Advocacy for Long-Term Housing Affordability Solutions Story Collection

 

It’s Time for Long-Term Affordability Solutions

 

America faces a historic housing shortage of 4.3 million units, and as demand, inflation and mortgage rates rise, this crisis will only escalate. What’s more, the challenge isn’t just limited to buyers – renters are struggling to find affordable, available units too. Years of underproduction have exacerbated this challenge, resulting in higher housing costs and a decline of roughly 4.7 million affordable apartments in recent years.

The shortage: Right now, private equity firms, investment funds, and other corporations are buying up large chunks of residential properties as profit – making ventures. They charge high rent or sell at prices unaffordable for most working Americans. These firms are less willing to negotiate affordable rental agreements—they basically say, ‘the rent is the rent — take it or leave it.’

The solution: It’s clear now more than ever that small housing providers are vital to protect and expand America’s stock of affordable rentals—they provide more than 40% of all rental housing today. Small housing providers are more likely to negotiate affordable rental agreements as they are not backed by Wall Street money. According to Harvard University’s Joint Center for Housing Studies, 75% of the 12 million affordable rentals in major U.S. cities are naturally occurring (rental properties that are affordable without public subsidy to low-income households). In Los Angeles County, specifically, individual landlords own 76% of these affordable homes.

Partial and temporary fixes have been proposed to curb the housing affordability crisis, but effectively addressing this issue requires long-term solutions that will aid renters and buyers in the short term and increase the supply of affordable homes and rentals.

As the federal government considers a range of solutions, it is critical to prevent the implementation of short-sighted options like rent control that will ultimately decrease the supply of affordable rentals over time and shift the financial burden of lower rent to small housing providers.

Share Your Story

We are gathering stories from housing providers to highlight the effects of the current housing crisis and these short-sighted policies, in order to urge lawmakers to advance solutions that will improve affordability for years to come.

If you’re a housing provider, please tell us how rent control policies have impacted—or would impact—your ability to maintain properties and provide affordable rental options in your community.

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About the American Property Owners Alliance

The American Property Owners Alliance (The Alliance) is a nonpartisan, non-profit organization created to protect and support property owners and pave the way for future property owners. Our mission is to educate property owners about federal issues, laws and policies; to advocate for owners’ rights and interests; and to mobilize, when necessary, to secure those rights and interests.