WASHINGTON – RealEstateRama – National Association of Realtors® President Vince Malta issued the following statement after the White House Council of Economic Advisers issued a report warning America’s GDP growth is threatened by housing affordability constraints. Thursday’s report specifically identities state and local-level regulations that have increased housing costs and deterred new construction.
“As NAR research(link is external) from earlier this year outlined, regions across the country are seeing job growth impacted by housing affordability crises,” said Malta, broker at Malta & Co., Inc., in San Francisco. “Some of this is the result of misguided local policy that has inflated prices and prevented building, but the issue threatens to permeate deeper into our economy without action to address the problem more holistically. Making housing available and affordable to everyone in this country will take more than added attention and prudent deregulation, but the National Association of Realtors® applauds the White House for furthering these conversations and maintaining its commitment to finding the necessary solutions.”
The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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Media Contact: Wesley Shaw 202-383-1193