Voters across the country have approved more funding for affordable housing amid skyrocketing rents and home prices.
. It calls on cities to fast-track construction and set rents at less than 30% of household income. But while it would not raise taxes, it would cut into a popular program that refunds residents when the state brings in a lot of money.
President Biden has proposed a massive investment in housing but it did not survive in Congress. His administration hasto build more housing, and faster, but the shortage is so deep that experts say it will take years to fill. Higher mortgage rates are starting to curb housing prices. But last week, the National Association of Realtors said the share of first-time homebuyers has fallen to a historic low. NAR analyst Jessica Lautz says those people able to buy are older, more likely to be white, and that many are getting help with a down payment.
"Either using the bank of mom and dad, or they're moving into their parents' home or family member's home before purchasing," Lautz says."Or perhaps even cashing out stocks, bonds or retirement savings."
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