The U.S. Chamber of Commerce has launched a bold new initiative that strikes at the heart of the organization’s mission: ensuring every American has access to affordable housing because economic growth and prosperity mean little if people lack a safe place to call home.
At the inaugural housing summit, “Building for Growth: Housing Solutions for a Stronger Economy,” on Thursday, leaders across sectors, from national to local, highlighted challenges and dove into solutions to increasing housing supply across the country.
"At the end of the day, the Chamber’s mission is to create the conditions for the American Dream," said Neil Bradley, executive vice president and chief policy officer at the U.S. Chamber. Access to housing is central to that vision.
Unlike many complex policy challenges, Bradley said, housing isn’t complicated. What stands in the way isn't policy, “it's politics."
There is reason for optimism. "You're going to see Republicans and Democrats sitting down with each other and talking about how to move this issue forward," Bradley said.
The widely attended summit was held in partnership with the National Association of Homebuilders and sponsored by JPMorgan Chase, with support from Home Depot, UMH Properties Inc, and Lowe’s.
High interest rates, a lack of buildable land and homeowners staying in place – turnover is at a 30-year low – are contributing to a severe shortage of affordable housing across the U.S.
That, in turn, affects communities, employers, families and individuals.
“A strong community is really dependent on a strong economy and also a strong workforce. And in order to have those things you need an affordable home so that employees can easily get to their job,” Eileen Braden, Managing Director and Head of U.S. Government Relations for JPMorganChase, said during the opening panel moderated by Makinizi Hoover, Strategic Advocacy and Housing Policy, at the Chamber. “Addressing affordable housing is in fact, a bipartisan issue… Whether or not it's a blue state, a red state, a rural area, an urban area, people recognize affordable housing is preventing people from getting ahead. It is preventing economies from thriving.”
“Housing is part of your business plan, because if your workers do not have a place to live within a reasonable commute, they're not going to be working for you, and you're going to have a labor shortage,” said Ken Wingert, Chief Advocacy Officer, National Association of Home Builders (NAHB).
article created by the U.S. Chamber of Commerce