Lawmakers on Capitol Hill have launched a new Bipartisan Congressional Real Estate Caucus aimed at addressing the ongoing issues of housing affordability and a national shortage of available homes. This caucus is set to tackle critical challenges related to the housing supply and high costs that affect people across the country.
Several prominent industry groups, including the National Association of REALTORS®, the National Association of Home Builders, the Mortgage Bankers Association, and the American Land Title Association, have praised this initiative. They believe it represents a significant advancement in crafting policies that could mitigate some of the housing market’s most urgent issues.
The caucus has prioritized addressing the housing supply as its main agenda. Researchers from Harvard University’s Joint Center for Housing Studies report a national housing deficit ranging from 1.5 million to 5.5 million units—a gap that underscores the issue of population growth outstripping new housing production. This shortage, economists argue, is a major driver of the soaring home prices, emphasizing the need for decisive legislative solutions.
In a statement, NAR said, “Lawmakers from across the political spectrum are in overwhelming agreement that this nation is facing a housing affordability crisis.” NAR added, “Homeownership is a bipartisan issue, and we applaud these members of Congress for forming a caucus to work across the aisle to make housing more accessible. We look forward to working closely with this group to advance our advocacy efforts to increase the housing supply and help individuals from all backgrounds find a path to homeownership.”
The caucus will help develop policies to increase the nation’s housing supply and provide more homeownership and rental housing opportunities to people across the United States.
The Mortgage Bankers Association (MBA) has focused on addressing the problem of housing authority this year. In a statement, “MBA said, This caucus will help advance housing policy—for both renters and prospective homeowners—and develop opportunities for Congress to take action to ensure healthy real estate markets and identify solutions to alleviate the housing affordability crisis our country is facing.”
The National Multifamily Housing Council added, “Housing is now a kitchen table issue for Americans in every community nationwide. This is the time for lawmakers from both sides of the aisle to roll up their sleeves and enact policies that will expand the supply of needed housing for all.”
“Housing has no political party,” The National Apartment Association said in a statement, “and it is time to bring commonsense, bipartisan solutions across the finish line.”
A report from Dodd-Frank Update stated that the real estate industry, which represents around 16 percent of gross domestic product (GDP) and 2.8 million jobs, equates to about $50 billion in annual tax revenue, based on data published by the Congressional Budget Office and the Tax Policy Center.
Lawmakers have suggested that potential regulatory changes could help address people’s hurdles to afford homes or housing.
Representatives Mark Alford (R-Mo.), J. Luis Correa (D-Calif.), Tracey Mann (R-Kan.), and Brittan Pettersen (D-Colo.) were credited for helping launch the caucus.
