A report released by the Urban Institute recently highlighted the significant challenges facing the Washington Metropolitan region which ultimately undermine the well-being of many residents. The report highlights challenges associated with the production of new units and the impacts of constrained housing supply and community growth have on increasing rents and home prices.
“These pressures cause especially steep housing cost increases and displacement in some communities that have historically been home to people with low and moderate incomes and people of color,” the report states. “Absent a substantial increase in the supply of housing, more households competing for an already constrained stock of units will further increase prices and rents and exacerbate displacement pressures.”
The report sets the tone for a collaborative effort by government, businesses, nonprofit and charitable organizations to establish and reach ten-year goals to achieve a healthy housing market. The complete Urban Institute report is available here.