U.S. real estate developers, facing large costs, regularly target high-income earners despite demand for affordable housing.
New housing is often marketed as "luxury" to justify prices set for high-wage earners, particularly in U.S. cities with strong job markets.
"You often see new housing branded as 'luxury,' in part because it's new," said Ethan Handelman, deputy assistant secretary at the U.S. Department of Housing and Urban Development. "When you get to affordable housing, we need to be providing some additional capital and/or rental assistance to help make that housing affordable to the people who need it most."
"The marketplace is structured not to house certain people. We need to admit that," said Dominic Moulden, a resource organizer at Organizing Neighborhood Equity DC. "Currently, 40% of the cost of multifamily development is in regulation," said Sharon Wilson Géno, president at the National Multifamily Housing Council. "We have to do something about that if we're going to build more housing."
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