Affordable Housing: The Growing Gap in Rental Markets
DOI:
https://doi.org/10.56830/IJSIE06202306Keywords:
Affordable housing, housing crisis, rent prices, income inequality, gentrification, Housing Choice Vouchers, Low-Income Housing Tax Credit, zoning reform, housing assistance programs, cost-burdened households, urban housing, essential workers, racial minorities, elderly housing, housing supplyAbstract
The housing deficit in the United States has become alarming, with rents increasing faster than incomes, making millions of people live in haste while in search of affordable shelter. This article discusses some of the causes of this crisis, such as the lack of houses in specific areas, a problem financially due to reduced wages, a problem due to increased costs of construction, and an issue due to gentrification. Low-income earners, African American households, senior citizens, single-breadwinner families, and frontline workers are the most affected by this widening rent increase relative to income. The article also focuses on individual instances of the problem in large cities such as New York, Los Angeles, and Miami. The following recommendations include federal appropriations for housing assistance programs, enlarging the critical Housing Choice Voucher program, strengthening the Low-Income Housing Tax Credit (LIHTC), and liberalizing exclusionary zoning rules. By such specific approaches, it is possible to reduce the number of people who are homeless and increase the chances of homeownership for everyone.
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