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07-15-22 | News

NAHB Chairman Makes Statement on Housing Crisis Hearing

Jerry Konter Expressed Desire for Legislation that Could Help Housing Industry Keep Up with Demand
by Staff

The NAHB predicts a small economic recession soon if the issue of high demand and low supply for housing is not remedied.

On July 13, the National Association of Home Builders (NAHB)issued a statement on the House of Representatives Ways and Means Committee hearing. Jerry Konter, chairman of the NAHB issued a statement after the hearing concluded. The committee hearing was called Nowhere to Live: Profits, Disinvestment, and the American Housing Crisis. Konter thought that the meeting would have been more enlightening for the government parties involved if builders and developers who are found at the forefront of this housing crisis and suffer the most because of it. He also stated directly that rising house prices as well as interest rates are preventing the 69% of households that are now unable to afford a home priced at the median level. Konter expanded, "The housing affordability crisis is driven by one factor: as a nation, we have failed to produce enough housing to keep up with demand. With the threat of a recession looming over the economy, production-focused incentives have the potential to help housing recover quickly and reduce inflationary pressures. NAHB supports ways to incentivize housing such as the Affordable Housing Credit Improvement Act (H.R. 2573), and converting the mortgage interest deduction to a targeted, ongoing mortgage interest credit, which would better reach lower and moderate-income Americans." The NAHB also called again for the Biden administration to suspend tariffs on lumber from Canada and to renegotiate the agreement our nation has with Canada regarding lumber trade.

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https://www.nahb.org/news-and-economics/press-releases/2022/07/statement-from-nahb-chairman-on-house-ways-and-means-committee-hearing-on-the-housing-crisis

Filed Under: NAHB, LEGISLATION, HOUSING, LASN
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