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The Housing Crisis is Rigged Against Homebuyers
We need over 6 million new homes in this country, especially affordable options for lower-income families who are hit the hardest by rising rents and home prices. Inventory is up 7% from last year, but as Austin Powers would say, we’ve still got a long way to go.
Our political leaders – most of whom seem woefully under-qualified to address this crisis – are finally taking a closer look at outdated zoning laws that make new construction difficult and expensive. Many cities are now allowing more multi-family homes, density near public transit, streamlined permitting, and getting rid of unnecessarily strict rules.
Minneapolis has been a leader in zoning reform by permitting more density downtown, eliminating parking minimums, allowing accessory dwelling units, and crucially, ending single-family zoning so more duplexes and triplexes can be built. Researchers studied the impact of these changes between 2017-2022 as the new rules took effect. Incredibly, Minneapolis added 12% more homes in just 5 years, far faster than other cities. Rents there rose only 1% versus 14% statewide.
So more supply appears to be moderating rents. But what about supporting home ownership? The opportunities for wealth creation through equity are being squandered. Instead, large investment firms like BlackRock just keep acquiring more rental properties, while middle class dreams of ownership fade. Lifelong renters will retire with no assets, placing more burden on taxpayers.
Short-sighted policies today will have generational consequences. Home ownership promotes financial stability and should be attainable for younger generations. But misguided reforms are rigging housing against buyers by favoring profitable rentals over affordable purchases. Get active and vote for leaders who will fight for more paths to ownership. The time to fix this crisis is now.
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