Abraham Lacy’s Post

🚀✨ Rising High: Detroit's Soaring Home Values Empower Black Communities! 🏘️ The remarkable growth in Detroit's housing market has been a testament to the resilience and dedication of the community. Concerted efforts to stabilize neighborhoods and enhance local areas have catalyzed this upturn. The decline in tax foreclosures has significantly contributed to wealth accumulation among Black families, creating a transformative period in the city's economic and social landscape. This moment shows us that collaborative progress not only underscores the community's commitment to revitalization but also highlights the powerful impact of strategic municipal interventions in fostering economic prosperity. Mayor Mike Duggan and Kenneth L. Scott, former president of the Greater Detroit Realtist Association, both highlighted the proactive efforts of the community, including neighborhood associations, as a pivotal element in this positive shift. These initiatives not only increased the monetary value of homes but also fostered a sense of community and investment among residents. “There has been a huge shift for the better in Detroit’s home values, driven largely by the improvements being made in neighborhoods. My fellow realtors and I have been seeing this shift for years. Black owned homes are rising in value, and Black families are gaining the most family wealth. And while home values have risen dramatically, there is a lot of growth yet to come. Detroit homes are beautiful and dollar-for-dollar still a great value.” - Kenneth L. Scott The neighborhoods with the lowest home values in 2014 saw the most significant increases, with a 300% spike by 2022, and an astonishing 853% increase in home sales. This is the impact of Homeownership Sustainability and generational wealth. The growth in value underscores the economic empowerment provided to communities with more resources. The thriving of Black communities in housing markets like Detroit's represents more than just economic data; it signifies a holistic upliftment, touching upon every facet of community life from economic to social, cultural, and political spheres. This narrative of growth and empowerment not only highlights the successes achieved but also sets a blueprint for other communities facing similar challenges. Monica Wheat Mike Green Samantha Katz Laura Grannemann Courtney Johnson Rose - PhD, PMP, CCIM, M. CD, GRI Kenon Chen Jeremy Davis #homeownershipsustainability

In another example of how #Newark is finding ways to increase the level of #localhomeownership while preventing outside companies from moving in, the city held the first Newark Homeownership Revitalization Program lottery, awarding seven properties at a cost of just $1. To be sure, the properties need work. But, that’s the point. The city is willing to hand over properties to those who are willing to fix them up and make them a home, rather than an outside entity that could use them to increase rents. With one of the lowest percentages of homeownership of any major American city, Newark is utilizing the NHRP lottery as one strategy to expand homeownership, promote #housingstability and build wealth among city residents. It is part of Mayor Ras Baraka’s focus on countering the effects of the purchase of owner-occupied homes by large-scale investors, which causes rents to rise and owner-occupancy to fall. A recent study found that 47% of Newark home sales were to institutional investor buyers from 2017-2020. The lottery — the first of many the city has planned — was overseen by Baraka, Deputy Mayor of Economic and Housing Development Allison Ladd, Invest Newark CEO & President Marcus Randolph and NACA - Neighborhood Assistance Corporation of America founder and CEO Bruce Marks.

During June’s National Homeownership Month, the American Property Owners Alliance gathered stories from hundreds of Americans about the housing challenges they face today. With rising costs impacting many renters, buyers and homeowners alike, it’s clear that we need action now to change the trajectory of our housing market. My latest piece in HousingWire highlights some of these stories and explores the reality that many Americans face in today’s challenging housing market. Everyone should have the opportunity to own a home that meets their needs and budget, and to make this a reality, lawmakers must act now. Although Homeownership Month has ended, at The Alliance, we’re continuing to shine a light on these housing issues and call on Congress to prioritize bipartisan solutions to address them. https://lnkd.in/ew6mcc27

The future for ground up, single family developers is bright. Here's why. The two parties in the US agree on four main points to addressing the housing crisis: 1. Boost first-time homebuyers: Both campaigns prioritize helping first-time buyers, with one proposing down-payment assistance up to $25k and the other promoting homeownership through tax incentives. 2. Reduce regulatory barriers to housing development: Both want to cut red tape to encourage housing construction, addressing local zoning, building codes, and environmental regulations. 3. Repurpose federal lands for housing: Both support converting federal lands for housing development, with one favoring low taxes and reduced regulation on such projects. 4. Target large single-family rental investors: Both campaigns aim to limit the influence of large investors in the housing market. The underlying message: One way or another, there's a good chance ground up single family home developers will have a lot of opportunities in the coming years.

FOR IMMEDIATE RELEASE - July 16, 2024 / Biden/Harris Talking Points - President Biden Is Fighting To Lower the Cost of Housing, While Trump Wants To Rip Off the Middle Class To Enrich His Corporate Friends Today, President Biden took action to propose building more affordable housing in communities across the country and called on Congress to cap annual rent increases for tenants of corporate landlords and pass the Biden-Harris Housing Plan to build 2 million homes and lower prices nationwide. The president has already helped more than 8 million Americans keep their homes, and the rate of new housing construction is 17 percent higher under President Biden than under Trump. For years Trump has ripped off homeowners and renters to benefit corporate cronies and extremists. As a landlord, Trump was sued by Nixon’s Justice Department for refusing to rent apartments to Black and Puerto Rican tenants. As president, Trump increased taxes on middle class homeowners, gave hundreds of billions of dollars in handouts to rich real estate developers, and fought to jack up rent for low-income Americans and working families—putting nearly 1 million children at risk of homelessness. That’s just the tip of the iceberg: Trump proposed cutting the Department of Housing and Urban Development by nearly 20% Every one of Trump’s budgets proposed eliminating key programs to affordable housing efforts Every one of Trump’s budgets proposed eliminating the Community Development Block Grant program to fund affordable housing construction and improvements Every one of Trump’s budgets proposed eliminating the National Housing Trust Fund to assist state and local efforts to develop affordable housing Trump weakened the ability of Americans to bring discrimination claims under fair housing rules Trump made it easier for predatory lenders to charge small businesses high interest rates Trump’s Project 2025 plans will take even more extreme measures to exploit homebuyers and renters. Trump said he wants to “get rid” of the Fair Housing Act and is promising to revoke fair housing rules that prevent discrimination Trump and Project 2025 have called for privatizing Fannie Mae And Freddie Mac, which will drive up mortgage costs by about $1,200 for homebuyers Trump and his allies would increase the cost of purchasing a home for millions of Americans by slashing federal investments Trump will reverse housing initiatives taken by the Biden administration, likely including a pilot program that is estimated to save thousands of homebuyers an average of $750 through reducing closing costs during refinancing Trump will repeal rental assistance that helped over 100,000 access affordable rent Poll after poll shows that Trump’s schemes to gut affordable housing resources for families are wildly unpopular with the American people. Biden-Harris 2024 Spokesperson Joe Costello released the following statement: ###

Another great article by Crain's Chicago Business on Chicago's housing affordability crisis. As many have voiced their concerns in the polling data, a couple of other factors jumped out at me while reading this article. Due to their housing instability, many, who expressed concerns of being priced out of their neighborhoods in five years, may also feel job insecurity as what they currently earn is not sufficient to maintain a decent lifestyle. Many are working two-to-three jobs just to make ends meet. Secondly, the need for governments to work collaboratively to address the housing affordability crisis as this is in the top three of priorities just under public safety and taxes/fees. My concern is Chicago has fallen into the same trap as San Francisco. Over past couple of decades, Chicago focused on corporate relocations and the need to cater to the wealthiest residents spending billions on mega projects concentrated in the downtown and collar neighborhoods while neglecting every place else, especially on Chicago's south and west sides. Per SmartAsset Report, Chicago is ranked 61st in affordability compared to Houston (slated to overtake Chicago's third position in population) is ranked 1st. Being in the middle-class is no longer a goal, and, in many cases, folks shy away from it as some see it as out-of-reach, hard to maintain, and the "taxable-class" (Individuals are taxed/fined more and received the least amount of the benefits, and you are stuck in the middle of not qualifying for assistance but not able to afford it alone). Lastly, individuals are trying to understand what is the American Dream anymore. This is a nationwide question. If you cannot build wealth through homeownership, what other affordable methods are there? The Stock Market is not an option, entrepreneurship is a challenge in itself, and to retire with dignity is mind numbing. For the first time in a many decades, the generation proceeding the previous will be worst off economically. Chicago and other municipalities must reinvest in housing affordability. This means investing in: a) increasing housing supply with building new affordable housing b) invest in renovating existing single-family inventory c) invest in and layer down payment assistance programs d) buying down interest rates or pressuring Congressional leaders to engage the Federal Reserve to reduce interest rates or reduce interest rates in specific industries e) reduce unnecessary taxes/fines/fees in Chicago and Cook County f) invest in mega projects that impact the working and middle-class. For instance, large mixed-use projects in neighborhoods, multi-school infrastructure improvements, and health equity projects, such as mental, food, pharmacies, and clinics. https://lnkd.in/gwHE2cvd

I don't think anyone needs another post about the presidential debate last night, so I thought I'd mix it up: Here are four ways the Harris and Trump campaigns mostly AGREE on housing policy: 1) Boost first-time homebuyers. They go about it different ways, but it's clear this is a point of unity. Harris proposes a down-payment assistance of up to $25k, among other things, while Trump seeks to “promote homeownership through tax incentives and support for first-time buyers.” Today's homeownership rate is above the long-term average, with nearly two-thirds of American households owning a home. And there's a lot of political willpower on both sides to ensure that does not change. 2) Both want to knock down regulatory barriers to new housing development. Perhaps surprisingly, the candidates agree more than they disagree on this one. Back in 2019, then-President Trump established the “White House Council on Eliminating Regulatory Barriers to Affordable Housing" -- and it targeted a laundry list of supply chokers at the local level: zoning, building codes, environmental rules, parking requirements and impact fees, etc. That initiative didn't get very far, though, reflecting the difficulty of imposing federal will on individual cities who control most housing decisions. More recently, Trump called zoning restrictions "a killer." Similarly, Vice President Harris is pushing to “cut red tape and needless bureaucracy" that blocks new housing development at the local level. And at the Democratic National Convention, numerous speakers (including President Obama) joined the chorus pushing for reform to legalize more housing. This is a tough one to pull off for reasons noted above, but it's encouraging to see growing alignment. 3) Both want to repurpose some federal lands for new housing development. While only a small share of federal land would be suitable for housing (most is located in very remote areas), every bit helps. Advocates have already identified various urban-ish sites (primarily in the West) that could work. Trump has also said any federal land converted for housing should be “ultra-low tax” and “ultra-low regulation,” which suggests cities might have to accept certain conditions in order to tap into those properties for housing. 4) Both campaigns have put a bullseye on large single-family rental investors. To be fair, on the Republican side, this is coming from VP candidate JD Vance -- and Trump's position is less clear. Last year, Vance said SFR investors "completely crowd out the availability for homes for people who want to just buy a piece of their community" and signaled support for some type of legislation to restrict it. Harris has embraced the proposed "Stop Predatory Investing Act," which would go after investors with 50+ homes. Both ignore that, since 2015, the number of homeowner-occupied units has grown >4x faster than renter-occupied units, and the homeownership rate has trended upward. #housing #debate #harris #trump

“Regular folks don’t get a seat at the table to make group decisions. To really thrive, you have to have everybody. The vibrancy of the city is the attraction. It shouldn’t be available only to certain people.” Last year, I was honored to be asked by Housing Kent to participate in their series of Lived Experience features. At first, I felt like I should not be trying to speak out among a group of people with stories that have been much more dire and trying than mine and my family's. But it became clear that my observations and journey are not dissimilar from anyone else, we've just been a bit more lucky. Luck should not figure into it. Housing should be equitable, and greed and gouging should be kept under control by regulators and government. As cities like the City of Grand Rapids grow, careful thoughtfulness must be applied to make that growth result in opportunity and potential prosperity for all. I know what it's like to see a city you love turn into a Frankenstein's Monster. That's what happened to my home town. Through sitting for this interview and other work I do in the community such as my service as VP at West Grand Neighborhood Organization, I am driven to help make Beer City USA a model for the world. But it takes everyone at the table, and humility from the wealthy to keep in mind that if they price everyone out of their city or county, there won't be anyone left to work in it and keep it running. We should all be deeply encouraged by the work taking place to combat the housing crisis at all levels for all people, but we cannot rest easy or sit on our laurels. We should all share our perspectives and join hands to continue making Kent County an amazing place to live - for everyone. https://lnkd.in/gNreVDGM

April is Fair Housing Act month. Here is a great article that reflects housing in 1968 and homeownership today. #homehappenshear #howardhanna #fairhousingmonth

Opinion: Will Kamala Harris’s or Donald Trump’s 2025 housing agenda add sneeze-guard protection to the economy? https://ift.tt/eEu1axj To remix an old adage, when the U.S. housing market sneezes, the U.S. economy catches a cold. And it feels like the housing market is winding up and teetering on a sneeze. But this election season seems to be that moment just before a sneeze erupts when a proactive move (like a quick finger under the nose in the case of an actual sneeze) can stifle a full-blown, damaging spasm. What might the housing economy’s “sneeze” unload?  Here are some of the existing issues facing affordable and fair housing that do not have federal legislation or executive orders (although, thankfully, state and local initiatives are being tackled in some places) and may be exacerbated in locales without a legal framework. The sneeze-guard priorities The sneeze-guard priorities are the following documented U.S. housing issues that HousingWire has covered in the last couple of years that impact fair and affordable homes. Affordable housing inventory shortage AI-generated discrimination (e.g., price-fixing and steering) Corporate landlord hoarding vs. owner-occupant homebuyer first-look periods Digital and modern-day redlining Downpayment and/or closing cost assistance needs Gutted safeguarding of protected classes (nationality, religion, etc.) HOA board dysfunctions Legal “source of income” discrimination (e.g., veterans and their subsidies are at times turned away from buying or renting, etc.)  Unfair home devaluation and appraisal bias Unjust eminent domain home seizures Despite these qualms, if it is fair, real estate is still one of the best ways to build wealth (“with existing homeowners now averaging about $315,000 in equity”). Ultimately, fair and affordable housing should be for every U.S. citizen, not just those who live in specific zip codes (with local and state legislators who are proactive), which requires a federal scope. Federal housing priorities With under two months before election day, what national housing priorities has each presidential candidate committed to in writing thus far?  Kamala Harris’s housing priorities Here is Vice President Harris’s housing agenda from her official site: Vice President Harris has put forward a comprehensive plan to build three million more affordable rental units and homes to end the national housing supply crisis in her first term. She will cut red tape to ensure we build more housing faster and penalize firms that hoard available homes to drive up prices for local homebuyers. Vice President Harris knows rent is too high and will sign legislation to outlaw new forms of price fixing by corporate landlords. As more new homes are built and affordable housing supply increases, Vice President Harris will provide first-time homebuyers with up to $25,000 to help with their down payments, with more generous support for first-generation homeowners. This...