On February 9th, The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing, “The State of Housing 2023.” Senate Banking Committee members from both parties expressed a desire to work together to expand the supply of available affordable housing but differed on solutions.
In his opening statement, Ranking Member Tim Scott (R-SC) emphasized the importance of public-private partnerships in the housing industry. “We need to leverage the successes of American capitalism by encouraging private investment in the housing sector and eliminating needless barriers that artificially restrict supply. And most importantly, we should remember that effective housing policy is driven by communities—it is critically important the federal government encourages local solutions to uniquely local problems.”
When discussing the severity of the affordable housing crisis, Chairman Sherrod Brown (D-OH) stated, “This isn’t just a problem in big cities or on the coasts. And it isn’t a Republican problem or a Democratic problem. It’s hitting every community – rural, suburban, urban, and Tribal communities – and every state in the country.”
Hearing witnesses — Chris Herbert of the Harvard Joint Center for Housing Studies, Rob Dietz of the National Association of Home Builders, and Lance George of the Housing Assistance Council — expressed support for expanding the Housing Credit and enacting the Neighborhood Homes Investment Act. They discussed how the COVID-19 pandemic exacerbated the affordable housing crisis, summarized issues confronting renters and builders, and shared ideas about strategies that could help address these problems.
DR. CHRISTOPHER HERBERT
Managing Director
Harvard Join Center for Housing Studies
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DR. ROBERT DIETZ
Chief Economist And Senior Vice President For Economics And Housing Policy
National Association of Home Builders
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MR. LANCE GEORGE
Director of Research and Information
Housing Assistance Council
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