SPAAR's Housing Affordability Task Force
The U.S. is facing a massive shortage of housing supply. Freddie Mac says that, “As of the fourth quarter of 2020, the U.S. had a housing supply deficit of 3.8 million units.” Things may be even worse according to National Association of REALTORS®, “when the loss of existing units, through demolition, natural disaster or functional obsolescence is combined with the underproduction of new housing units relative to household formation, the implied cumulative housing demand-supply gap totals 6.8 million units.” This is a major problem; the continued lack of supply means housing is becoming less and less affordable.
This is why SPAAR has decided to create and convene a Housing Affordability Task Force, made up of SPAAR members including both Realtors® and lenders, as well as SPAAR staff. Together, they represent a diverse collection of voices and perspectives who share a key understanding: a shared knowledge of the current challenges of Housing Affordability and the significant impact to families and individuals in our communities.
This Task Force has met a few times already, brainstorming ideas for how SPAAR can contribute to solving this serious problem. The Task Force intends to work with stakeholders, particularly local governments, and nonprofit organizations, to implement the Task Force’s ideas.
The Task Force will be putting out a News Release shortly to announce its formation, and will publish other documents, like strategies to address the Housing Affordability problem, as the work of the Task Force continues.