Durbin Talks Housing Affordability With Illinois Realtors

Durbin Talks Housing Affordability With Illinois Realtors

WASHINGTON - U.S. Senate Democratic Whip Dick Durbin (D-IL) today met with members of Illinois Realtors, part of the larger National Association of Realtors, to discuss housing affordability and the bipartisan 21^st Century ROAD to Housing Act, which is moving through the Senate this week. The legislation includes provisions to increase the supply of affordable housing, address homelessness, better support communities with disaster recovery, invest in rural housing, and prevent large institutional investors from buying single-family homes.

"The rising cost of building starter or single-family homes has spurred an affordability crisis that has priced millions of Americans out of owning or renting a home," Durbin said. "Today, I spoke with the Illinois Realtors about how we can push federal legislation that would address our housing crisis and help more Americans afford homes."

A photo of the meeting is available here.

In February, Durbin introduced the ABODE Act, legislation that would create a competition for designs for 21^st century single-family homes with a focus on cost, energy efficiency, and scalability. The ABODE Act would ensure that this design competition would prioritize initiatives in areas with a severe affordable housing shortage.

Nationally, there is a shortage of more than seven million affordable homes, particularly "starter homes." Starter homes are now estimated to only make up roughly nine percent of new real estate in recent years, far below the 40 percent in the 1980s. Barriers - including restrictions on land use and rising construction costs - have disincentivized builders from constructing more affordable housing. Research has shown that safe and affordable housing is vital in increasing economic opportunities, and that the most cost-effective way to reduce childhood poverty is to increase access to affordable housing. In fact, research shows that children who moved to lower poverty neighborhoods saw their earnings as adults increase by 31 percent.

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