WASHINGTON, DC — The housing industry’s largest trade association has called upon Congressional lawmakers to enact a series of policy proposals aimed at helping home builders to expand the housing supply, reduce the housing deficit and improve housing affordability for all Americans.
Jerry Howard, CEO of the National Association of Home Builders, testified during a hearing before the House Ways and Means Subcommittee on Oversight about expanding housing access to all Americans, noting that rising home prices, apartment rents and construction costs “represent additional risks to housing affordability for prospective home buyers and renters.”
“Over the past decade, the residential construction industry has underbuilt and not kept pace with demand due to several supply-side constraints,” Howard testified. “These include a lack of skilled labor and buildable lots, tight lending conditions, shortages and rapidly rising prices for building materials, and excessive regulatory burdens that have added approximately 25% to the cost of a single-family home and 33% to a multi-family unit. Progress must be made on all fronts to ease the supply-side challenges that are holding back housing production.”
The Washington, DC-based NAHB called on Congress and the Biden administration to “fix” the building materials supply chain, improve the Low-Income Housing Tax Credit, and reformulate current homeownership tax incentives.