Senators Ron Wyden (D-Ore.) and Todd Young (R-Ind.) joined HUD Deputy Secretary Adrianne Todman for a discussion on lowering the cost of housing and role of federal policy.

Once again, it is clear that there is widespread agreement on the need to proactively put forward policy solutions that will lower the cost of housing, increase the number of available homes, and broaden housing equity and opportunity.

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Left to Right: Senators Todd Young (R-Ind.) and Ron Wyden (D-Ore.); HUD Deputy Secretary Adrianne Todman; NMHC President Sharon Wilson Géno (Photo: Business Wire)

At the Bisnow Multifamily Annual Conference (BMAC) East, NMHC President Sharon Wilson Géno moderated a discussion with Senator Ron Wyden (D-Ore.), Senator Todd Young (R-Ind.) and HUD Deputy Secretary Adrianne Todman on local and national policies impacting the nation's housing affordability challenges and potential policy solutions.

The wide-ranging dialogue highlighted that there is broad, bipartisan agreement that more needs to be done to address housing affordability and expand housing supply. Federal, state and local governments must work together to reduce regulatory barriers that hinder producing and preserving needed housing. Zoning, NIMBYism and bureaucracy at the state and local levels add to the cost of housing and often prevent renters from having access to communities of their choosing. The Federal government can do more to incentivize states and localities to reform outdated zoning and invest in housing.

“The housing affordability challenges facing the nation are clear, but so are the opportunities for bipartisan paths forward,” said NMHC President Sharon Wilson Géno. “We need to put politics aside and partner with renters and communities to implement policy solutions that expand housing supply and promise greater choice to those in need of rental housing. At the same time, we need to push back on politically popular, but harmful policies, such as rent regulation, that have proven to make it more difficult for renters to effectively access quality, affordable rental housing.”

“It’s more important now than ever to invest in housing production, because increasing housing supply will increase housing affordability,” said Senator Wyden. “I was pleased to join National Multifamily Housing Council with Senator Young, Deputy Secretary Todman and NMHC President Sharon Wilson Géno to discuss expanding the Low-Income Housing Tax Credit and encouraging pro-housing policymaking nationwide. In Oregon and across the country, people are struggling with the cost of housing. This bipartisan conversation was highly encouraging and makes me hopeful that Congress can tackle this crucial issue.”

“In communities across Indiana and the nation, housing costs are increasing, and employers worry that there aren’t enough homes available for the workers they need to hire,” said Senator Young. “If we fail to act to address this nationwide crisis, the problem will only get worse. That is why I introduced the Yes In My Backyard Act (YIMBY Act), which would eliminate regulatory barriers to much-needed housing by requiring transparency in local land use, zoning, and housing decisions.”

“Today’s discussion illustrates the deep need for the nation to expand its housing supply,” said HUD Deputy Secretary Todman. “The President’s Housing Supply Action Plan seeks to do just that by lowering housing costs, boosting housing supply, and ensuring fair access to housing opportunities. From providing historic levels of rental assistance to helping first-time homeowners, this Administration is laser-focused on helping the American people with their housing needs.”

Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is the leadership of the apartment industry. We bring together the prominent owners, managers and developers who help create thriving communities by providing apartment homes for 40.0 million Americans, contributing $3.4 trillion annually to the economy. NMHC provides a forum for insight, advocacy and action that enables both members and the communities they help build to thrive. For more information, contact NMHC at 202/974-2300, e-mail the Council at info@nmhc.org, or visit NMHC's website at www.nmhc.org.

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