Federal Issues
HOUSING INVENTORY AND SUPPLY Improve Access to Homeownership, Increase Housing Inventory, and Encourage Adaptive Reuse of Commercial Properties Address America’s Affordable Housing Shortage: REALTORS® strive to ensure all Americans have the opportunity to achieve homeownership, which is the centerpiece of the American Dream and the pathway to economic well-being and intergenerational wealth-building. However, a historic 50-year record shortage of affordable homes available for purchase has severely limited access to the residential real estate market. A recent study estimates that the U.S. has developed an “underbuilding gap” of 5.5 million housing units over the last 20 years. This translates into a $4.4 trillion underinvestment in housing. Even relatively modest steps taken now to reduce this gap will unleash tremendous economic activity and create millions of new jobs. At the same time, the pandemic created shifts in the commercial real estate market, especially in the office and retail sectors. Policies that support repurposing underutilized or vacant commercial properties can revitalize communities by creating new commercial uses and housing. Click here to see REALTOR® asks --- --- --- FAIR HOUSING Ensure Fair Housing for All As stewards of the right to own, use, and transfer private property, REALTORS® know an open housing market free from discrimination benefits consumers, communities, and the American economy. Yet, more than 50 years after passage of the federal Fair Housing Act, the homeownership rates for African Americans, Hispanic Americans, and Asian Americans lag behind that of White Americans. NAR is committed to the enforcement of fair housing laws and to policies that remove historic barriers to homeownership. REALTOR® Priorities Reauthorize and increase funding for HUD fair housing enforcement programs. Congress should support legislation that closes the homeownership gaps among demographic groups and reauthorize and increase funding for HUD’s fair housing enforcement grant programs. --- --- --- RESEARCH FOR POLICYMAKERS NAR Research Products Help Inform Policymaking The NAR Research department is a resource both for REALTORS® and the Members of Congress who represent them. Our skilled economists produce and analyze a wide range of data, providing the best resources and information on real estate. Research reports, papers, case studies, and surveys examine the latest trends and activities in real estate, as well as the impact national policies have or may have on this critical sector that makes up one-fifth of the nation’s economy. These resources are available to policymakers, and we encourage their use when considering legislation that affects real estate and real estate professionals. Here are just a few of the recent NAR Research reports that can inform policymaking: Congressional District and State Reports: These reports provide state and district-specific data on housing and real estate to inform policies supporting sustainable and affordable homeownership and a vibrant residential and commercial real estate market. Housing Wealth Gains for the Rising Middle-class Markets: Homeownership is the primary source of wealth creation among families. This study looks at the distribution of housing wealth across income groups and in over 900 metropolitan or micropolitan areas. The Double Trouble of the Housing Market (February 2022): A report on the “two troubles” simultaneously impacting the real estate market – record home prices and record low inventory – done in partnership with realtor.com®. A Snapshot of Race and Home Buying in America (February 2023): A report examining homeownership trends, mortgage market and affordability by race, and home buyer demographics using data from the NAR 2022 Profile of Home Buyers and Sellers. Analysis and Case Studies in Office-to-Housing Conversions: An analysis of how vacant office buildings are being converted into housing in response to the impacts of the pandemic on the commercial real estate market and the nationwide housing shortage.