The hottest Affordable Housing Substack posts right now

The bill contains mostly useful housing reforms but adds last-minute rules that would likely kill the market for new single-family build-to-rent homes and sharply limit large-scale investors in existing single-family homes.
Large-scale investors historically have not driven up single-family home prices; after 2008 lenders cut mortgage access for many would-be buyers, investors stepped in to buy discounted homes, while recent price increases are mainly driven by owner-occupiers and a housing shortage.
Banning big investors risks cutting new rental supply just when millions of units are needed, so a better fix is to restore broader mortgage access for more families, which would reduce investor activity and help lower rents over time.

Housing reform proposals should focus on actually increasing housing supply rather than just affordable units.
Affordable housing regulations limit the creation of new housing and may not always be the best solution for addressing housing shortages.
When proposing housing reforms, it's important to ensure that the policies align with the goal of increasing housing supply and economic growth.

Stable rent-to-income ratios hide a real housing shortage because families cope by downsizing, delaying household formation, and accepting lower-quality housing, while prices and low‑tier rents rise much faster than rents for high‑end homes. This means survey spending shares can look unchanged even as scarcity and displacement get worse.
Fixing housing requires a hierarchy of policies: expand single‑family rentals and mortgage access, then upzone to add dense, amenity‑rich housing, and only after that tackle hard socio‑economic planning like public safety and inclusion efforts; badly designed measures like inclusionary zoning can tax new supply and make shortages worse.
Most recent home price gains are driven by inflated land value from scarcity, and broad property taxes already act like a Georgist land tax; building more homes and freeing up supply will reduce the land premium and bring prices down, whereas restricting supply keeps the scarcity tax in place.

Traditional banks aren't willing to take on the risks associated with financing small real estate development projects due to the complex and risky nature of construction work.
Small developers struggle to access financing from traditional lenders because they lack the track record and financial resources required to secure loans, creating a barrier to entry in the industry.
Institutionalization of real estate development by large firms can lead to a loss of community identity, charm, and personalized building designs, highlighting the importance of supporting small developers in creating unique and vibrant neighborhoods.

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Rent inflation has been much higher for lower-income families than for higher-income families, and public statistics don’t capture that difference well.
Rents appear to have flattened since 2022, prompting the question of whether rents have stopped rising or are starting to correct.
New home completions rose by roughly 600,000 a year after COVID, but whether that is enough to stop rent inflation depends on housing supply elasticity; rough estimates suggest about 2.5 million units a year might be needed to neutralize rent pressure.

Many people are struggling to buy homes because prices and mortgage rates are high. This is making it harder for younger or less wealthy families to enter the housing market.
Rents are rising quickly, which is also driving home prices up. There are not enough affordable rental units, pushing more people into hardship.
Household formation is slowing down as fewer new homes are being built. There is still a significant demand for housing, and many people are waiting for the right homes to become available.

The cost of building affordable housing can be extremely high due to labor, land, materials, and debt, making it unaffordable to produce housing units.
Buying existing housing may be a more cost-effective solution than building from scratch, especially when considering the high costs associated with new construction in major cities.
An emerging trend in the housing sector is for governments and nonprofits to consider purchasing housing rather than solely relying on building new construction, as the current model centered on tax credits may not be sustainable in the long run.

Los Angeles has a successful program for building middle-income affordable housing without public subsidies.
Building codes can hinder affordable housing construction by adding unnecessary costs and delays.
Existing restrictive housing policies in cities like LA can limit the effectiveness of new affordable housing initiatives.

Building codes influence the architecture of cities, leading to big, boxy buildings with uniform designs.
Advocates are pushing for building code reforms to allow single-stair buildings, which are common in European countries with fewer fire deaths per capita than the US.
Recent changes in cities like Seattle, Tennessee, and Austin show a shift towards enabling single-stair buildings as a way to promote gentle density and climate resilience.

The South is outpacing the West Coast and Northeast in housing production.
Atlanta is demolishing its affordable housing and facing repercussions.
Different cities, like San Francisco and Los Angeles, approach affordable housing policies differently.