Scary report out today from Harvard University’s Joint Center for Housing Studies. Here’s an excerpt from the press release:
New York City, NY – The nation is losing approximately 200,000 rental housing units each year due to demolition, significantly compounding the ongoing housing affordability squeeze gripping millions of families. New research on rental housing market dynamics from Harvard University’s Joint Center for Housing Studies finds that while the Low-Income Housing Tax Credit program and other initiatives contribute over 100,000 new units of affordable rental housing each year, that is still less than the number of low-rent units disappearing. “We are taking one step forward and two steps back as gentrification in some neighborhoods and continued deterioration in others leads to the removal of vitally needed lower-cost rental housing,” notes Nicolas P. Retsinas, director of the Joint Center.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.