I still remember when my parents bought their first house — the same one they live in today. It wasn’t until I was in my 20s and the summer after graduating from the University of Arizona. Up until then, our family of five had lived in a two-bedroom apartment. It was a lifelong goal that my parents worked toward day in and day out. And as immigrants, for my parents, it was a pillar in achieving their American Dream.It’s why our family, and so many others like us, come to this country: for a stable job, a good education and a safe roof over their heads. But today, it is becoming harder and harder for Americans to find affordable housing, much less become a homeowner.
Today’s housing affordability crisis is directly related to the inadequate supply of affordable homes. Over the past 15 years, the United States has underbuilt housing by millions of homes. This undersupply is driving both rental costs and home sale prices steadily higher, making it more and more difficult for both individuals and families to live in the communities where they work, attend school or even grew up. Without adequate housing, our communities’ growth will be majorly stunted.In June, in partnership with the Federal Home Loan Bank of San Francisco, Arizona’s regional, government-sponsored enterprise that promotes housing affordability, we held a roundtable to examine ongoing solutions to the housing affordability crisis. Together with housing experts, bank and credit union leaders, along with my work on the Transport …
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