Over 10,000 members of the National Association of Home Builders (NAHB) sent a letter to President Biden regarding growing housing affordability crisis

Posted on May 2, 2022   |  

• More than 10,000 members of NAHB sent a letter to President Biden calling on the White House to take immediate action as the growing housing affordability crisis is pushing the housing market to an inflection point that threatens to derail the current housing and economic expansion.
• The unprecedented price volatility in lumber prices raised the cost of a typical single-family home by over $18,600 and added $10,000 to the cost of a typical apartment since last August. 
• Tariffs on Canadian lumber shipments into the U.S. are fueling this price volatility and acting as a tax on American home buyers at a time when housing affordability is already at a more than 10-year low.
• Builders also reached the White House to address federal regulatory reform to lower upward pressure on housing costs. 
• Reducing taxing regulations that account for 25% of the price of building a single-family home and more than 30% of the cost of a typical multifamily development will provide more homeownership and rental housing opportunities for all Americans.