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MBA Debates Pros and Cons of Multifamily Development

WASHINGTON, DC-The Mortgage Bankers Association weighed the relative value of multifamily versus single-family development to national prosperity at its annual National Housing Summit yesterday. Among a largely multifamily-oriented panel, a national single-family housing initiative lost the debate.

By John Salustri | Updated on March 13, 2002

WASHINGTON, DC-The seminar was entitled Housing Policy: Real Estate as an Engine for Economic Growth, but it quickly became a crackling debate over the relative contributions of single-family and multifamily development to national prosperity. The scene for the debate was the Mortgage Bankers Association’s annual National Housing Summit.

Former congressman Rick Lazio (R-NY) pointed out that housing plays a vital part as a contributor to the national economy, with investment alone representing 4% of the GDP. That, he added, did not include utilities, construction and other major contributors of revenue.

From that starting point, the conversation turned to analyzing a national housing policy, and that’s when things got lively. “If a housing policy is to make strides, it must emphasize homeownership,” stated New Orleans Mayor Marc Morial, adding that owning–as opposed to renting–would combat NIMBY-ism. He stated that a national housing policy should shoot for 100% homeownership.

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