The issue has become a major concern for many Americans, particularly those in urban areas. The housing crisis is a complex issue with multiple contributing factors. One of the most significant is the shortage of affordable housing units. This shortage is exacerbated by rising construction costs, which have skyrocketed in recent years.

Former President Donald Trump responded by asserting that inflation under President Joe Biden was a “disaster” and the economy was in better shape during his term in office until the pandemic struck. “Everybody knows what I’m going to do. Cut taxes very substantially. And create a great economy like I did before,” Trump said. Both candidates are smart to speak to anxieties over housing, which has emerged as a key priority for voters. The cost of owning or renting a home was the second most important financial problem facing families behind the cost of living, due to inflation, according to a Gallup survey conducted in April. When inflation cooled over the summer, voters cited the economy as the issue they cared most about, while inflation/cost of living tied for fourth, in a September New York Times/Siena College poll. Federal figures that came out the day after the presidential debate showed that housing costs were still the major factor driving inflation, despite a decline in the rate of increase to a level last seen in early 2021.

“It’s becoming an issue in swing states, that’s the issue,” said Jordan Barowitz, principal at Barowitz Advisory. “It was perceived as an urban problem for a long time but now it’s becoming a national problem. There’s a shortage of housing nationwide, and that’s how things make their way into presidential politics.” It hasn’t helped that the supply of homes on the market has continued to shrink. In 2022, the nation’s housing shortage rose to 4.5 million homes from 4.3 million the previous year, according to a Zillow analysis. During that same period, the number of families rose by 1.8 million while only 1.4 million new homes were built, which meant that the nation was not keeping pace with the demand of new families searching on the market, let alone those who have been looking to move for much of the past decade.

This trend is not limited to Gen Z; it’s a generational shift that has been occurring for decades. The housing crisis is a complex issue with multiple contributing factors. One of the biggest is the lack of affordable housing units. This shortage is exacerbated by factors like rising construction costs, limited land availability, and zoning regulations that restrict new housing development. The rising cost of construction materials has significantly impacted the affordability of new homes.

A. The Path to 3 Million Homes: Overcoming Obstacles
B.

* **Funding:** Building 3 million homes in four years requires a massive influx of funding, which is a significant hurdle. * **Land Availability:** Finding suitable land for development is a major challenge, especially in densely populated areas. * **Regulatory Hurdles:** Navigating complex zoning regulations and permitting processes can be time-consuming and costly.

“In order to do that, we’re going to solve the labor crisis, we need to solve the regulatory burdens, and we need to make more land available because there are a lot of headwinds toward accomplishing that goal,” Tobin said. “As we ramp up production we’re going to need more people to approve plans and zoning, so there may be ways of using technology to create a faster system for building approvals and thereby lower costs.” Trump meanwhile promised in a July interview with Bloomberg to dismantle excessive zoning regulations, building permits and environmental reviews that contribute to rising housing costs.

The candidates for the upcoming election are proposing different approaches to address the housing crisis. While both candidates acknowledge the need for affordable housing, they differ in their approach to addressing the issue. One candidate, let’s call him Candidate A, focuses on increasing the supply of housing through the development of new construction projects. Candidate A believes that the best way to address the housing crisis is to build more homes.

**Housing Crisis: Candidate Promises vs.

The summary provides a concise overview of the housing crisis and the candidates’ response. However, it lacks depth and context. To create a comprehensive analysis, we need to delve deeper into the specifics of each candidate’s proposals and explore the potential impact of these measures.

This policy is controversial, with some arguing it would create an artificial shortage of rental housing, potentially driving up prices even further. Others believe it would offer renters much-needed security and stability, particularly in the current economic climate. The vice president’s plan to cap rents also raises questions about the scope and implementation of such a policy.

Trump also wants to promote homeownership by extending new tax incentives for first-time homebuyers but has focused on reducing housing costs by pledging to reduce mortgage rates and cut inflation. (The Federal Reserve, which is responsible for setting interest rates that can influence mortgage rates, is expected to cut rates this month by 25 basis points.) Trump has also vowed to divert any housing spending for undocumented immigrants toward shelter for homeless veterans. To create more housing, the country also needs enough skilled workers to build it. But the Trump campaign platform would shrink a critical source of labor when work is desperately needed. The construction industry has for years now grappled with a shortage of several hundred thousand workers, and part of the solution to that shortage is training immigrants.

Tobin wants the federal government to establish visa and employment verification systems to ensure that workers are eligible to work in the construction industry legally. “What we should be talking about is the economic benefits of comprehensive immigration reform, which starts with a secure border,” he said. “We know the immigration system in this country is broken, but I believe there’s a middle group of lawmakers and stakeholders that wants to see immigration happen.” Instead, Trump has proposed mass deportations of millions of undocumented workers. At the debate, he continued to blame immigrant workers for stealing jobs from Americans while contributing to rising costs of living and higher crime rates.

But industry observers say deportations would further decimate the construction labor pool, upend the housing market, and disrupt the American economy in calamitous ways. “One of the major challenges with the Trump platform is the impact of proposed immigration and trade policies on the supply of skilled construction labor and the cost of materials,” Chandan said. “It’s unclear that mass deportations will impact rental housing demand materially. Our ability to bring all types of new housing online could be severely impinged by an abrupt shift in broad labor market dynamics and access to important construction materials.”