To understand some of the challenges associated with lowering housing costs, raising household income, and increasing funding for affordable housing, check out THE CHALLENGE.
The gap between household incomes and housing prices cannot be closed by reducing the cost of producing housing products for the marketplace. The political will and economic conditions do not yet exist to support raising the household incomes of all non-living wage earners, whether by expanding public assistance, hiking minimum wages, or funding workforce development and higher education programs. Raising additional funding for affordable housing is neither politically feasible nor, in the case of authoritarian development, socially desirable.
The truth is that there is no solution to the affordable housing crisis that relies solely on real estate markets, developers, philanthropy, and government to meet the housing demands of all households.
In this case, what should people who cannot afford market rate housing, substantially raise their household income, or receive public assistance do? Should they lower their expectations and settle for housing that is more expensive, smaller, lower quality, inconveniently-located, or otherwise less than what they desire?
To learn about how the housing demands of all households can be met and the affordable housing crisis addressed, continue to THE ANSWER.