Americans who don’t have enough money to earn rent may have to face an awkward reality: conditions are likely to get worse before they get better.
Housing supply in the US according to the National Association of Realtors, has fallen to its lowest level in 20 years. This dramatically pushes prices for consumers, and attract the attention of leaders.
“The most pressing problem is the lack of lumber and other building materials,” said Rob Dietz, chief economist at the National Association of Home Builders. “Another problem, and it will be with us for some time to come, is the lack of skilled labor.”
Architects say better planning can ease the burden of spending while strengthening public health.
“Remodeling the suburbs can change people’s lives,” said June Williamson, dean of architecture at New York City College.
Watch the video above to learn more about the real estate industry’s push to increase housing supply.