Public Policy. Not only is the inexorable homeownership push questionable economic policy; it also is questionable public policy. Each year, taxpayers support more than $100 billion for our numerous federal homeownership incentives, yet more than 16 million low-income households pay more than 30 percent of their income for their housing. Millions more moderate-income working families cannot afford to live anywhere near where they work.
Affordable Housing. More than new homeowners, the country needs a federal commitment to expand the supply of affordable rental housing to meet these needs. The Congressionally-charted Millennial Housing Commission came to the same conclusion after 18 months of research and hearings. Its recommendations to Congress focused heavily on the importance of rental housing, because apartments are uniquely qualified to solve a long list of modern day issues, such as urban decay, suburban sprawl and housing our teachers, nurses, police officers and firefighters.
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