Concerns about the Affordable Housing Crisis Bridges Political Divide
Voters in Red and Blue States Agree that Housing Costs Need Solutions
Published By: Urban Campus & Core
December 1, 2022
As some states count the last votes from the 2022 mid-term elections, it’s clear 2023 will usher in a divided Congress. Yet, among the nation’s polarized electorate, the lack of affordable housing is one issue that brings Democrats, Republicans, and Independents together.
According to Moody’s Analytics, the private sector continues to fail to supply cost-effective housing, and Americans from red and blue states want action.
In a study, Moody’s Analytics calls the lack of affordable housing “a structural failure of our society.”
However, Urban Campus & Core Jennifer Horne believes this crisis presents an opportunity for policymakers to unite.
“With growing bipartisan support to address housing affordability, policymakers have a unique opportunity to advance creative solutions for workforce and affordable housing,” said Horne. “Now is the time to re-evaluate approaches to affordability by identifying solutions for low and middle-income earners at the 70-120% AMI level who are being priced out of their communities.”
The post-pandemic housing shortage and surging remote working demographics led to skyrocketing rents. These conditions made affordable housing an issue in elections, from the Mayoral race in Los Angeles to the Governor's race in Florida.
With the American dream of homeownership a nightmarish reality for many, will public demand for affordable housing force elected officials to seek bipartisan solutions?
A team of Moody researchers gathered data from around the country and identified public initiatives that appear to address affordable housing. This includes Palm Beach, Florida’s $200 million affordable housing bond was supported by voters and approved. This program is funded by an increase in property taxes and should incentivize developers to build nearly 20,000 new units of affordable and workforce housing by 2032.
In a similar move, voters in Columbus, Ohio, approved a $200 million bond tackling a range of affordable housing issues.
From Charlotte, North Carolina, to Denver, Colorado, Americans are casting votes in support of tackling affordable housing.
With Americans voting their approval for more affordable housing measures, what will it take to get the public and private sectors to bridge their political divides to come up with solutions for this problem?
There’s plenty of data, research, and studies available. Real Estate developers such as Urban Campus & Core are actively involved in collaborative development to optimize underutilized assets while driving equitable economic growth.
“Those of us in real estate and community advocacy need to continue to support the collection and dissemination of best practices and toolkits to provide resources for the local and federal government,” said Horne, who sees public and private sectors coming together in Nashville. “City, corporate, and community leaders have a shared vision of sustainability and making sure we grow in an equitable way.”