The Housing Affordability Toolkit

Study

Name

Description

The Housing Affordability Toolkit is intended to support engagement with local housing stakeholders.

Types

Abstract

State and local governments often establish policies and regulations that increase the costs of apartments without considering the impact those policies will have on rents and affordability in a community. On the other hand, state and local governments can also create policies and regulations that reduce development costs and increase the affordability of new rental apartments. This document describes the relationship between costs and rents and illustrates how state and local policies impact affordability.

Claims from

Multifamily housing stimulates and sustains local economies, neighborhood health, and overall economic competitiveness.

Multifamily housing improves fiscal health by both increasing revenues and decreasing costs, positioning local budgets to more effectively serve the public good.

Stagnant incomes for middle-income households are contributing to growing affordability challenges.

Housing affordability challenges have spread to middle-income households and beyond the high-cost coastal cities

Renting has become an increasingly popular lifestyle choice. With more middleand high-income households choosing to rent, there is more competition for the existing supply of rental housing.

The combination of a shortage in rental housing, rising development costs, and stagnant incomes are driving the growing housing affordability crisis affecting U.S. cities.

Housing development incentives can expand, diversify, and accelerate the production of affordably priced rental housing.

Development costs are rising, which means rents must rise to cover those increased costs

Rental demand is outpacing supply, leading to growing affordability challenges that are spreading beyond low-income households.

Journal

National Multifamily Housing Council