Opinion: How to solve the nation’s affordable housing crisis | CNN
Opinion: How to solve the nation’s affordable housing crisis CNN
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Introduction
- The nation’s economy is performing well in terms of inflation, unemployment, and growth, but housing remains a significant challenge.
Challenges in the Housing Market
- According to the National Association of Realtors, it is increasingly difficult for first-time buyers to purchase a home, which is impacting the housing market and economic growth.
- The pandemic has led to a significant increase in housing prices, making it harder for first-time buyers to afford a home.
- Rising interest rates have made mortgages more expensive and exacerbated the shortage of affordable housing.
- The economics of building entry-level homes have become challenging, making it difficult for builders to meet the demand.
Solutions to Improve Housing Affordability
- Providing tax relief for builders who construct homes for first-time homebuyers at or below the median home price can incentivize the construction of affordable housing.
- Expanding the scope of the Low-Income Housing Tax Credit program can also support the construction of affordable rental housing.
- Allowing renters to set up tax-free savings accounts for down payments, similar to Section 529 accounts for college savings, can help individuals save for their first home.
- Policymakers should consider matching deposits made by first-generation homeowners to increase their ability to make a down payment.
Impact and Cost Analysis
- Implementing these solutions could lead to the construction of over 1 million new entry-level homes in the US over the next decade and reduce home prices at the bottom of the market.
- The cost of these initiatives could be around $90 billion over the next decade, which could be partially covered by imposing a tax on institutional investors owning multiple single-family rental properties.
Historical Precedent and Optimism
- After World War II, the US successfully addressed a similar housing shortfall through infrastructure development and government-backed lending.
- A bipartisan package to expand affordable rental housing has gained momentum in Congress, offering hope for addressing the housing shortage.
Conclusion
- Addressing the housing affordability crisis is crucial for economic growth and the well-being of millions of families.
- Congress should prioritize this issue and consider implementing the proposed solutions to make homeownership more accessible for first-time buyers.
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 1: No Poverty
- SDG 8: Decent Work and Economic Growth
- SDG 11: Sustainable Cities and Communities
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 1.4: By 2030, ensure that all men and women, in particular, the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property, inheritance, natural resources, appropriate new technology, and financial services, including microfinance.
- SDG 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries.
- SDG 11.1: By 2030, ensure access for all to adequate, safe and affordable housing and basic services and upgrade slums.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Indicator 1.4.2: Proportion of total adult population with secure tenure rights to land, with legally recognized documentation and who perceive their rights to land as secure, by sex and by type of tenure.
- Indicator 8.1.1: Annual growth rate of real GDP per capita.
- Indicator 11.1.1: Proportion of urban population living in slums, informal settlements, or inadequate housing.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 1: No Poverty | Target 1.4: By 2030, ensure that all men and women, in particular, the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property, inheritance, natural resources, appropriate new technology, and financial services, including microfinance. | Indicator 1.4.2: Proportion of total adult population with secure tenure rights to land, with legally recognized documentation and who perceive their rights to land as secure, by sex and by type of tenure. |
| SDG 8: Decent Work and Economic Growth | Target 8.1: Sustain per capita economic growth in accordance with national circumstances and, in particular, at least 7 percent gross domestic product growth per annum in the least developed countries. | Indicator 8.1.1: Annual growth rate of real GDP per capita. |
| SDG 11: Sustainable Cities and Communities | Target 11.1: By 2030, ensure access for all to adequate, safe and affordable housing and basic services and upgrade slums. | Indicator 11.1.1: Proportion of urban population living in slums, informal settlements, or inadequate housing. |
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Source: cnn.com
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