The United States has faced a shortfall of 5.5 million to 6.8 million housing units since 2001. According to a report just put out by the National Association of REALTORS® a “once in a generation” response is needed to address the decades of underinvestment and underbuilding in the housing market.
The report highlights the causes of housing shortages and offers potential solutions at the local and federal levels. It calls the US housing stock situation “dire,” especially with affordable and available homes to support the nation’s population. The lack of new construction and prolonged underinvestment have caused the shortage of available housing.
Policy recommendations outlined in the report recommended that lawmakers pursue solutions through fiscal policy measures, policies aimed at increasing the supply of housing, and zoning and permitting policy reform.
According to Charlie Oppler, NAR president, increases in housing construction not only brings about much needed housing inventory it could also add an estimated 2.8 million American jobs and $50 billion in new, nationwide tax revenue.
In the Phoenix Metro Area’s East Valley something like this has already taken place. The Arizona State Land Department auctioned off 2,783 acres of state land this past November. Two Builders plan to develop a master-planned community called Superstition Vistas, which eventually will boast more than 10,000 homes and nearly 30,000 residents upon completion. The land is 1 Mile East of Eastmark master-planned community at Meridian and is bounded by Elliott Road on the north and Ray Road on the south.