The U.S. housing crisis deepens, affecting the middle class as affordability plummets nationwide. Former HUD Secretary Adrianne Todman highlighted a critical shortage of starter homes, stating that builders are prioritizing luxury developments due to financial viability. According to the National Low Income Housing Coalition, there is a deficit of over 7 million affordable homes, particularly for extremely low-income families. Todman noted the lack of financing tools exacerbating the issue and emphasized that affordability challenges extend beyond major cities to smaller locales. Recent discussions on legislation like the Build Back Better Act aim to address these issues, but challenges remain.
"Today, one of the biggest deficits that we have is the creation of new starter homes," former Housing and Urban Development Secretary Adrianne Todman candidly told an audience at the Inman Connect Conference in New York City. There are "no strong financing tools right now," she added, and many builders are building luxury because that is "what pencils out."
Collection
[
|
...
]