More than 10,000 members of the National Association of Home Builders (NAHB) have sent a letter to President Joe Biden calling on the White House to take immediate action as the growing housing affordability crisis is pushing the housing market to an inflection point that threatens to derail the current housing and economic expansion. Rising costs stemming from historically high price levels for lumber and other building materials, supply chain bottlenecks, surging interest rates, excessive regulations and a persistent lack of construction workers have significantly decreased housing affordability conditions, particularly for entry-level buyers and renters. "Our members in every state across the land are clearly concerned that growing supply chain disruptions and worsening affordability conditions that are harming demand are weakening the housing market," said NAHB Chairman Jerry Konter, a home builder and developer from Savannah, GA. "The industry believes these challenges will grow worse if meaningful steps are not taken to allow builders to increase the supply of affordable single-family and multifamily for-sale and for-rent housing. If the housing sector falters, the economy will surely follow."
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