Built ’s Post

“With rising income inequality, there are more people today earning incomes below what is necessary to afford an adequate home,” says Casey Dawkins, professor of urban studies and planning at the University of Maryland. In this housing market, it’s no surprise that the lack of affordable housing is weighing on the minds of voters. Just more than 53 percent of homeowners and renters say housing affordability will impact who they vote for in the upcoming presidential election, according to a report by Redfin released in March. Congress is considering a number of measures to alleviate high housing prices that are weighing on their districts. While some lawmakers have taken partisan swipes across the aisle during recent hearings on housing affordability, there are several bipartisan proposals this Congress.

Traditional political thinking is that homeowners are largely Tory voters, while renters are mainly Labour. Analysis tends to support this. Housing policies are influenced by this. But homeowners today feel as disenfranchised and angry with Tory failures as most others in society and are turning their backs on voting along traditional lines. There is a clear mood for #change. Nick Leeming, chairman of Jackson-Stops, said: “Labour’s commitment to tackling the housing crisis appears to resonate strongly with voters. Indeed, 27% of respondents highlight the delivery of more affordable and social housing as crucial for improving the housing market.” But will/can the next government deliver on housing? Wisdom suggests it won't be able to tackle that until planning is addressed! #property #housing #planning https://lnkd.in/eqc-qFVw

The Texas Legislature is more bipartisan than many would think and it's great to see the two predominant parties in Texas politics converging on policy ideas around solving the housing affordability crisis. "Texas Democrats and Republicans may be approaching a bipartisan consensus on how to tackle the state’s housing affordability crisis at a time when a majority of Texans say they spend too much money on keeping a roof over their heads. The Texas Democratic Party over the weekend adopted a platform that includes calls to relax local zoning regulations that determine what kinds of housing can be built and where. Housing experts and advocates argue those rules drive up home prices and rents by preventing real estate developers from building enough homes to meet demand. More than half of the state’s 4.2 million renter households spend too much of their income on keeping a roof over their heads, according to Harvard University’s Joint Center for Housing Studies. That finding echoes the results of a Texas Lyceum poll released last month, which shows that nearly two-thirds of Texans, homeowners and renters alike, say they spend too much on housing — compared with 44% of Texans four years ago. That agreement crosses partisan lines, with 69% of Democrats and 61% of Republicans telling pollsters that housing costs take up too much of their budget." #housing #affordablehousing #housingpolicy

Depressing, but not altogether unsurprising. “… we find that homeowners and renters alike support price controls, demand subsidies, restrictions on Wall Street buyers, and subsidized affordable housing. The revealed-preference results further suggest, contrary to our expectations, that price controls and anti “Wall Street” restrictions are very important to voters. Contrary to the recommendations of housing economists and other experts, allowing more market-rate housing is regarded as ineffective and draws only middling levels of public support. Opponents of market-rate housing development also care more about the issue than do supporters…”

Excellent read (with no political slant). Because this issue has been completely ignored for so long, it's now dire. And requires coordination and urgency from all levels of government (federal, state, local) at a time where that is highly unlikely given the political division & pending election. Will be interesting to see how Trump pivots (if at all) on this issue, because his current stated policy offers little but a firm defense of single-family zoning, an anti-affordable housing creation position. A Redfin survey of 3,000 homeowners and renters found more than half said housing affordability would affect their vote later this year. https://lnkd.in/eUy7KVNx

As we head into election season, take note: housing is top of mind for voters. "Last month, housing was second only to inflation in a Gallup survey of Americans’ financial worries. In a Harvard poll of 18- to 29 year olds this spring, housing ranked as the third-most important issue overall, after inflation and health care." Housing is an issue that affects everyone, no matter their age, income, or geography. Every level of government is needed to fix this crisis- including school board councils and municipal council, to state legislators, to Congress. We all have a role to play. As residents and voters, we can demand action and policies that address this issue from *every single one* of our elected officials. https://lnkd.in/eHdWPQXn

The Election and the Housing Market: Why It May Not Matter Much As the political landscape gears up for another election, one might wonder what implications this event holds for the housing market. According to recent findings from Rightmove, the election's impact on housing might be less significant than some expect. A staggering 95% of people surveyed by Rightmove indicated that the election would not influence their plans to move. Survey Insights Rightmove's survey reflects a broad consensus among potential buyers and sellers. The overwhelming majority of respondents reported that their moving plans remain unchanged regardless of the election's outcome. This sentiment suggests a robust and resilient housing market driven more by personal circumstances and broader economic factors than by the political climate. Historical Analysis An analysis of past elections provides further context, showing that housing market trends tend to remain steady in the run-up to elections. Historical data reveals little deviation from existing market trajectories during these periods. This consistency underscores the idea that while elections can introduce some level of uncertainty, they do not typically disrupt long-term housing trends. Key Factors at Play Several factors contribute to this stability. For one, the housing market is influenced by fundamental elements such as interest rates, employment rates, and supply and demand dynamics. These factors often have a more direct impact on buyers' and sellers' decisions than the political environment. Additionally, personal life events, such as job relocations, family changes, and financial considerations, play a crucial role in housing decisions, further insulating the market from political fluctuations. Conclusion While elections are significant events with far-reaching implications, their direct impact on the housing market appears limited. Rightmove's survey and historical trends suggest that the housing market operates largely independently of the electoral cycle. For those planning to move, it seems that personal and economic factors will continue to drive their decisions, regardless of the political backdrop.

From Taylor Giorno at The Hill - the housing supply and affordability crisis has risen to national election level where, according to a Redfin survey, 53% of voters cite it as an impact factor in their voting choice in the fall elections. The bi-partisan, national consensus continues - we've underbuilt since 2007 and while incentives and finance tweaks are helpful, but the core issue is undersupply. From Redfin's Daryl Fairweather, PhD: “...a lot of the stuff that seems comprehensive like homebuyer credits, down payment assistance, those kinds of things, don’t solve the problem either. Really we have to solve supply problems.” #housing #homeownership #homebuilding

Housing continues to emerge as one of the top issues with voters this coming election. From NPR: "Housing policy and funding is largely a local issue. But across the U.S., including in swing states, persistent record high costs have bumped it to a front-burner issue for many voters, in a presidential campaign where affordability in general is a major theme." #housing #housingpolicy https://lnkd.in/gVWqW_ER

The struggle for affordable housing is a central issue affecting voter sentiment in the US, as the dream of homeownership remains elusive for many. WTOP News reports that the frustration over high home prices is influencing the economic outlook of voters, with policies like lowering interest rates being debated as potential solutions. However, experts like Mike Faulkender warn that such measures might only provide temporary relief and could lead to higher prices due to increased demand. The article emphasizes the need for more construction as a sustainable answer to the housing crisis, a topic that is likely to be pivotal in upcoming elections. Read more: https://lnkd.in/d7txfKkm Visit our website for more updates: https://hghomeclub.com/ #USElections #HomePrices #HousingCrisis #VoterSentiment #EconomicPolicies