The National Association of Hispanic Real Estate Professionals (NAHREP®) views the White House’s executive order signed Tuesday, June 25, 2019 that establishes a White House Council on Eliminating Regulatory Barriers to Affordable Housing as a promising first step toward addressing our nation’s housing inventory crisis. The declining housing inventory has adversely impacted the housing market and contributed to the slow growth in homeownership rates overall. NAHREP hopes that this White House Council will succeed in combating burdensome regulatory barriers while also ensuring the protection of fair housing commitments, responsible labor practices, and environmental protections.
While the United States experienced an overall 10 percent decline in available homes for sale between 2017 and 2018, communities with high concentrations of Hispanics have been among those hit the hardest. The cities of Los Angeles, Las Vegas and Denver have seen drops at 22 percent, 24 percent and 25 percent, respectively. The shortage of available inventory has succeeded in driving up housing prices, effectively pushing first-time homebuyers out of the market entirely. Absence of action on this important issue will impact the future stability of the housing market for years to come.
While NAHREP is optimistic about the direction the administration is taking in order to combat housing affordability issues and the lack of supply in many metros around the country, it will be critical that the administration continue to support local community efforts to protect the most vulnerable. Exercising caution to protect regulations that ensure consumer protections, environmental and quality of construction will be critical in order to avoid replacing one crisis with another.
To maximize the success of the executive order, NAHREP urges that enough resources be allocated to support the goals of the initiative and that the White House incorporates strong stakeholder engagement throughout the process.