Vacant Homes Won't Solve US Housing Crisis, Experts Warn
In a stark contrast to the dire need for affordable housing in the United States, nearly 15 million homes lie vacant across the country. While this staggering number might seem like a solution to the nation's housing shortage, experts warn that it won't solve the crisis.
According to LendingTree, a platform connecting borrowers with banks offering loans, more than 5 million of these vacant homes are concentrated in just three states: California, Florida, and New York. However, despite this abundance of empty properties, the US is still struggling to meet demand, with over 4 million housing units needed to meet current requirements.
"This is a classic example of supply-side thinking," said Rachel G. Bratt, a professor of urban planning at Boston University. "Just because there are vacant homes doesn't mean they're suitable for occupancy or that people can afford them."
The US is not alone in grappling with the issue of vacant homes and housing shortages. In many European cities, such as Berlin and Amsterdam, authorities have implemented policies to address abandoned buildings and encourage affordable housing development.
In Germany, for instance, a law was passed in 2019 allowing municipalities to acquire vacant properties at below-market prices and renovate them into affordable housing. This approach has been successful in reducing homelessness and increasing affordable housing stock.
However, the US faces unique challenges in addressing its housing crisis. "We have a very different regulatory environment here," said Bratt. "Zoning laws, building codes, and financing mechanisms all contribute to making it difficult to build new affordable housing."
President Donald Trump has even mused about declaring a national emergency to address the housing shortage, but experts warn that this approach would be misguided.
"Declaring a national emergency would only serve to distract from the real issues at hand," said Diane Yentel, executive director of the National Low Income Housing Coalition. "We need to focus on increasing funding for affordable housing programs and implementing policies that promote inclusive zoning."
As the US continues to grapple with its housing shortage, it's clear that vacant homes won't be a silver bullet solution. Instead, policymakers must work towards creating more affordable housing options through innovative policies and partnerships.
Background:
The US is facing a record-high rent burden, with over 770,000 people officially counted as homeless last year. The lack of affordable housing has led to soaring homelessness rates, with many cities struggling to provide adequate shelter for those in need.
Global Context:
In contrast to the US, many European countries have implemented policies to address vacant homes and promote affordable housing development. For instance, Germany's law allowing municipalities to acquire vacant properties at below-market prices has been successful in reducing homelessness and increasing affordable housing stock.
Next Developments:
As the US continues to grapple with its housing shortage, policymakers must work towards creating more affordable housing options through innovative policies and partnerships. Experts warn that declaring a national emergency would only serve to distract from the real issues at hand.
Attributions:
Rachel G. Bratt, professor of urban planning at Boston University
Diane Yentel, executive director of the National Low Income Housing Coalition
*Reporting by Vox.*
