C
hronic undersupply has led to an affordability crisis in the housing market, but real estate professionals can play a crucial role in addressing this issue by supporting new development in their communities. Industry leaders emphasize that tackling the supply problem is essential for providing more housing opportunities and making homeownership more accessible.

    Experts point out that restrictive local zoning regulations are a significant barrier to construction, and agents can help by attending community meetings to support new housing developments and backing local candidates who promote growth. The lack of supply is estimated to be between 1.5 and 5.5 million homes nationwide, leading to rising home prices and exacerbating the wealth gap.

    Industry experts agree that zoning regulations are a primary culprit in the supply deficit, with Harvard professor Edward Glaeser noting that high construction costs, borrowing rates, and other macro-economic trends have played a role but are often overshadowed by local issues. He suggests that agents can make a difference by supporting stakeholders who want growth and engaging in local zoning matters.

    To address this challenge, some federal agencies are working with local governments to support zoning reform at the hyperlocal level. Agents can also take action locally by attending community meetings, explaining the benefits of new development to their neighbors, and supporting pro-growth candidates. By getting involved, agents can help spur the development of desperately needed housing in their communities and contribute to a more sustainable housing market.