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A thread on regulatory barriers to affordable housing:
Expert research indicates that more than 25% of the cost of a new home is the direct result of Federal, State, and local regulations – and sometimes the price tag is much higher than that: up to 42% for some new multifamily construction.
For this reason, in recent years, new construction is lagging. Census Bureau data shows us that from 2010 to 2016, only seven homes were built for every 10 households formed.
For too many Americans, the largest portion of their paychecks goes to housing. Over 37 million renter and owner households spend more than 30% percent of their household income on housing; over 18 million of which spend more than half of their income on housing.
As a result, Americans have fewer housing choices, including the opportunity to achieve sustainable homeownership, which is the number one builder of wealth for most American families. The average net worth of a homeowner is 40x higher than a renter.
