NAR Urges White House to Address Root of Affordability

NAR has committed to educate members and consumers about rental assistance but urges policy around the root cause of affordability issues.

NAR offered the White House a commitment to educate its more than 1.5 million members on renter assistance and protections as part of the Biden administration’s new plan to alleviate rental affordability pressures across the country. The plan’s blueprint lays out principles to “drive action by the federal government, state and local partners, and the private sector to strengthen tenant protections and encourage rental affordability,” according to the White House. NAR vowed to create resources for REALTORS® that highlight ways to incorporate tenant-centered property management practices in their business.

However, NAR urged action on the root causes of affordability. “Rental affordability is a product of the housing supply crisis,” says Shannon McGahn, NAR’s chief advocacy officer. “The White House took bold action in 2022 on housing supply, from a historic budget request to repurposed American Rescue Plan funds to the president’s Housing Supply Action Plan. We hope many of these policies come to fruition in the near future.”

To immediately address the lack of housing affordability, NAR encourages the administration and Congress to consider providing rental assistance through a range of channels, including grants, state and local fiscal recovery funding, and a variety of HUD programs that can be better funded and improved.

https://www.nar.realtor/magazine/real-estate-news/nar-responds-to-white-house-affordability-plan