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<\/a><\/a>The National Multifamily Housing Council (NMHC), in partnership with the NYU Urban Lab at the Schack Institute of Real Estate, has released The Housing Affordability Toolkit<\/i><\/a>, a sweeping policy resource outlining a flexible roadmap for addressing the nation\u2019s rental housing affordability crisis.<\/p> This Toolkit is explicitly crafted to put forward actionable solutions that will improve affordability, expand supply and create more choices for residents.<\/p> Housing challenges are especially acute for those in the most economic need and this Toolkit presents pathways to alleviate those critical shortages while improving housing for families and individuals across the nation and at all income levels.<\/p> \u201cFor generations, Americans have accepted housing affordability as a problem to be managed, not solved,\u201d said Sharon Wilson G\u00e9no, NMHC President. \u201cThis Toolkit rejects that premise entirely.<\/i><\/p> \u201cWith the right combination of deregulation, targeted affordability support and preservation strategies, the math shows we can close the gap for all 22.4 million rent-burdened households within 17 years. The time is now for lawmakers at all levels of government to take action on behalf of not just those in need of housing today, but for decades to come.\u201d<\/i><\/p> Drawing on the latest available housing data as well as original analysis, the Toolkit examines potential strategies to improve housing affordability and address the needs of the more than 22.4 million rent-burdened households in the U.S.\u2014roughly half of all renters).<\/p> The Toolkit recommends a three-part strategy:<\/p> The Toolkit also recognizes that increasing housing supply alone will not solve affordability challenges for everyone. For many households with the lowest incomes, housing remains out of reach even when more homes are available. The analysis estimates that approximately 10.1 million renter households are \u201csubsidy-dependent\u201d (earning too little to afford housing without public assistance regardless of supply conditions) and makes the case for significantly expanding both the Low-Income Housing Tax Credit (LIHTC) and income assistance programs to help these households access stable, affordable homes.<\/p> \u201cThe data make clear that the rental affordability crisis is not one problem \u2014 it\u2019s several, each requiring its own set of tools,\u201d said Dr. Caitlin Sugrue Walter, Senior Vice President of Research and Innovation, NMHC. \u201cFrom the 10.1 million subsidy-dependent households who will never be served by the private market alone, to the millions more burdened by undersupply, this Toolkit maps the scale of each challenge and pairs it with evidence-based policy solutions. Regulatory costs alone account for more than 40 percent of the cost of building a new apartment. That number demands a policy response.\u201d<\/i><\/p> \u201cHousing affordability will not change unless we change our approach. The numbers are too big to spin: 22.4 million rent-burdened households, 10.1 million households that can\u2019t even afford to pay utility costs,\u201d said Matthew Kwatinetz, Clinical Associate Professor and Director of the NYU Urban Lab, and Toolkit author. \u201cRelying on a tax credit-only path still takes 157 years in the best case. It is longer than the span since World War II and the resulting Great Society programs.\u201d<\/i><\/p> \u201cThis Toolkit is about doing something different \u2014 creating an executable plan that aligns public and private action instead of substituting blame for progress,\u201d added Kwatinetz.<\/i><\/p> View an Executive Summary of the Toolkit here<\/a>.<\/p> View the full NMHC Affordability Toolkit here<\/a>.<\/p> *Metro-level Time to Address (TTA) analysis\u2014a new metric measuring how long a given policy would take to reduce rent burden at scale\u2014and naturally occurring affordable housing (NOAH) market data are available for all 50 of the largest U.S. metropolitan statistical areas. Reach out for market-specific figures.<\/i><\/p> About the National Multifamily Housing Council<\/b><\/i><\/p> Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is where rental housers and suppliers come together to help meet America\u2019s housing needs by creating inclusive and resilient communities where people build their lives. We bring together the owners, managers, developers and suppliers who provide rental homes for 40 million Americans from every walk of life\u2014including seniors, teachers, firefighters, healthcare workers, families with children and many others. NMHC provides a forum for leadership and advocacy that promotes thriving rental housing communities for all. For more information, contact NMHC at 202\/974-2300, email the Council at <\/i>info@nmhc.org<\/i><\/a>, or visit NMHC's website at <\/i>nmhc.org<\/i><\/a>.<\/i><\/p> About the NYU SPS Schack Institute of Real Estate<\/b><\/i><\/p> The NYU SPS Schack Institute of Real Estate was founded in 1967 by prominent members of the New York City real estate community, who encouraged NYU to establish an academic center that would provide a world-class education for industry professionals. More than 50 years later, the Schack Institute remains at the forefront of real estate education, recognized globally as one of the world\u2019s leading centers for real estate research and practical, real-world learning.<\/i><\/p> Colin Dunn