WASHINGTON (May 6, 2024)—The National Association of Realtors (NAR), National Association of Home Builders (NAHB), Mortgage Bankers Association (MBA), National Land Title Association (ALTA), National Apartment Association (NAA), United States Mortgage Insurance Association (USMI), National Multifamily Housing Council (NMHC), National Asian Real Estate Association (AREAA), National Alliance of Property Owners (APOA), National Association of Major Builders, and Nareit are grateful to Rep. Mark Alford (R-MO), Rep. J. Luis Correa (D-CA), Rep. Tracy Mann (R-Kansas), and Rep. Brittany Pettersen (D-CO) for launching the bipartisan Congressional Real Estate Caucus. It is critical that Congress support policies that foster growth in the real estate industry, which is the goal of the newly formed caucus.
Addressing housing affordability begins with increasing the nation's extremely limited housing inventory. Economic studies by multiple economists estimate the housing shortfall to be in the millions, representing a trillion-dollar underinvestment in housing in the United States. Our tax code can and must do more to promote homeownership, build stable communities, strengthen the supply of rental housing at all price levels, and spur economic growth. We applaud the group for sparking a meaningful policy dialogue about the obstacles that prevent the construction of new affordable housing and the barriers first-time homebuyers face when entering the market.
National Association of REALTORS®: “Legislation from across the political spectrum overwhelmingly agrees that the country faces a home affordability crisis. Homeownership is a bipartisan issue, and we applaud these lawmakers for forming a bipartisan caucus to work together to make housing more affordable. We look forward to working closely with this group to further our advocacy efforts to increase housing supply and help people of all backgrounds find a path to homeownership.”
National Association of Home Builders: “NAHB applauds Congressmen for making housing a national priority and establishing the bipartisan Real Estate Caucus. Democrats and Republicans agree on the need to address the nation's housing affordability crisis, and we look forward to working with the coalition to advance policies that will increase the nation's housing supply, mitigate stubbornly high home price inflation, bend the housing cost curve, and provide more homeownership and rental opportunities for all Americans.”
Mortgage Bankers Association: “MBA applauds Reps. Mark Alford, Lou Correa, Tracy Mann and Brittany Pettersen for assuming the role of co-leader of the bipartisan Congressional Real Estate Caucus. This caucus will help advance housing policy for both renters and future homeowners, creating opportunities for Congress to act to ensure a healthy real estate market and identify solutions to mitigate the rising home prices facing the nation. MBA looks forward to working with this bipartisan group to help more Americans realize their dreams of housing choice, including sustainable homeownership and affordable rental opportunities.”
American Land Title Association: “We applaud the bipartisan leadership from Reps. Alford, Correa, Mann and Pettersen. Land title industry professionals across the country work every day to protect property rights and ensure the integrity of each real estate transaction. At the heart of these efforts is expanding the dream of homeownership and increasing homebuying affordability and opportunity for all Americans. We look forward to working with our caucus to advance commonsense policy that supports this critical need.”
National Apartment Association: “As the nation continues to grapple with housing affordability, NAA applauds these lawmakers for seeking common ground and coming together on an issue that affects all American families. Housing knows no party, and now is the time to get common sense, bipartisan solutions across the finish line. Rental housing and its construction are the cornerstone of mitigating the challenges of housing affordability, and NAA looks forward to working together to ensure the nation has an abundance of rental housing at all price points for generations to come.”
United States Mortgage Insurance Corporation: “USMI welcomes the formation of the bipartisan Real Estate Caucus of Legislators and looks forward to working with its members to advance policies that address barriers to homeownership, increase access to affordable and sustainable low down payment mortgages, and ensure the safety and soundness of our housing finance system.”
National Multifamily Housing Council: “Housing is now an issue that touches the hearts of Americans in every community across the country. Now is the time for lawmakers from both parties to roll up their sleeves and enact policies that will expand the supply of needed housing for all. NMHC applauds the members of the bipartisan Congressional Real Estate Caucus for prioritizing housing issues and looks forward to working with them to develop real, actionable solutions to the housing crisis.”
American Asian Real Estate Association: “Homeownership has been an important part of the American Dream for generations, and many have benefited from the sense of security that a home provides. But too many people, including those in the AANHPI community, face challenges that make homebuying extremely difficult to access. We applaud the formation of this caucus of legislators, which will bring new ideas and solutions to address the homebuyability issues we face today.”
Nareit: “Housing shortages are a critical issue in the United States, and we are thrilled that the bipartisan Real Estate Caucus is working together to solve this national challenge and lead other real estate-related efforts in Congress aimed at strengthening our economy and people's lives. Our member REITs are transforming the U.S. real estate economy, improving the lives of millions of people and improving thousands of communities. Nareit looks forward to continuing to work with the Caucus to help achieve their policy priorities.”
American Homeowners Coalition: “Current and future homeowners have long called for solutions that will curb today's homebuying challenges and protect the future of home ownership in America. We thank our allies in Congress for focusing on the root of the problem – increasing housing supply – and working hard to address these issues. We look forward to working with the bipartisan Congressional Homeowners Caucus to advance pro-housing policies so more Americans have access to the home that fits their needs and their budget.”
Association of Leading Builders: “It's time to make housing a national priority. We must work together across party lines to support policies that allow our industry to develop land, build homes, and sell homes that middle-class families can afford.”