While the housing affordability crisis in America may be easily blamed on the COVID-19 pandemic and loss of jobs, that would ignore the fact that rising housing costs and under-supply in our country were major issues prior to the pandemic. In fact, housing affordability was a significant issue during the 2020 election cycle. The rising cost of housing coupled with debt the millennial generation carries were all concerns pre-pandemic and were only exacerbated once job loss and supply chain interruptions became a reality in 2020.
While stimulus payments and delayed eviction rules may be short-term salves for those facing immediate housing crises, it is the long-term impact of bills currently in Congress that could truly drive the affordability of housing further out of reach for many Americans.
The PRO Act, disguised as a way to help protect workers’ rights, would have ripple effects on the housing industry, resulting in job loss and even more expensive housing costs.
Read Full Article »