The speakers reiterated a piece of vital information noted in the report: the fact that housing plays a vital role in the national economy and that, currently, it accounts for 16% of the Gross Domestic Product. The positive effects of housing development reach the local level as well, with development of 100 multifamily homes generating an average of $28 million in local income over a 10-year period. But, that is the good news. "The job isn't finished," Jerry Howard of the National Association of Home Builders says during the conference call. "We have to make sure policy makers are aware of that." He noted, as an example of current problems, the fact that so many people in the workforce, notably teachers and firefighters, are unable to buy or rent in their communities due to prices or a lack available quality offerings.

And while great strides have been made in the area of homeownership, the rental market is still in need of attention. When asked by GlobeSt.com if homeownership has taken precedence over the issue of affordable housing, Howard responds that, "if it looks like rental housing is taking a back seat, it's probably because the administration is pushing the homeownership agenda, so it's getting more press; we push for both, equally." Alluding to the impending presidential election and a potential change in the administration, Kempner says, "housing is definitely a bipartisan issue; our policy recommendations make sense for both parties."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.