Dennis Shea’s Post

Did you know that in a recent nationwide survey, more than 80% of participating mayors identified the lack of affordable housing as a top threat to their cities’ economic health? Or that recent research suggests that if New York City, San Francisco, and San Jose had more affordable housing, U.S. real GDP could be almost 4% higher? The national conversation often treats housing as a discrete, siloed issue, but the affordability of housing profoundly influences worker mobility, wage growth, and overall economic productivity.  My colleague Kristen Klurfield published an excellent report, available on the Bipartisan Policy Center website, which explores recent research on how the scarcity of affordable housing near job centers impacts American workers and labor markets. The report also explores various policy solutions aimed at increasing housing supply and spurring economic growth: https://lnkd.in/dD-F_ZbT 

It’s no secret that the United States is grappling with a severe housing shortage. While estimates vary, experts agree that over the past 15 years we’ve “underbuilt” housing by millions of homes. The scarcity of housing not only inflates home prices and rents nationwide, but also has less obvious repercussions like limiting the ability of workers to move to stronger job markets where housing is limited. This dynamic, in turn, stifles economic growth and opportunity. My Bipartisan Policy Center colleague Kristen Klurfield just published an excellent report exploring recent research on how the dearth of housing affects American workers and labor markets. The report also explores potential policy solutions to bolster housing construction and preservation. I encourage you to give it a read!  https://lnkd.in/dD-F_ZbT 

The U.S. has a shortage of between 1.5 million and 5.5 million housing units. The housing shortage not only escalates the costs of housing, but it also limits labor mobility, productivity, economic growth, and opportunity. Kristen Klurfield outlines the crisis and reviews federal policy solutions aimed at boosting housing construction and preservations, with potential benefits for the entire economy. https://bit.ly/3VFAYts #Bipartisan #AffordableHousing #HousingSupply #HousingCrisis

In today's world, the dream of owning a home is becoming increasingly elusive. Rising housing prices have transformed a fundamental need into a luxury that many struggle to afford. For countless families, the reality of needing two jobs just to make ends meet is a daunting challenge. It's not just about balancing work and personal life anymore; it's about surviving in an economy where the cost of living continues to climb. We need to have a serious conversation about sustainable housing policies and economic strategies that support working families. It's time for employers, policymakers, and communities to come together and address this critical issue. Let's advocate for affordable housing solutions and fair wages, so that everyone has the opportunity to thrive. #AffordableHousing #EconomicJustice #WorkLifeBalance #HousingCrisis

For so long, experts and policy makers have focused on the affordability component of housing as the core reason millions of Americans can't afford homes. In this think piece from Bloomberg, Kathryn Anne Edwards explores the housing crisis through another lens: the lack of jobs that pay a living wage. "Yet there’s a deeper and less tractable problem: Even if housing gets built, it won’t do much good if people can’t afford to live there. And far too many can’t," Edwards writes. Read more in this insightful - and unlocked - piece from Bloomberg. https://lnkd.in/eUk9DvwQ

Research shows that a shortage of affordable housing costs the US economy $2 trillion yearly due to lower wages and productivity (The National Low Income Housing Coalition). It's quite simple, if your monthly housing cost was 30% less you would be able to spend that money at local restaurants, on further education and training, or even investing in a retirement plan or other stocks/bonds, all stimulating the economy or building your personal wealth and value. In addition, constructing and maintaining affordable units creates a huge number of jobs and economic spin-off activity. New York State's Association for Affordable Housing and HR&A Advisors found that affordable housing creates over 30,000 jobs each year and $2.6 billion in economic spin-off activity. Read the cited reports here: https://buff.ly/3nUG5qQ #housing #houseless #homelessness #endhomelessness #affordablehousing #housingcrisis #housingfirst

New blog: Helping Councils improve key worker housing affordability Housing affordability is a common topic of conversation across Australia. Taking the case study of Regional Victoria, demographic consultant Nenad Petrović looks at how rising housing costs impacts an area’s ability to attract and house key workers for that region, and local government's role in this space. https://bit.ly/3RW4AiO

Couldn't agree more Michael. Unfortunately, this Tory administration is in the pockets of the house builders and lenders. After 14 years, the chances of any significant change are remote. Average house prices are nearly 8 x average earnings, nearly double the historical norm. Are we all happy to see ever more unaffordable house prices? When will we say enough is enough? The government wonders why it can't grow GDP. Yet it doesn't seem to have made the obvious connection between unaffordable house prices and a sinking economy. People's disposable income has been steadily reduced, particularly in recent years as mortgages and rents soar, alongside food, utilities etc. In my view, if we want the next generation to have a decent future, we need property prices to be included in the 2% inflation target, a stop or restrictions on all the demand-side measures and factors (Right to buy, Mortgage Guarantee scheme, shared ownership, land banking, foreign ownership (particularly in London)) and a radical increase supply-side. Social housing at scale, planning reform, and an end to MPs supporting their Nimby consituents.

#Housing IS a critical component of attracting #workforce & workforce IS an absolutely critical factor in successful #economicdevelopment - the National League of Cities (NLC) highlights the benefits of housing & makes recommendations in this article: https://lnkd.in/gNBzG-Nz

Is the UK’s conservative approach to housing development a recipe for stagnation? As we navigate the complexities of the UK’s housing crisis, it becomes increasingly clear that conservative policies and a lack of urgency among some public sector employees are contributing to a deadlock in innovation and progress. With a background in property development and finance, I’ve witnessed how outdated government policies and a bureaucratic mindset in the public sector are hampering the potential for real, impactful change in our industry. The Conservative government’s overly NIMBYist approach to housing development and urban planning is not just a barrier to innovation; it’s a blockade against the future. While the world moves forward with sustainable building practices, flexible finance models, and cutting-edge technology, the UK seems content with trailing behind, wrapped in red tape and complacency. Moreover, the inertia found within segments of the public sector, where you’d be forgiven for thinking planners spent 3 working days a week watching Netflix, is frustrating at best and detrimental at worst. While there are undoubtedly many hardworking public servants committed to change, the lack of drive and ambition in some quarters is a significant obstacle to progress. The question we must ask ourselves is: When will the UK break free from the chains of conservatism in housing policy and public sector lethargy? When will we embrace the innovative spirit needed to solve our housing crisis and build a future-ready nation? It’s time for bold action and radical reform. We need policies that reflect the urgency of our housing needs and public sector dynamism that matches the pace of technological advancement. Let’s demand more from our government and ourselves. Only then can we hope to lead in creating sustainable, vibrant communities for generations to come. #HousingCrisisUK #PolicyReform #PublicSectorInnovation #DemandMore