BPC’s Terwilliger Center Applauds the Biden Administration for Announcing its Housing Supply Action Plan

Washington, D.C.—“At the heart of today’s housing affordability crisis is the severe shortage of homes, both for rent and sale. To respond to the mismatch between strong demand and inadequate housing supply, a national effort is required to build more homes,” said Dennis Shea, the Terwilliger Center’s executive director.

“We commend the administration for highlighting this critical issue and promoting bipartisan policies like expanding the Low-Income Housing Tax Credit and enacting the Neighborhood Homes Investment Act—steps that would make a significant difference in increasing access to affordable homes and reducing housing costs. But, as the action plan highlights, the federal government cannot do it alone. Reforms to restrictive land-use and zoning practices at the state and local level are an essential element of a national strategy to improve housing affordability. Investment by the private sector is critical too.”

Unfortunately, new housing production has not matched demand, contributing to today’s soaring housing costs. In fact, according to one estimate, the United States has “underbuilt” housing by some 5.5 million homes over the past 20 years.

The Terwilliger Center is committed to advancing bipartisan solutions to the housing crisis. On June 23, the center will be convening a one-day “Summit on Housing Supply Solutions” in Washington, DC to explore the best ways to boost the supply of safe, decent, and affordable homes.

To raise awareness of the housing supply shortfall, the Terwilliger Center launched a “Getting Serious About Housing Supply” webinar series late last year with a focus on issues such as restrictive land use and zoning policies and the potential of innovations to drive down construction costs.