NAR Thanks President Biden for Addressing Affordable Housing Supply in SOTU

By klrw460 March 7, 2024

The National Association of Realtors® expressed its gratitude towards President Biden for addressing the affordable housing crisis in his State of the Union speech. The 2024 NAR President, Kevin Sears, highlighted the significant impact of the shortage of affordable housing on the middle class and on first-time and first-generation homebuyers, emphasizing the threat to financial security and the American Dream. The NAR has previously identified a nationwide shortfall of 5.5 million affordable housing units through its research and praised President Biden’s comprehensive government approach to tackle this issue. The organization has been a proponent of various proposals that aim to mitigate the housing crisis, including tax incentives, zoning reforms, and expanded financing options.

The NAR has also acknowledged concerns similar to those of other housing industry groups regarding certain Administration policies on rental housing, which might diminish the affordable rental housing supply through stringent regulations affecting small property owners and deterring new investments. Nevertheless, the Administration’s increased attention to housing production was seen as a positive shift, addressing the core of the affordability crisis. The NAR endorsed a collection of policy and legislative measures designed to boost housing supply, such as the More Homes on the Market Act and the Neighborhood Homes Investment Act. Representing 1.5 million members, the NAR pledged its support to assist the President and Congress in providing relief to the American populace regarding the housing affordability crisis.

For the full details and insights, please refer to the original press release at the following link: https://www.nar.realtor/newsroom/nar-thanks-president-biden-for-addressing-affordable-housing-supply-in-sotu