Housing affordability has become one of the most pressing challenges facing American homebuyers. In the article “How the Mortgage Industry Is Responding to the Housing Affordability Crisis” published in Business Law Today, Consultant Daniel Brown, Godfrey Kahn Shareholder Andrew Spillane, Husch Blackwell Partner Leslie Sowers, Center for Responsible Lending Senior Policy Counsel Anneliese Lederer, and Inclusive-Partners Founder Brad Blower examine the growing housing affordability crisis in the wake of the COVID-19 pandemic.
The data on affordability show persistently high housing costs, low inventory, longer homeowner tenure, and less turnover. Supply constraints and low turnover have reduced inventory, and median housing cost burdens have risen. The authors discuss potential policy-based solutions to address supply- and demand-related challenges in housing affordability, making special note to ensure solutions protect consumers.
