Section 8

The elected representatives in the U.S. are looking to solve the housing crisis that is getting worse day by day. Record-high temperatures during the summer highlighted the urgent need for solutions to address homelessness, especially as extreme weather events become more frequent. The increasing threat of disasters can quickly render hundreds of people homeless, emphasizing the need for proactive measures.

As there are numerous causes leading to the housing crisis, likewise, there needs to be numerous solutions to solve the housing crisis. Leadership and adequate investments are required at the top. Besides this, there needs to be a nationwide, federal commitment matching the crisis to help Americans secure affordable and good quality housing.

The commitment to addressing housing insecurity can take various forms, including bipartisan tax incentives such as the Neighborhood Homes Investment Act and the Affordable Housing Tax Credit Improvement Act. These initiatives aim to increase the production of new housing and preserve existing housing. Additionally, increased funding for public housing and rental assistance programs is crucial to support those most vulnerable to housing insecurity.

The rental prices increased across multiple housing sectors last year. At present, nearly one in four renters are spending half of their earnings on housing and have nothing left for other necessities leaving people homeless.

Fortunately, the housing choice voucher program has helped low and moderate-income families by reducing their rental costs. Nearly more than 3 Million households are benefitting from housing vouchers.

However, the housing choice program only covers one in four eligible renters and leaves 16 Million households on the outside looking on waiting lists to fight homelessness.

To address the growing issue of homelessness and housing insecurity among American families, the key is to significantly increase funding for the Housing Voucher Program. By tripling the annual spending on the program to $100 billion, which is still less than 2 percent of the federal budget, housing vouchers could be made universally available to all eligible households. This investment has the potential to lift an estimated 2.2 million additional families out of poverty, offering low-income renters improved tenant protections and higher housing quality standards.

The government also needs to address the housing undersupply to make long-term progress. The elected leaders need to take action to increase housing production. Congress needs to follow all of the above approaches to boost the production of new housing and preserve existing affordable housing.