The persistent housing shortage in the U.S. is complex, but not exactly a mystery.
There is more demand for homes in the United States than the total number of homes out there. Why hasn’t the country been able to keep up?
According to Freddie Mac FMCC , the U.S. was short of 3.8 million homes, as of the last quarter of 2020, up from 2.5 million two years earlier. The National Association of Realtors put that figure at 5.24 million in 2021. Even though conversations about zoning reform and the shortage of homes are becoming more commonplace, “we’re not doing enough to actually solve these problems,” Laurie Goodman, a fellow at the Urban Institute, told MarketWatch.
There are also a group of people who oppose new development, and they’re loosely referred to as NIMBYs, or “Not In My Backyard.” NIMBYs resist development, particularly multifamily housing, arguing that denser housing will make their homes less affordable, or change the dynamics of the neighborhood. Their resistance can stymie denser housing that can provide more units to meet demand.
“Although code enhancements may be desirable, they can come with significant added costs that lock many low- and moderate-income households out of homeownership,” she wrote. In December, there were 413,000 job openings in the construction sector, according to the U.S. Bureau of Labor Statistics.
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