NHPF Industry Report
Conclusion
Housing Underproduction occurs when communities fall short of meeting housing needs. Up for Growth calculates underproduction as the difference between total housing need and total housing availability. Nationally, underproduction increased by nearly 3% to 3.9 million missing homes. The number of counties across the U.S. experiencing underproduction increased 32%. The study highlights the complexity of addressing affordable housing issues, emphasizing the need for a multifaceted approach. Innovations like modular construction, streamlined permitting, and creative financing methods such as equity crowdfunding and PPPs are essential for increasing the supply of affordable housing. Additionally, addressing legal and societal barriers is crucial for improving access and sustainability in affordable housing. Since the 2008 financial meltdown, government efforts to create and preserve affordable housing have been wide-ranging, involving regulatory reforms, policy initiatives, and improved construction methods. While significant progress has been made, ideas such as increasing legal immigration and allowing housing on government-owned land need also be explored. Many of the challenges are deeply rooted in previous housing policy that was both socially inequitable and lacking in construction safeguards. Inadequate protections for low and moderate income residents persist, such as the lack of requirements for apartment landlords to provide air conditioning, despite rising heat-related deaths. While some areas, like Montgomery County, Maryland, have enacted such laws and other cities are considering similar measures, challenges like high energy costs for renters and expensive retrofits for landlords remain. A National Climate Adaptation Policy could proactively address weather-based disasters instead of responding only after crises occur. Carlos Martin of Harvard emphasizes that effective adaptation should consider the existing social, cultural, and economic ties, including housing, in high-risk communities, as well as the housing and employment limitations in safer areas where people might relocate. The “new realities” explored in this study tell us one thing: the game has changed! The only way to realize solutions is by removing all the silos between government entities, not-for- profit organizations, and the private sector. Finding ways to collaborate is essential to address the ongoing housing affordability crisis and to create just, sustainable, inclusive communities. The future of affordable housing depends on our ability to act together to innovate, adapt, and implement comprehensive solutions that meet the diverse needs of our society.
THE NHP FOUNDATION 2024 SYMPOSIUM: INDUSTRY REPORT • 11
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