Poll: CRE Industry Questions Affordable Housing Mandate

WASHINGTON, DC—A poll by GlobeSt.com finds that a significant percentage of the commercial real estate community does not like the idea of cities and municipalities mandating the development of affordable housing. In fact, 36% of respondents called it a “horrible idea” because it “will only stymie building by holding developers hostage.”

The survey findings come at what could be a pivotal point for affordable housing finance in the US. This week the draft Housing Finance Reform and Taxpayer Protection Act of 2014 will be debated by the Senate Banking, Housing, and Urban Affairs Committee. Among other things, the bill would provide an estimated $3.75 billion for the National Housing Trust Fund each year-a trust fund for affordable housing established during the financial crash but never funded.