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Title page 1
Contents 3
Summary 2
Introduction and Economic Context 4
Aggregate Trends in Housing Supply (and Demand) 5
Housing Stock 5
Vacancy Rates 6
Housing Construction 8
Demand Context 9
Interaction of Supply and Demand: Housing Costs 11
Is There a Housing Shortage? 12
Local Supply Conditions 13
Supply Conditions Across the Income Spectrum and for Different Housing Characteristics 15
Barriers to Increasing Supply 17
Regulatory Costs 17
The Cost of Financing 18
Construction Input Costs 19
Labor 19
Materials 21
Supply Shocks 21
Other Potential Factors 22
Policy Considerations 23
Federal Policies and Grants 23
Incentives for the Construction Industry 25
Immigration Policy 25
Trade Policy 26
Selected Policy Proposals in the 119th Congress 26
Author Information 27
Disclaimer 27
Figures 3
Figure 1. Total Housing Units 6
Figure 2. Rental Vacancy Rates 8
Figure 3. Homeowner Vacancy Rates 8
Figure 4. New Privately Owned Housing Unit Starts 9
Figure 5. Household Formation 10
Figure 6. Months' Supply of Single-Family Homes 11
Figure 7. Rental Vacancy Rates for the 75 Largest MSAs 14
Figure 8. Homeowner Vacancy Rates for the 75 Largest MSAs 15
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