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New President - New Agenda
November 8th, 2016 10:31 AM

Barbara’s Blog:

With today being our election day, I thought it was appropriate to share an article that was written by the chief economist for the National Association of Realtors, as he states what the new President should focus on early in 2017.

“Given the mass shortage of housing in many markets, a shortage that is making home ownership and renting unaffordable for many households, there are several steps to spur housing construction.  Here are three ways the president and Congress can proceed: 

First, liberate community banks from the onerous financial regulations that arose out of Dodd-Frank, the banking reform law enacted after the financial crisis.  Without a doubt, there are good aspects to the law, including safeguards against systemic risks posed by big banks and protections for consumers against abusive lending.  But let small banks compete for customers based on how well they serve their clients rather than their ability to comply with the complex rules that are more appropriate for giant financial services companies.  Community banks are the main source of funds to local builders who historically have supplied the bulk of our country’s housing, both for owners and renters. 

Second, provide more resources for community colleges and trade schools.  This country has a shortage of skilled construction workers. Community colleges can help by training the electricians, carpenters, welders, and other skilled workers we need to produce houses, apartments and commercial buildings.

Third, expand tax credits and other incentives for developers and investors to support new affordable housing for working households.  Recall that the presidential candidates agreed during the campaign on the need to rebuild the nation’s failing infrastructure.  Affordable housing should be a part of that equation.”

These moves are critical for the economy as they address the inventory shortage and affordability issues in housing.  We shall soon see what direction we take.

Written by Barbara Doeringer

 


Posted in:Real Estate
Posted by Allen Doeringer on November 8th, 2016 10:31 AMPost a Comment

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