Homelessness Can Be Solved
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The Seattle Times
Mar 15, 2024
Bill to hold WA cities accountable for affordable housing could return
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The Seattle Times
March 15, 2024
Bill to hold WA cities accountable for affordable housing could return
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\ Original article](https://www.seattletimes.com/seattle-news/homeless/bill-to-hold-wa-cities-accountable-for-affordable-housing-could-return/)
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The New York Times
Mar 12, 2024
In hospitals, affordable housing gets the long-term investor it needs
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The New York Times
March 12, 2024
In hospitals, affordable housing gets the long-term investor it needs
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The New York Times
Mar 11, 2024
To Fix a Housing Crisis, New York Leaders Seek to Revive a 1950s Idea
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The New York Times
March 11, 2024
To Fix a Housing Crisis, New York Leaders Seek to Revive a 1950s Idea
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\ Original article](https://www.nytimes.com/2024/03/11/nyregion/housing-crisis-new-york-senate-mitchell-lama.html)
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Housing Wire
Feb 27, 2024
HUD, VA announce $14.5M for veterans seeking permanent housing
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The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) announced the allocation of over $14.5 million to public housing agencies (PHAs) nationwide to address veteran homelessness. An estimated distribution of more than 1,400 HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers will be carr...
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Housing Wire
February 27, 2024
HUD, VA announce $14.5M for veterans seeking permanent housing
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POLICY
HOUSING MARKET
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) announced the allocation of over $14.5 million to public housing agencies (PHAs) nationwide to address veteran homelessness. An estimated distribution of more than 1,400 HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers will be carried out nationwide. Some of the highest concentration of vouchers will go to Tucson, Arizona; Philadelphia; and Spokane, Washington. These vouchers combine rental assistance from HUD with support services, like case management and clinical services provided by VA. The vouchers have contributed to a 4% decrease in veteran homelessness since 2020 and has housed over 46,000 homeless veterans in 2023 alone.
Photo by Benjamin Faust on Unsplash
\ Original article](https://www.housingwire.com/articles/hud-va-announce-14-5-m-for-veterans-seeking-permanent-housing/)
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NPR
Feb 17, 2024
The hottest trend in U.S. cities? Changing zoning rules to allow more housing
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
The United States is grappling with a housing crisis characterized by a shortage of millions of units and soaring housing costs for renters and buyers alike. To address this, cities are revising zoning rules to allow for more housing development, focusing on measures such as permitting multifamily homes in diverse neighborhoods and streamlining con...
NEWS ARTICLE SUMMARY
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NPR
February 17, 2024
The hottest trend in U.S. cities? Changing zoning rules to allow more housing
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The United States is grappling with a housing crisis characterized by a shortage of millions of units and soaring housing costs for renters and buyers alike. To address this, cities are revising zoning rules to allow for more housing development, focusing on measures such as permitting multifamily homes in diverse neighborhoods and streamlining construction processes.
Minneapolis is leading the way with its progressive zoning reforms, adding 12% to its housing stock in just a five-year period. The city has taken measures such as ending single-family zoning and promoting midsize apartment buildings with 20 or more units. In Houston, minimum lot sizes were reduced from 5,000 square feet to 1,400, allowing for more units to be constructed. Milwaukee, New York City and Columbus, Ohio, are other examples of cities undertaking reform of their codes.
Photo by Nick Night on Unsplash
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HousingCount
Decoding the housing crisis
A public data project to track and analyze the rental housing shortage across the country, highlighting where additional units are needed most.
Shortage statistics for households earning Under 50% AMI
25
states with severe shortage
82%
of households rent-burdened
5.1 M
total shortage of affordable units
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