The article discusses a stark decline in housing affordability, noting that the income necessary to buy a home has more than doubled in five years. The median home price hit a record high of $426,900. Mortgage rates have also surged from 2.8% to nearly 8% between 2021 and 2023. Turner emphasizes the need for regulatory reforms to address these challenges and views the crisis as an opportunity for improvement, specifically targeting regulations that hinder new housing supply to make homeownership more accessible.
"Five years ago, if you made $60,000 in this country, you could afford a home. Today, the income needed to afford a house is more than twice that."
"This is an opportunity to decrease the cost and increase the supply of safe, quality and affordable housing. A key element of that plan is to target regulations that Turner describes as impediments to the creation of new housing supply."
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