Latest news with #NationalLowIncomeHousingCoalition
Yahoo
5 days ago
- Business
- Yahoo
Housing Crisis 2025: Why Rental Shortages Could Spike Your Living Costs
According to a report by the National Low Income Housing Coalition, the U.S. has a shortage of 7.1 million rental units. Be Aware: Find Out: That supply shortage has driven enormous rent spikes in recent years, with Consumer Affairs reporting that nationwide rents surged 23.4% between 2020 and 2022 alone. While rent growth has slowed over the last two years, it continues to drive up the cost of living in many cities. Housing Disproportionately Drives Inflation The Bureau of Labor Statistics combines the costs of many goods and services to calculate its consumer price index (CPI) inflation figure. But it weights those costs differently — and housing makes up about 35.5% of the total inflation rate. So even if other costs, such as groceries, were going down in price (which they're not), fast rent growth could still cause high inflation rates. Check Out: Interest Rates Remaining Higher for Longer The Federal Reserve started cutting interest rates in the second half of 2024, feeling confident that inflation was slowing. But the sudden appearance of tariffs caused it to fear heating inflation once again, and it's paused rate cuts to see how the economy responds to new tariffs. 'Since housing is a big part of the CPI, persistently high rents are keeping inflation stubbornly high,' explained Yancy Forsythe, founder of Missouri Valley Homes. 'That makes it harder for policymakers to ease rates.' Higher interest rates make it more expensive for consumers to borrow and buy, and for businesses to borrow and expand by hiring. It puts a brake on the economy for both businesses and consumers. Uneven Housing Shortages Some cities have a surplus of rental housing. Austin, Texas, for example, has a high multifamily vacancy rate of 9.6%, according to Apartment List. Others have dire shortages. Perennially difficult San Francisco has a vacancy rate of just 3.8%. 'With a rental vacancy rate of just 0.6% (a fraction of the 5% considered healthy), we're facing a critical shortfall of 23,500 units right now. This scarcity doesn't just hurt families — it puts pressure on wages, fuels inflation, and distorts our whole economy,' said Carla Gericke, who works as a real estate agent at Porcupine Real Estate in New Hampshire. Even within individual cities, some neighborhoods have housing shortages while others have plenty of units available. A July study by Moody's Analytics found that most of the housing shortage appears in the lower- and middle-income neighborhoods, with housing surpluses in higher-income districts. Red Tape for New Housing Why do some cities have plenty of housing, while others continually struggle with affordability and availability? Cities with abundant housing, such as Austin, Phoenix (7.9% multifamily vacancy rate) and Dallas (8.2%), encourage the construction of new housing supply. Other cities limit zoning of higher-density housing, and layer on regulations and fees that deter new housing development. 'The tightest rental markets right now are in coastal and high-income metros like San Francisco, Seattle, Boston, and San Diego where the supply constraints, zoning restrictions and booming demand have created rent spikes and ultra low vacancy rates,' Forsythe said. 'In San Francisco for example, rents rose by more than 11% year-over-year, while rental vacancy rates have dropped to half the national average.' Affordable housing shortages will likely keep fueling inflation, slowing interest rate cuts and pinching lower-income families until there's more of it. More From GOBankingRates 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on Housing Crisis 2025: Why Rental Shortages Could Spike Your Living Costs
Yahoo
01-08-2025
- Business
- Yahoo
Opinion: Has housing become a luxury? Utah Housing Coalition highlights alarming findings in new report
This week, the Utah Housing Coalition is raising the alarm — again. And this time, the warning is louder and more urgent than ever. The newly released Out of Reach 2025 report paints a devastating picture of what Utahns are facing: a housing market that has left our workforce, our families, our seniors — and entire communities — behind. As Utah's official partner to the National Low Income Housing Coalition, we rely on this data every day to fight for housing justice. But this year, the findings hit especially hard. To afford a modest two-bedroom rental in Utah, you now need to earn $29.29/hour. This has increased by $2.40 from 2024 and $10.46 from 2020. The average renter earns just $20.52/hour. That's a $8.77/hour wage gap — and it's growing. There are still 321,790 jobs in Utah paying less than $20 an hour. A person relying on Supplemental Security Income can afford just $290/month, and even households earning only 30% of the area median income can afford just $377/month — in a market where the average two-bedroom rents for $1,523/month, putting the vast majority of housing completely out of reach for our most vulnerable Utahns. And while these numbers are staggering, they're not just numbers. They're stories of struggle: Teachers sleeping in their cars Seniors and disabled people losing housing on fixed incomes Parents working multiple jobs while raising their kids in motel rooms with no access to cooking nutritious meals Families and individuals one unexpected expense away from eviction Now add to that this looming threat: HUD funding is under attack. Major cuts have been made to critical federal housing programs. Rental assistance, public housing support and homelessness prevention programs — lifelines for millions — are on the chopping block. CDBG and HOME funding that is used to develop affordable housing also faces cuts, leaving developers with a lack of tools for future developments. If these cuts go through, we will see more families fall into homelessness. More seniors displaced. More children without stability. Because the truth is, too many Utahns are already living paycheck to paycheck, barely staying afloat. If we pull the rug out now, we won't just deepen this crisis — we'll lose the fragile safety nets that are keeping people housed. This is the moment to act, not retreat. We must invest in affordable housing, not slash the very programs that make it possible. We must protect and expand HUD's role, not gut it. Because part of the solution to homelessness is preventing it in the first place — by ensuring people can live in safe, stable housing in their own communities. That means building more deeply affordable housing. That means strengthening rental assistance. That means fighting for the resources our communities need — especially in Utah, where many renter households are severely cost burdened, paying more than 50% of their income on rent. In places like Salt Lake City and Summit County, where housing wages are roughly $34/hour, the gap is simply too wide to ignore. Housing should not be a luxury. Housing should be the foundation for thriving communities and a stable economy. When housing becomes out of reach, so does health, safety, education and opportunity, which leads to instability in our state's economy. At the Utah Housing Coalition, we're calling on elected officials, decision-makers and every Utah resident to stand up — for renters, for individuals, for working families, for the disabled, for the elderly and for our future. When we keep people housed, we build resilience. We build equity. And we ensure that Utah is a place where everyone — not just the well-off — can call home. Solve the daily Crossword
Yahoo
11-07-2025
- Business
- Yahoo
FHLBank San Francisco Awards $6.7 Million in Grants to Develop Affordable Housing in Arizona
Grants will add 204 units of affordable housing across Flagstaff, Pisinemo and Topawa, Prescott, and Tucson SAN FRANCISCO, July 10, 2025 (GLOBE NEWSWIRE) -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco) today announced $6.7 million in Affordable Housing Program (AHP) General Fund grants to support the development of affordable housing in Arizona. This year's awarded grants represent a 118% increase in funding for Arizona over last year, demonstrating the Bank's commitment to deliver on its mission to address the critical shortage of affordable housing in the state. The 2025 AHP grants are being awarded to four important Arizona developments that will collectively create 204 units of affordable housing in Flagstaff, Pisinemo and Topawa, Prescott, and Tucson. 'We continue to make meaningful investments to address the affordable housing crisis across Arizona, California, and Nevada,' said Joseph E. Amato, interim president and CEO of FHLBank San Francisco. 'This funding, delivered in partnership with our local member financial institutions, supports housing affordability solutions in urban centers, rural areas, and tribal lands. We are helping to expand the supply of housing and for the individuals and families who need it most.' According to the National Low Income Housing Coalition, Arizona sits fourth on a national list that determines which states have the most extremely low-income households in the nation, those earning 0% to 30% of area median income, who are severely cost burdened, meaning the household spends more than 50% of its income on housing costs, including utilities. AHP grants help finance the development, preservation, or purchase of multifamily and single-family housing for lower-income people in need, including the chronically unhoused, families, seniors, veterans, at-risk youth, people living with disabilities and mental health challenges or overcoming substance abuse. Grants are delivered through FHLBank San Francisco member institutions partnering with nonprofits and affordable housing developers to submit applications for grants for specific projects in an annual funding competition. AHP-funded projects represent a wide range of strategies and solutions, from historic preservation and adaptive reuse to new construction and rehabilitation. The 2025 AHP Arizona-based General Fund grants will support the following projects: Flagstaff: Foundation for Senior Living's Aspen Loft Apartments was awarded a $2 million grant, in partnership with FHLBank San Francisco member Raza Development Fund, Inc., to create a 65-unit, energy efficient workforce housing development Topawa and Pisinemo: the Tohono O'odham Ki:Ki Association's TOKA Homes VI project was awarded a $1.5 million grant, in partnership with member Western Alliance Bank, to create 30 single-family homes across two sites on the Tohono O'odham Nation Reservation serving formerly unhoused people and families earning at or below 60% of the area median income. Tucson: Compass Affordable Housing, Inc.'s Drexel Commons was awarded a $2 million grant, in partnership with member Raza Development Fund, Inc., to create a 67-unit affordable rental community serving low-income families, with 10 units reserved for households with tenant-based rental assistance. Prescott: USA Housing, Inc.'s Bradshaw III Senior Community was awarded a $1.26 million grant, in partnership with member Raza Development Fund, Inc., to create 42 units of fully-accessible affordable housing for seniors to age in place. In 2025, FHLBank San Francisco awarded nearly $50 million in AHP grants, including funding from its 2025 AHP General Fund for projects in California and Arizona, and from its 2025 Nevada Targeted Fund for projects in Nevada. Since 1990, FHLBank San Francisco has awarded over $1.4 billion in grants for the construction, preservation, or purchase of nearly 155,000 affordable housing units. Collectively, the FHLBanks are one of the largest sources of private sector grants for affordable housing in the country, providing approximately $8.3 billion in grant funding to help more than one million households have an affordable place to call home since 1990. Providing resources for affordable housing is central to FHLBank San Francisco's mission, with at least 10% of the Bank's net income from the prior year committed to fund affordable housing and related community investment programs. Where AHP projects are developed, local economies also get a boost, as these projects create jobs, increase construction and consumer spending, and generate new tax revenues. Learn more about the communities, families, and individuals that have benefited from access to AHP-funded housing on the Bank's website. The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions — commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions —propel homeownership, finance quality affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant and resilient. Contact:Tom in to access your portfolio
Yahoo
05-07-2025
- Politics
- Yahoo
Squatting in Maryland is not a crime epidemic — it's a housing crisis
Vacant homes on E. Preston Street in Baltimore. (Photo by Elijah Pittman/Maryland Matters) When news headlines spotlight 'squatters' occupying homes in Maryland, it's easy to respond with punitive measures. But usually, behind every story of someone we're calling a 'squatter' occupying a vacant property is a larger crisis: rising housing expenses, declining wages, and a generational commitment to sabotaging our social safety net. Squatting in Maryland isn't new, but recent viral videos and sensationalized news stories have raised concerns about it as a growing threat to property owners and neighborhood safety. This framing is misguided. This isn't about relative 'bad actors.' It is about systemic failings forcing people into dire situations. If we are to understand the causes for the rise of squatting, we must discuss the absence of affordable housing. The Maryland housing market is increasingly out of reach for low- and moderate-income residents. According to the National Low Income Housing Coalition, a full-time worker earning minimum wage in Maryland would need to work 100 hours a week just to afford a modest two-bedroom apartment at fair market rent. And it is even worse in Baltimore, Prince George's County and Montgomery County, with decades of rent increases far outpacing wage growth. Public investments in housing have simultaneously dwindled. Federal housing assistance has not kept pace with housing needs, and only one in four eligible households will get help. Maryland also has patchy eviction protection policies and inconsistent enforcement. When individuals slip through the cracks, informal housing alternatives, including squatting, emerge as survival practices. Maryland Matters welcomes guest commentary submissions at editor@ We suggest a 750-word limit and reserve the right to edit or reject submissions. We do not accept columns that are endorsements of candidates, and no longer accept submissions from elected officials or political candidates. Opinion pieces must be signed by at least one individual using their real name. We do not accept columns signed by an organization. Commentary writers must include a short bio and a photo for their bylines. Views of writers are their own. To be clear, squatting is not a permanent fix, nor should it be glorified. However, we have to stop viewing it as an inconvenience to be legally addressed, and instead, tackle the source of the issue: inequity. A large portion of those seeking shelter in vacant structures are leaving unsafe housing conditions, fleeing domestic violence or are recently evicted. Some are young adults leaving foster care. Some are people with disabilities or unemployed. The commonality is affordable and stable housing. Squatting is then the visible end of an iceberg. The underbelly of that iceberg includes systems flaws, including a stripped-down social safety net, defunding of mental health services and the criminalization of poverty. And Maryland is not alone. All over the country, municipalities are evicting encampments without solutions, states are passing laws to criminalize homelessness, and federal programs are both inadequate. The erosion of affordable housing is not incidental; it is the result of policy decisions. Since the 1980s, Democratic and Republican administrations have prioritized tax credits for housing development rather than aggressively building deeply affordable public housing and have not established units for the lowest-income sector. We have a plethora of buildings developed through the Low-Income Housing Tax Credit (LIHTC), but none of the housing is operationalized at the highest need. Maryland stands at a fork in the road. We can continue excursions in pathologizing poverty and depend upon law enforcement to make them go away. Or we can truly invest in good, durable options, such as expanding Housing First programs, establishing statewide rent stabilization policies, and building deeply affordable housing, not just housing for young people/new workers or market-rate apartments with several units subsidized. This will take political will and courage. This will mean rejecting the notion that housing instability and homelessness are the consequence of individual dysfunction. This will mean accepting that housing, beyond being a commodity, is a human right. We also must stop using the term 'squatters' and implying that they are 'stealing' homes. In most cases, these homes have been abandoned – some in foreclosure limbo, and most owned by absentee owners. The real theft is not around people working to survive; it is a lack of accountability for not honoring the public will to care for others. If Maryland truly wants to be a model on this front, it cannot rely solely on viral fear-based slogans or strategic, piecemealed solutions, but instead needs an audacious, justice-based housing agenda that prioritizes that all individuals, no matter income levels, have a safe and secure place they can call home. Squatting is not an epidemic. Inequity is the epidemic. If we want to stop homeless neighbors from occupying vacant buildings and homes, we need to give them real homes.
Yahoo
01-06-2025
- Business
- Yahoo
More Than 9 in 10 Americans Say Corporate Landlords Make Home Ownership Harder — and Two Things Homebuyers Can Do
The U.S. has seen a sharp rise in the number of institutional investors buying single-family homes over the past decade, giving corporate landlords much more power over the housing market. This, in turn, has made it harder for many Americans to own a home, mainly because they have to compete against entities with a lot more buying power. Read More: Find Out: A report published last year by the Government Accountability Office revealed that as recently as 2011, no investor owned 1,000 or more single-family rental homes in the U.S. By 2015, institutional investors collectively owned an estimated 170,000 to 300,000 homes. Seven years later, that figure had ballooned to 450,000 single-family homes, according to the National Low Income Housing Coalition. This rapid increase in corporate landlords has created a challenging environment for both tenants and house hunters, according to a recent survey of 1,000 Americans from JW Surety Bonds. The report, released in late March, found that more than 9 out of 10 (93%) Americans believe corporate ownership of homes makes homeownership less accessible. One in 20 lost a bid to a corporate landlord, while roughly 20% know someone who has. So, how can house hunters improve their chances of owning a home in the current environment? Here are two things you can do. As JW Surety Bonds noted, there's a general lack of awareness on the part of many Americans about the scale of corporate home ownership. About 10% of those surveyed didn't know that businesses managing multiple rental properties were acquiring single-family homes. One of the best moves you can make is to research the housing market and learn where corporate ownership tends to be highest. This will at least let you know where you're likely to run up against institutional investors, which means you could face stiff competition and inflated home prices. Avoiding markets with a high concentration of corporate landlords makes it easier to find affordable homes. Discover Next: Bidding wars against corporate buyers are 'pushing many people out of the market,' according to JW Surety, because they can't compete on price. Keep in mind that corporate landlords have a lot of financial might, so getting into a bidding war puts you in a tough position. No matter who you compete against for a home, make it a point to stick to your budget. Going above your comfort zone on price could lead to years of financial stress if you spend more on a home than you can afford. It's better to avoid bidding wars with corporate landlords altogether so you're not tempted to pay more than you should. More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? 4 Affordable Car Brands You Won't Regret Buying in 2025 This article originally appeared on More Than 9 in 10 Americans Say Corporate Landlords Make Home Ownership Harder — and Two Things Homebuyers Can Do Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
