NMHC, NYU Release Roadmap for Addressing Affordability Challenges

The National Multifamily Housing Council (NMHC), in partnership with the NYU Urban Lab at the Schack Institute of Real Estate, has released The Housing Affordability Toolkit, a policy resource outlining a roadmap for addressing the nation’s rental housing affordability crisis. The Toolkit is intended to put forward actionable solutions to improve affordability, expand supply and create more choices for residents.

The Toolkit recommends a three-part strategy:

• Creating and preserving lower-cost housing that does not rely on government subsidies, including naturally occurring affordable housing, i.e., older or lower-cost homes that remain affordable because of market conditions.
• Reducing barriers to housing development through strategies such as streamlining development timelines and using targeted tools such as tax abatements to increase rental supply and expand rental options.
• Developing new public-private participation programs to support the development of new affordable housing and help more households access existing and newly built housing.

“With the right combination of deregulation, targeted affordability support and preservation strategies, the math shows we can close the gap for all 22.4 million rent-burdened households within 17 years” said Sharon Wilson Géno, NMHC President. “The time is now for lawmakers at all levels of government to take action on behalf of not just those in need of housing today, but for decades to come.”