The National Association of Realtors (NAR) has given its support to several strategies proposed last week by the Biden administration to address the need to expand affordable housing opportunities.
NAR specifically praised the proposal for a new Department of the Treasury program administered by the CDFI Fund designed to provide an additional $100 million over the next three years to support the financing of affordable housing. The trade group hailed the proposed creation of a new “How-To Guide” to support state and local governments in using recovery funds provided by Treasury to construct housing. NAR also applauded the proposed Capital Magnet Fund to provide greater flexibility to CDFIs and nonprofits that finance affordable housing.
NAR’s Chief Advocacy Officer Shannon McGahn met with White House officials last week to discuss housing affordability issues and share some of NAR’s original research.
“Executive agencies have the power to act quickly to promote homeownership. We applaud the Biden Administration’s comprehensive, multi-agency response targeting solutions at every level of government. It will take an all-of-government approach to yield results in this fight,” said McGahn.
;
So what number actually is affordable and to whom, and how will this inventory magically appear
So NAR. IN BED WITH BIDEN
WOW!WHAT A SUPRISE. THEY SOLD REALTORS OUT WITH THE COMPROMISE
This is disgusting. NAR is selling Realtors out!
More word salad from this administration. Multiple agencies means everyone gets a cut before the buyer gets help. Time to dump this Administration.
Agreed!
As an Agent for 35 years ,this is no surprise from the NAR.
They have sold out us out on all fronts. We have given them many millions of dollars for what.
We as Agents should have formed a union years ago.
We as Agents used to be a Professional organization that the public needed.
Now everyone is a so called professional due to the sell out to Realtor. Com,Zillow etc,etc
Plus the Lawyers.
Who fixes rates more than lawyers.
Good luck, I am out
more government money to be spent where as you would think the dummies in the white house could do this without another price tag….how come you never hear the words government debit anymore and how much is it.
The NAR must be abolished. It is a left wing political organization helping the socialists. I am talking with my state and federal representatives and I suggest every real estate agent join the cause to free us from this money sucking left wing group. The future of our country depends on defeating the NAR.
I have been a Realtor for 55 years. I have served at all levels. I believe NAR has lost it’s way.
I’m a realtor of 47 years and NAR has definitely Sold Us ALL Out! I refuse to support this Socialist Agenda!!
I agree!
The NAR should be abolished and replaced with an organization focused on the needs of real estate agents and not someone else’s agenda! I support the comment by “We the People” above with the addition our future depends on returning to the root values of our founders.
further, it’s not the job of the government to address this matter. They have been trying for decades with little to show for their efforts except mounting debt. Enough is enough.
Hope it’s not like the billions spent for the charging stations. After 3 years, only 7 have been built! Sounds like the NAR sold us out again! Rasing the national debt again!
Why not just lower the rates instead of involving government funds? Why does the administration get to play hero when they are the ones that chose to make the housing economy so challenging?
Agreed. There must be something realtors can do?!
Exactly Right!!
Do they also support the climate building codes Biden is pushing that will increase new house costs by 31k each?
Hopefully the NAR is actually reading these comments. As a “representative” trade organization your members must be listened to and not ignored.
Deaf ears my friend
NAR has lost all credibility when they sold out the Real Estate Agents and Brokers that they are supposed to protect! It is time to get rid of NAR! They showed that they are a waste of Real Estate Agents money!
he just recently blamed all the pricing on us. The NAR sold us out when they took on Realtor.com and then gave all our dad out to Zillow and now they’ve taken the settlement basically casting us all the guilty. And this? Printing more money isn’t going to take away the issue.
The National Association of Realtors has been influential for many years in promoting and protecting home ownership. They are supported by a wide range of Realtors from all walks of life and of all political parties. Home affordability has been a problem for a long time and solving it has been elusive. As a working Realtor , I don’t always agree with NAR on issues, but maybe taking a closer look at the Biden plan and how it might help with the affordability problem would be a better approach than name calling and calling for the end of a great organization.
Daniel P before we throw up our hands like Chicken Little. I have been a member of NAR almost 50 years and am a proud member. Mistakes have been made but I think the course is being corrected . Law suites can be brought that would cost so much time and ultimately maybe more dollars than the settlement. We owe so much to NAR for trying to steady the ship. I do not agree with everything that has been done but I feel the leadership will and should listen to those that are not pleased. I see this as happening. Regards to all.
You are low info &/or naive. Go put on a mask, get another jab, the bird flu is coming along with world ending climate change. We better print more money to throw at Ukraine and the housing market.
NAR another organization & huge lobbyist in DC like big pharma, like the CDC, NIH, FDA,WHO has been infiltrated by the great reset cabal.
throwing money at a problem creates more problems. where oh where are our non senile leaders?
NAR is showing it’s true leftist tendencies. After settling to damage our industry and make it even more difficult for buyers, now they want more government spending! Government spending is what got us into this mess by causing inflation. Way to go NAR, just keep on praising the children in the white house who are going to make our housing problem into an even larger mess. This is the Administration desperately trying to get Biden elected by spending more of our money. You NAR guys are brilliant!
Realtors pay thousands in dues to the NAR and this is what NAR is doing with our money?! So disappointed.
So instead of addressing the root causes of affordability – the insane levels of printing and spending of money – we will print and spend more money. And what the heck, NAR? Why are you stroking Biden right now? Your members should be your focus. If you care so much about affordable housing, support a balanced budget amendment to the US constitution. Support cutting government spending by 25% across the board. Support lowering property taxes at the local level.
Daniel, I agree with you. Before we throw up our hands,like Chicken Little. I have been a member of NAR for almost 50 years and am a proud member. Mistakes have been made but I think the course is being corrected. I look at the settlement as a compromise to avoid the unknown final result and what could be the dollar penalty. I do not agree with everything that has been done but I feel the leadership will and should listen to those members that are not pleased, I see this as happening. Regards, Bob
Thank you Daniel for an adult response.
The way to affordability is more supply – build more houses. If you want more houses more quickly, cut regulations. From raw dirt to finished home, they add costs and time to the process. If they are reformed and the unnecessary ones are removed, builders can build more. They don’t even need to build entry level, because increased supply at any segment will allow people to move up, freeing up their resale home for that segment. That’s the free market solution to affordability.
The City of Los Angeles is proud of their new housing just completed for homeless people costing $500,000 each unit, so that $100 million in Los Angeles would go to house 200 homeless people. Los Angeles has about 50,000 homeless (or to be politically correct, unhoused persons). I guess it’s a start.
As a real estate consultant I was disappointed with NAR approval of this endorsement regarding affordable housing with out our membership involvement . I would ask if anyone from NAR reached out to membership for our opinions. This proposal is controversial and should have been vetted by our membership leadership. I’m also concerned by what appears to be a political endorsement. NAR responsibility should be clearly to our members. We should abstain from promoting any political party and focus on protecting the rights of all to own, sell, invests in real estate. I would certainly question the wisdom of this decision . Hope everyone has a patriotic July 4th.