May 2019


www.hamptonroadsmessenger.com


Affordable Housing Crisis Demands Renewed Focus on Housing Supply


The Hampton Roads Messenger 3


BY JEFFERY HAYWARD EVP, MULTIFAMILY MORTGAGE BUSINESS


Supply and demand regulate nearly every aspect of our economic lives.


The supply of barbers goes down, so they raise their prices until more barbers set up shop. High demand for detective-based dramas on streaming services leads production


studios


to crank out ever more. Too many fast-food restaurants pressures national chains to lower the price of hamburgers. The market, economics tells us, tries to self-correct for an imbalance in supply and demand.


Sadly, as many people hunting for


a reasonably priced home or apartment can attest, housing markets don't always behave this way. In communities


across the United States – from our fastest-growing cities to rural towns – imbalances


between supply and


demand have persisted. Rather than self-correcting, in many places they have worsened over the last decade. In most cases, these imbalances have been exacerbated by a complex set of policies, incentives, and disincentives that have sharply limited the available supply of moderately priced homes and apartments.


data indicates


existing single-family since


Fannie Mae's analysis of housing that the inventory of homes for


sale has declined over 30 percent nationwide


2011, while


nominal price of homes sold has AFFORDABLE HOUSING PAGE 15


the


Learn what's new at HBCUs across the country at www.thehbcuadvocate.com


Celebrate African-American culture and heritage during the 29th Annual Umoja Festival in Portsmouth. Friday, May 24, through Sunday, May 26. Free live music, children’s activities, heritage tours, marketplace and more! Details at umojafestportsmouth.com.


FEATURED ACTS:


FRIDAY, MAY 24 Plunky & Oneness | 8 pm


SATURDAY, MAY 25 Dazz Band | 9 pm


SUNDAY, MAY 26 Earl Bynum & The Mount Unity Choir 5:15 pm


Festival Park | umojafestportsmouth.com


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