SAVI Reports - Page 7

Housing cost-burden—paying more than 30 percent of one’s income on housing-related costs—disproportionately impacts lower income families. In turn, these families have considerably fewer resources available to invest in their futures, save for retirement, spend on their children’s educations, start a business, etc. In that way, housing affordability can contribute to keeping families in poverty and, over the long term, contribute to intergenerational poverty. Because housing affordability is measured by the cost of housing relative to income, solutions to make housing more affordable should include solutions oriented toward promoting the development of affordable housing as well as increasing the earning potential of low- and moderate-income families. Making housing cheaper allows households to afford housing; raising incomes allows households to better afford everything. Targeting available housing subsidies to complement other investments can result in an impact greater than an investment in housing alone. Reducing regulatory restrictions on multifamily housing development, streamlining processes to bring new units online, and developing deeper pools of capital to support housing development can help match increased supply with increased demand, keeping rent prices more affordable. Directing resources for neighborhood revitalization (and abating vacant housing) also provides new home owning and renting opportunities, which helps to meet the demand for more u G266W76r&W76&R6fVF'FvvW2&frf6ƗFW&7@&V&ƗFFr7&VFB6VFfGVf֖ƖW2BW6VG266W72VvW'6vVFWFW'v6R֖vBB&R&RF6&FFrW6rVff'G2vF'&FW"7G&FVvW0FBWVFfGV2vF&VWfBB&WF&R62BvW"V&w226&VV6fR&6F6VG6W'f6RB6VGFWfVVB6WGFr6W'6Rf"w&vr6VG&F( 2V6מ( FB6FrW6r7G&FVvW2w6FPF6Rv>( F2ƖVǒFfRw&VFW"7Bf֖ƖW2FW֖rW6r7G&FVvW0FV"vࠣ0