Housing market vital to nation’s economic strength

A recently released report from the White House urges state and local government to review and revise policies which may restrict the adequate supply of housing for the nation’s work force.

“This report is very timely, considering the work we are engaged in with the City of Seattle and other municipalities in King County to correct the housing supply shortage we have experienced over the past three years,” said Patti Hill, President of the Seattle King County REALTORS®. “Creating an environment that allows more available and affordable housing for consumers is our number one priority.”

The White House report, entitled the Housing Development Toolkit, points out that housing production has not kept up with demand in many areas, such as the Puget Sound region, and barriers that hinder production should be addressed. The need for action is critical in areas that have experienced rapid job growth.

“A stable, functioning housing market is vital to our nation’s economic strength and resilience. Businesses rely on responsive housing markets to facilitate growth and employee recruitment. Construction workers, contractors and REALTORS® depend on stable housing markets to fuel their careers. And the availability of quality, affordable housing is foundational for every family,” according to the report.