An Open Letter to the 119th Congress from the JRTC Executive Council for Housing Affordability

April 16, 2025 

Dear Members of the 119th Congress,

As members of the J. Ronald Terwilliger Center for Housing Policy’s Executive Council for Housing Affordability, we write today to voice our support for federal action to address our nation’s housing affordability crisis and its root cause, the lack of supply. The executive council aims to elevate awareness of the foundational importance of housing while underscoring the deep connection between housing affordability and economic vibrancy and growth. 

The mismatch between housing demand and supply is impacting communities of all types across America. The pandemic increased housing demand, an older generation is staying in their homes longer than at any time in history, and millennials are in a peak household formation period. The housing supply shortage has reached 4.5 million units, according to recent Zillow estimates. As a result, housing costs are increasingly unaffordable for millions of households. 

According to a 2024 nationally representative poll, three in four adults said the lack of an adequate supply of affordable homes is a problem in the United States. In addition, a bipartisan majority of adults (78%) think passing bipartisan legislation to increase the supply of affordable homes and help address high housing costs should be a priority for Congress. 

The severe shortage of affordable homes is negatively impacting both renters and prospective homeowners in urban, suburban, and rural neighborhoods. The Harvard Joint Center for Housing Studies found that, in 2023, the number of cost-burdened renters reached record levels, with 22.6 million cost-burdened households (50% of all renters). 

The Housing Choice Voucher program is a crucial tool to support renters with the lowest incomes and stem the growing homelessness crisis in the country, but—due in part to administrative burdens—many property owners choose not to participate in the program, making it difficult for voucher recipients to secure housing with their voucher. A statistic that illustrates the undersupply of housing to the program is that only 60% of voucher holders successfully find a home to rent using their voucher. 

Homeowners are increasingly struggling to pay housing costs as well. More than 20 million homeowner households (about 24% of all homeowners) spent more than 30% of their income on housing costs in 2023, made worse by the growing cost of property insurance and real estate taxes. Meanwhile, prospective homebuyers are facing high home prices, elevated mortgage rates, and an inadequate supply of new and existing homes for sale. Many middle-income families cannot save to afford a down payment, while others lack the credit to qualify for a loan.  

Our country’s acute housing supply shortage is impeding the ability of companies to attract and retain talent in places with an abundance of jobs. While the rate of job vacancies has been trending downward since 2022, more than 8.8 million jobs were unfulfilled at the start of 2024, almost 50% more than before the onset of the COVID-19 pandemic. With long commute times a strong predictor of job attrition, particularly for middle and low-salary workers, ensuring adequate affordable housing near job centers is critical. At a broader level, economists have estimated that if adequate housing were available in just three job markets—New York City, San Francisco, and San Jose, CA—U.S. real GDP would be markedly higher. 

The country’s housing stock is aging. Given challenges in quickly building up supply, investing in and renovating our existing housing stock has become more important than ever. With a dearth of mortgage products to finance renovations of older housing stock and rising interest rates, many neighborhoods are at risk of either gentrification, through the demolition and replacement of existing homes with luxury housing, or disinvestment, depending on local factors. 

As corporate leaders, we understand the importance of fiscal responsibility and recognize that federal dollars are scarce. But critical investments to address our nation’s housing affordability challenges are needed, and Congress has a history of successful bipartisan collaboration to advance solutions that meet the housing needs of American families.  

In 1949, members of both political parties came together to pass the Housing Act, setting forth a clear national objective to provide “a decent home and a suitable living environment for every American family.” More than 75 years later, that aspiration remains relevant today, and it is within Congress’ power to bring it closer to reality. As you embark on this new legislative session, we encourage you to take steps to increase the supply of affordable homes, preserve our existing stock of low- and moderate-income housing, address friction in the housing finance process, and support those struggling with high housing costs. These actions can improve the quality of life for all Americans and at the same time strengthen our nation’s economy. 

Sincerely, 

Corporate Representatives of the Executive Council for Housing Affordability
J. Ronald Terwilliger Center for Housing Policy: 

Mike Signer, North America Policy Director, Airbnb 

Julie May, Vice President and General Manager of B2B Scores, FICO 

Sipho Simela, Founder & CEO, Matrix Rental Solutions 

Andrea Gift Allan, Managing Director, Real Estate; Tatiana Gutierrez, Managing Director, Corporate Affairs, Pretium 

Kristen Sawin, Vice President, Corporate Affairs, Weyerhaeuser 

Michael Dendas, Director of Federal Government Relations, Zillow