Sen. Sherrod Brown said the country urgently needs more housing to meet the needs of both homeowners and renters at a Thursday hearing.
Tenants are caught between too-high rents and too-high homeownership costs, depriving them of the American Dream. That was the bleak picture lawmakers and housing experts painted of America’s renters at a congressional hearing Thursday.
“This is the crux of the current housing affordability crisis,” Yun said. “Renters are paying ever-higher rents with disappearing prospects of ever realizing the American dream, which many Americans associate with ownership — essentially owning part of America.” “Unless we act, it’s tough to see how renters — whether or not they want to buy a home — will ever catch up,” Sen. Sherrod Brown, an Ohio Democrat and the chairman of the committee, said Thursday. “The answer is clear: We need more housing. We need more housing available to buy for the millions of aspiring homeowners just starting out. We need more housing for renters, especially those with the lowest incomes.
However, Douglas Holtz-Eakin, the president of the American Action Forum, a center-right policy institute, said during Thursday’s hearing that federal housing subsidies have increased demand, putting greater pressure on prices.
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