The Business Case for Housing Supply

在全国越来越多的地方，经济适用房的严重短缺是共享繁荣的一个重大障碍. 住房负担能力是政府和社区领导人关注的问题，也必须成为私营部门的优先事项. 满足工人和家庭需求的住房市场是包容性经济发展的基础, financial stability, and wealth-building opportunities.

许多私营部门的领导人都明白有才能的劳动力和质量的可用性之间的关键交集, affordable, opportunity-connected housing. Workers choose jobs based on the opportunity, location, length and mode of commute, and pay relative to the cost of living. Today, however, 许多工人努力寻找就业机会，使他们能够满足他们的住房需求. In their 2023 Out of Reach report, 全国低收入住房联盟(National Low Income Housing Coalition)发现，在全国范围内，租一套一居室或两居室公寓的成本超过了工资中位数, sometimes by a wide margin. 该报告还发现，负担得起的租赁单元短缺对女性、黑人和西班牙裔工人的影响尤为严重.

While we have seen progress in some places in recent years, headwinds persist. Elevated inflation, which has contributed to the recent surge in housing costs, has impacted individuals’ purchasing power. 12bet官方研究所的研究显示，自2019冠状病毒病大流行以来，所有收入水平和种族群体的实际现金余额都在下降, reaching a three-year low in March 2023 (Wheat & Deadman, 2023). Higher interest rates, aimed at reigning in rising prices, 这进一步威胁到购房者的负担能力，并限制了新开发项目的融资.

Given the scale and complexity of this challenge, we believe the private sector must partner with government and nonprofit organizations to design, implement, and scale collaborative, cross-sector solutions to housing underproduction, affordability, and equity. Three actions stand out. First, 企业应考虑可用于住房开发和获取的各种商业实践和资产. Second, business intelligence should inform housing policy design and drive attention and action. And finally, 企业应支持社区主导的改善工薪家庭住房选择的举措. 

The private sector is diverse in business size and structure, workforce employed, customers and communities served, and products and services offered. Companies can leverage their unique assets for housing development and access. As a large financial institution, for example, JPMorgan Chase announced in 2022 a 5-year, $30 billion commitment, of which $14 billion was allocated toward financing the creation and preservation of 100,000 multifamily rental housing units in underserved communities. We have already surpassed that goal. At the end of 2022, 我们的商业定期贷款保护经济适用房计划提供了180亿美元的贷款，以激励保护169套住房,000 units, funded an incremental $3.8 billion of construction and rehabilitation of 7,500 affordable housing units for low- and moderate-income households, and expanded Low-Income Housing Tax Credit (LIHTC) investments by an incremental $1.18 billion.

Other organizations will have different resources, expertise, and influence, each of which they can use to help increase access to housing that the U.S. workforce can better afford. Hospitals, for example, can help close the financing gap for affordable housing. Aligned with community health objectives and tailored to employee needs, hospitals can donate land, enhance credit or provide direct loans to lower financing costs, 并贡献工作人员时间或赠款资金，以支持致力于开发无障碍住房的社区组织的能力(Reynolds等人)., 2019). 12bet官方(JPMorgan Chase)正在努力通过向卫生系统和其他主要机构提供融资，帮助扩大住房金融生态系统, mission-oriented impact funds, real estate investors, 私营企业开发新的住房，租金比传统的经济适用房或市场价住房的收入范围更广.

The expertise and knowledge of the business community can help inform policy and drive action. For example, 12bet官方政策中心对人造住房生态圈的研究以及社区合作伙伴的见解为我们的建议提供了依据，即实现住宅制造业的现代化，并实施政策，将人造住房提升为可行的住房拥有途径(2023年)。. 基于该公司通过LIHTC等成功的公共项目为经济适用房融资的经验, 12bet官方(JPMorgan Chase)认为，需要扩大公共资金和监管改革，以增加高质量产品的供应, affordable homes for purchase and rent. 我们支持建立新的联邦社区住房税收抵免的提议，以帮助中低收入社区的房主翻新独栋独立住宅，并消除州和地方在机会相连的社区建造经济适用房的障碍, including restrictive zoning and land use policies (JPMorgan Chase PolicyCenter). 

Across the nation, 社区主导的倡议正在努力改善数百万工薪家庭的住房供应. By working with businesses that can provide financial support, lend the expertise of their employees, or elevate promising and impactful projects and initiatives, these organizations can focus on housing underproduction, unavailability, and inequity. 测试和扩展满足不同社区需求的各种模型对于在对抗生产不足方面取得渐进式但有意义的进展非常重要.

For example, 我们公司向洛杉矶创世纪和其他社区合作伙伴提供资金，以利用加州SB9等亲住房政策，开发新的住房所有权模式，并增加在以前划为独立住宅的地块上建造的单元数量. 我们还向非营利开发商Come Dream Come Build提供资金，以试点体积模块化建筑模式，以降低成本并增加里奥格兰德河谷的住房拥有率, Texas, with plans to scale in other states.

Beyond grant funding, we provide impact-focused equity investments in promising market solutions, such as a mixed-income housing fund managed by MSquared, 一家女性拥有的房地产开发和基金管理公司，致力于创造混合收入, mixed-use projects in fast-growing and increasingly unaffordable metropolitan regions, addressing a critical market gap. 

Tackling the challenge of housing underproduction may seem daunting. 几十年来实施的政策和做法在结构性供应不足方面发挥了一定作用，这将需要很多年才能解决, even with maximal effort. These policies have also contributed to residential segregation, linking housing availability with intertwined challenges of educational, economic, and environmental equity.

We believe this daunting challenge can be met with policymakers, community leaders, and the private sector joining together to advance change. Working collaboratively across sectors, we can address the structural barriers that keep many residents from being able to put down roots, call a neighborhood home, and plan for the future.