Housing Crisis

Brownsville has been identified as one of the most poverished cities in the U.S and one of the seven cities in Texas which will be facing a housing crisis this decade. 

Harvard University conducted a housing report study, State of the Nation’s Housing 2020 Report, in which they provide key findings /  challenges that housing market in the United States will be facing in 2021. 

As a direct result of the pandemic, the housing sector was affected heavily as many homeowners and renters were furloughed; thus putting many of them at jeopardy of losing their homes. Along with the combined effect of the nation’s housing affordability crisis, the future battle of providing homes to residents in the current state of the pandemic, will face even higher pressure in restoring levels to normalcy. 

Homebuilding developers and contractors are heavily restricted in helping restore these levels, as the availability of land and increase of construction costs / materials have led to an undersupply of affordable housing options. 

Future housing security still remains uncertain as supply shortages and payment barriers are namely some of the major obstacles renters and homeowners face when seeking homeownership. However, the Harvard report recommends in order to address some of the current housing challenges, national housing policy amendments are needed, such as:

·  “Creating new sources of subsidy to support the development of affordable homes for lower-income households.”

·  “Using regulatory and tax incentives to promote more efficient, private production of housing.”

·  “Investing in the housing stock of distressed, high-poverty communities.”

By making some of the needed policy reforms, not only would some of the major housing issues be addressed, but the increase access to affordable housing also stimulates economic growth. 

The real estate housing market is one of the major economic keys to providing sustainable economic mobility, especially in a crisis as the current pandemic. Funding invested into affordable housing alternatives bolsters economies due to the pooling of communal resources; thus supporting job retention and productivity.

Reducing the increasing rates of housing unaffordability while providing affordable and quality homes are some of the highest priorities in the current state of the market. Although COVID-19 has taken a heavy toll on communities and economies around the globe, we strive to help spur economic growth and address many of the major issues the pandemic has caused. 

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