35. Research Findings About Rental Housing Affordability in
Beyond The Numbers Affordability and Availability of Rental Housing in the Third Federal Reserve District: 2015 Noelle S. Baldini Community Engagement Associate Federal Reserve Bank of Philadelphia Disclaimer The views expressed here are those of the presenter and do not necessarily represent the views of the Federal Reserve Bank of Philadelphia or the Federal Reserve System. Background • Connect research and practice • Qualitative methods used to explore in more depth the challenges and trends that were revealed in our quantitative analysis • Why qualitative research? “Qualitative research should reveal and revel in complexity ... We should strive to make things appropriately complex without rendering them more opaque.” — Harry F. Wolcott Methods • Study sample • 16 recorded interviews • Analysis – Coding in MaxQDA Qualitative Data Analysis software – Intercoder reliability Housing Cost Burdens Renter income levels have stagnated or fallen, while rents continue to rise. The Great Recession expanded the pool of lower-income households for which renting may now be the only feasible option. The millennial generation is increasingly interested in living in cities and is staying in the rental housing market longer. People are choosing to rent. Barriers to New Development Negative stigma around affordable housing Lack of political will Program inefficiencies Goal of reviving homeownership Difficulty achieving scale Increased cost of development along with shrinking subsidies Local regulatory burdens Barriers to New Development Competition for land Housing Quality Absentee landlords Impact of budget cuts on rental inspections Lack of energy-efficient upgrades Inadequate capital for rehabilitation Overcrowding Threats to Existing Supply Insufficient capital for rehabilitation of aging housing stock Potential expiration of Housing Assistance Payment (HAP) contracts Threats to existing supply Investors buying up housing Interviewee Proposed Solutions Additional Funding Sources Maximizing the Impact of Existing Funding Zoning • Real Estate Transfer Taxes • Private Capital (i.e., impact investing) • University Endowment & Union Pensions; Affordable Housing REIT • Geographic targeting of funds • Accountability for impediments to fair housing • Inclusionary housing requirements • Mixed-use, mixed-income development Homeownership • Loosening mortgage lending standards • Rebalancing of housing policy Beyond Housing • Holistic approach to poverty reduction Conclusion • • • • Connect research and practice Some preconceived explanations validated Interesting insights from the field Areas for further exploration – Quality of units and ownership issues – Similarities and differences in rental housing issues across rural, urban, and suburban communities Thank You Noelle S. Baldini, Community Engagement Associate [email protected] 215-574-3722 Federal Reserve Bank of Philadelphia 10 Independence Mall Philadelphia, PA 19106 www.philadelphiafed.org/community-development/
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