Report: Affordable Sees ‘Critical' Shortage

NEW YORK CITY-Regardless of whether multifamily inventory per se is reaching the saturation point in certain markets, the affordable segment faces an acute shortage, says CohnReznick LLP in a new report. The study, which focuses on the operating performance of apartment properties financed with Low Income Housing Tax Credits, cites an imbalance between supply and demand generally; in almost every one of the past 15 years, LIHTC demand has outpaced supply.

“For those who think that our country has ‘too much housing,’ the fact is that most markets have a shortage of rental housing,” says Fred Copeman, CohnReznick principal and leader of its Tax Credit Investment Services practice, in a release. “When it comes to affordable rental housing, this report confirms that we have a critical shortage not only in our major cities, but across the entire country. There is, in short, no room at the inn.”