The housing undersupply in NYC affects the regional and national economy. Studies find that housing underproduction in superstar cities like NY reduce GDP by 2%. Building more housing would grow the City’s economy and significantly boost City tax revenue. Read more: http://bit.ly/4eRB2Ob
Citizens Budget Commission’s Post
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The housing undersupply in NYC affects the regional and national economy. Studies find that housing underproduction in superstar cities like NY reduce GDP by 2%. Building more housing would grow the City’s economy and significantly boost City tax revenue. Read more: http://bit.ly/4eRB2Ob
A Building Crisis
cbcny.org
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The housing undersupply in NYC affects the regional and national economy. Studies find that housing underproduction in superstar cities like NY reduce GDP by 2%. Building more housing would grow the City’s economy and significantly boost City tax revenue. Read more: http://bit.ly/4eRB2Ob
A Building Crisis
cbcny.org
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No US State Has Enough Affordable Housing for Low-Income Renters – But These 11 States Are the Worst Even people who have a decent income may struggle paying rent. The affordability crisis is only worsening. High demand (due partly to the financial inability to buy a home), inventory shortage and a lack of new residential construction are major factors in the soaring costs of living. One proven solution to lessen the financial burden of renting is affordable housing, which the U.S. Department of Housing and Urban Development defines as housing for which the occupant is paying no more than 30% of their gross income for housing costs, including utilities. But affordable housing is hugely underfunded, meaning there’s not nearly enough to go around. This is a nationwide problem, but some states are particularly short on affordable housing. Let’s look at the worst states for low-income renters in need of affordable housing, according to research from the National Low Income Housing Coalition:
No US State Has Enough Affordable Housing for Low-Income Renters – But These 11 States Are the Worst
msn.com
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2024 is forecast to have 672,285 new housing units come online by year-end. However, this influx of supply does not necessarily improve affordability across the country. 😅 So, this begs the question – what is being done to combat the affordable housing crisis? Keep reading to find out. #commercialrealestate #titleinsurance #GArealestate #escrowservices
Affordable Housing Remains a Top Priority Across the U.S.
https://commercialobserver.com
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🚨OUT NOW: Planning reform will fail to address UK housing crisis without affordability requirements New report says UK should learn from successful planning policies that have deliberately prioritised affordable housing and are ambitious in nature, like in Minneapolis, USA https://lnkd.in/dxaNAvFX 🏘 Planning reform is increasingly seen as a silver bullet for addressing the UK’s housing woes by politicians across the spectrum 📉 The hope is that, by making homebuilding easier, planning reform will increase the supply of housing and, through that, decrease prices ❌ But evidence from the US, Canada, Australia and New Zealand suggests that planning reform often fails to increase supply 📈 And even where new units are built, it is no guarantee that prices will come down as a result 🤝 To succeed, as in Minneapolis, planning reform must be ambitious and be complemented with affordable housing regulations For more on how to ensure planning reform succeeds in improving housing affordability, read our report, kindly funded by the Nuffield Foundation, here 👇 https://lnkd.in/dxaNAvFX
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The Government's changes to Second Homes Tax in the Budget won't solve Cornwall's housing crisis or move the dial across England but the changes to Capital Gains Tax in the Budget may give us a clue on what would. The Office for Budget Responsibility calculations on their impact support our view that a properly incentivised programme to encourage sales into social use could generate additional social housing capacity, save public money and deliver this in a way that is non-inflationary to rents and house prices. 100% Capital Gains Tax Relief could be used as a lever offering benefit to those selling and to public bodies such as local councils purchasing homes for social use [see also New Economics Foundation's analysis of Mayor of London Sadiq Khan's Council House Acquisitions Programme] - just as such purchases do not attract SDLT (Stamp Duty). https://lnkd.in/eQbc5HS5
It time for real change and the only change that will make a difference is greater availability of social housing and to deliver that fast enough to save lives, we need to make better use of existing wasted housing supply. Official government data for England shows over a million homes empty and out of residential use (the last census put this even higher at 1.5million). We need to look Beyond Newbuild as New Economics Foundation, Joseph Rowntree, Affordable Housing Commission and others have argued. We see an opportunity in scaling up this change beyond reforms to the national Affordable Housing Programme and Capital Gains Tax incentives for those selling into social use could be a useful lever. https://lnkd.in/efkzuR-w
Too little, too late — Action on Empty Homes
actiononemptyhomes.org
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2024 is forecast to have 672,285 new housing units come online by year-end. However, this influx of supply does not necessarily improve affordability across the country. 😅 So, this begs the question – what is being done to combat the affordable housing crisis? Keep reading to find out. #commercialrealestate #titleinsurance #GArealestate #escrowservices
Affordable Housing Remains a Top Priority Across the U.S.
https://commercialobserver.com
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A deepening housing shortage is costing New York City nearly $2 billion in annual tax revenue, driving residents out of the five boroughs and locking others into homes that don’t fit their needs, according to a new report released Thursday. The analysis by the Citizens Budget Commission outlines three overarching problems spurred by New York City’s scarce housing supply, including soaring rents and sale prices; revenue-depleting outmigration; and dramatic economic consequences for the city and even the nation. The report's author Sean Campion says that closing the “housing gap” by building hundreds of thousands of new homes could allow the city to gain nearly $2 billion in tax revenue each year to fund vital services. New York City and the surrounding metropolitan area need more than 500,000 new homes to keep up with demand and accommodate people moving into the region, according to the report. https://lnkd.in/gtF7wdBY
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Introducing Capital Gains Tax [CGT] Relief for those selling into social use could turbocharge a Social Housing Acquisition Programme and convert some of our 1million plus empty homes into the social housing we desperately need to end our Housing Crisis, without inflating house prices or rents. The budget adjustment to CGT gave a clue as to why we at Action on Empty Homes think this reform would be positive for all parties and deliver significant savings to the public purse. For an example of the potential savings see this Daily Mirror report on the latest 10,000 home Acquisition Programme announcements in London and how the programme to date is already saving money and transforming the lives of homeless families trapped in Temporary Accommodation: https://lnkd.in/g-qqWzyM
It time for real change and the only change that will make a difference is greater availability of social housing and to deliver that fast enough to save lives, we need to make better use of existing wasted housing supply. Official government data for England shows over a million homes empty and out of residential use (the last census put this even higher at 1.5million). We need to look Beyond Newbuild as New Economics Foundation, Joseph Rowntree, Affordable Housing Commission and others have argued. We see an opportunity in scaling up this change beyond reforms to the national Affordable Housing Programme and Capital Gains Tax incentives for those selling into social use could be a useful lever. https://lnkd.in/efkzuR-w
Too little, too late — Action on Empty Homes
actiononemptyhomes.org
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🏡 1 Million 🏡 Would you be surprised to learn that is the current estimated number of empty properties in England alone? There is so much talk and #media coverage around the fact that we are not building enough #homes and while that is true we also know that building homes, especially #affordable or #socialhousing homes is so expensive. Developers often shy away from these projects as they often offer a poor return on investment. There are 333 #LocalAuthorities In England and approx 1,600 #HousingAssociations in the #UK (according to Google 😎 ) Imagine if each of those bought and renovated just 1 home each. We could move around 2k families out of #temporaryaccommodation. If you are involved in Social Housing at all I would encourage you to follow Action on Empty Homes, if you are a decision maker I would encourage you to engage and see if you can help to make a difference.
It time for real change and the only change that will make a difference is greater availability of social housing and to deliver that fast enough to save lives, we need to make better use of existing wasted housing supply. Official government data for England shows over a million homes empty and out of residential use (the last census put this even higher at 1.5million). We need to look Beyond Newbuild as New Economics Foundation, Joseph Rowntree, Affordable Housing Commission and others have argued. We see an opportunity in scaling up this change beyond reforms to the national Affordable Housing Programme and Capital Gains Tax incentives for those selling into social use could be a useful lever. https://lnkd.in/efkzuR-w
Too little, too late — Action on Empty Homes
actiononemptyhomes.org
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