Clyde Holland told Congress yesterday that America faces a growing affordability problem in housing because of stagnant wages, a supply-demand imbalance, and numerous hurdles and regulations in developing new apartments.
"Between 300,000 and 400,000 apartments must be constructed annually to simply keep pace with this demand," said Holland. "Yet, on average, just 208,000 apartments were delivered in the four-year period from 2011 to 2015."
He entreated policymakers to recognize that satisfying the housing needs of Americans will require a partnership between government and the private sector, and suggested fee and tax deferrals, and other ideas as potential solutions. He noted that Congress must enable new development at the federal level, preserve subsidy programs, and rehabilitate existing stock.
Mr. Holland testified before the House Committee on Financial Services Housing and Insurance Subcommittee on behalf of the National Multifamily Housing Council and the National Apartment Association. His full written testimony may be read here.
The same day Mr. Holland was testifying before Congress, New York City was enacting additional mandatory inclusionary housing standards in an effort to increase affordable housing in the city.