NEW YORK CITY—America's cities and suburbs are in the midst of agradually worsening workforce housing crisis. Urban and suburbanpopulations continue to rise, while wages have essentiallystagnated for moderate and middle-income households over the pasttwo decades. With homeownership rates dropping to the lowestfigures since the 1960s and many upper-middle-class professionalspreferring to rent in urban cores and transit-rich suburbs, rentscontinue to rise in markets across the country.
Developers have largely responded to this demand by buildingclass A units, but this has done little to meet the shortage ofaffordable rentals. Nationwide, only 65 affordable units exist forevery 100 low-income renters[1].
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