Underbuilding has led to ‘acute shortage’ of housing and ‘affordability crisis,’ study says

Underbuilding has led to ‘acute shortage’ of housing and ‘affordability crisis,’ study says

The National Association of Realtors recently released a study calling for a dire, “once-in-a-generation” response to a housing shortage.

The study, “Housing Is Critical Infrastructure: Social and Economic Benefits of Building More Housing,” written by members of Rosen Consulting Group, was remarkable, as it brought together some of the housing industry’s most recognized observers, who lent their particular expertise to bear on a seemingly intractable problem: There are now anywhere from 5 million to 6.8 million housing units (including single-family homes, townhouses, condos and rental units) missing from housing inventory.

In short: Housing prices and rents are rising astronomically because the demand is so great, and the supply is so thin.