Whoseshortage of affordable housing?

Abstract

Shortfalls of low‐rent units are repeatedly cited as the rationale for programs to expand the supply of affordable housing. But the poverty‐level rents studied fall well below those of major supply programs. To reassess whether HOME and the low‐income housing tax credit (LIHTC) address actual shortfalls, this article compares numbers of units with renters by measuring both affordability and incomes with the median‐income‐based metric used for all federal rental programs. During the 1980s, there were growing surpluses of units affordable to renters with incomes between 50 and 80 percent of their area's median income, a “low‐income” range that includes most HOME and LIHTC rents. By contrast, shortages were severe and growing only at rents affordable to households with incomes below 30 percent of area median. Examination of these shortfalls and the problems they create implies that programs to expand supply are not widely needed.

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