Last week, an opinion piece by Director Raphael Bostic discussing the issue of affordable housing was featured on nj.com.
In his article, he cites the startling fact that one in four of the 42 million American families who rent their homes pay more than half their income on rent and utilities, leaving little to no money left over for essentials like food, childcare and medicine. Between 2003-2013, this number grew by nearly 70 percent, and trends say it is likely to worsen.
To address housing affordability, Bostic argues that we need to rethink our policies priorities:
“We spend around $200 billion a year on housing subsidies, but the lion’s share of that money goes to people who can already afford their homes. We must think more creatively about how to provide more help to struggling renters while preserving tax breaks for homeowners who truly need it. In addition, we must expand successful tools that attract private sector investors to building affordable homes, like the federal tax credit for low-income housing. When families are able to afford decent homes, they have a better shot at success in life.”
Find the full article here.