Last year was a year of action by the National Association of REALTORS® (NAR) that achieved tangible legislative and policy results on affordable housing supply. This year, we’re continuing this fight.
Because of our work in 2022, Congress knows a shortage of 5.5 million affordable homes available for purchase—the largest such shortage in 50 years—has severely limited consumer access to residential real estate markets. We’ve testified before Congress and met with White House officials. We’ve advanced policy solutions and influenced executive actions.
At the REALTORS® Legislative Meetings & Trade Expo in May, thousands of REALTORS® came together in the nation’s capital with a shared focus: How can we make the American Dream accessible to more people?
We know much more needs to be done to improve access to homeownership, increase housing inventory and streamline affordable housing programs. To achieve these goals, we’re advancing a wide range of solutions.
We support incentivizing more owners to sell their homes by increasing the maximum amount of capital gains a homeowner can exclude on the sale of a principal residence and annually adjusting it for inflation.
We’re advocating for tax credits to attract private investment for building and rehabilitating owner-occupied homes and to incentivize the conversion of unused commercial buildings to residential and mixed-use properties.
We’re also asking Congress to create incentives for housing providers to participate in the U.S. Department of Housing and Urban Development’s Housing Choice Voucher program.
Fair housing is another priority at the top of our agenda. REALTORS® play a unique and special role in ensuring fair housing for all.
An open housing market, free from discrimination, benefits consumers, communities and the American economy. Yet, more than 50 years after the passage of the federal Fair Housing Act, homeownership rates for African Americans, Hispanic Americans and Asian Americans lag behind that of white Americans.
NAR is committed to the enforcement of fair housing laws and the enactment of policies that remove historical barriers to homeownership. We will continue to advocate for reauthorizing and increasing funding for HUD fair housing enforcement programs.
NAR is a leader in research, so another key advocacy priority is promoting our skilled economists’ reports, studies and surveys to Congress.
The 2021 Rosen Report on the housing shortage, “Housing Is Critical Infrastructure,” was cited far and wide in the media and on Capitol Hill, becoming the definitive benchmark for policy conversations. Our congressional district and state reports help bring real estate issues home for members of Congress and their constituents.
There’s no one better suited to provide these resources than REALTORS®, who serve property buyers and sellers in every zip code every day.
All Americans should have the opportunity to attain homeownership—the best pathway to economic well-being and intergenerational wealth-building. Together, REALTORS® can help more people achieve their American Dream.
More details on our policy priorities and congressional asks are available at FlyIn.realtor.
Learn more about the 2023 REALTORS® Legislative Meetings & Trade Expo, May 6 – 11, at legislative.realtor.
For more information, visit https://www.nar.realtor/.