Impact of Housing Insufficiency
Affordable Housing Month held annually in May provides an opportunity for allies, activists, supporters, neighbors and friends to join together in support of housing needs throughout the nation. COVID-19 exposed the foundational role of housing as a critical tool in protecting the health, safety and economic vitality of our communities.
Research has shown communities are stronger and more vibrant when everyone has a safe, stable and affordable place to call home. More available housing means stronger communities, healthier families, a more vibrant economy and a better chance for each of us to succeed.
The McKinsey Global Institute found a shortage of housing costs the economy between $143 billion and $233 billion annually. In many parts of the country, such as California, nearly one-third of renters were severely rent burdened prior to the pandemic, meaning they spent more than 30 percent of their income on rent, according to the Harvard Joint Center for Housing Studies. The effect of the pandemic has been to broaden the income gap. As more income is dedicated to paying the rent, less money is available for non-essential items such as consumer goods, which has a negative impact on the economy.
Quality housing should be a fundamental right for everyone and most especially our seniors who have earned the right to age in place with dignity and grace, During Affordable Housing Month, CCH joins with our residents, staff and other housing advocates to spotlight the need for more affordable housing resources. Using our collective voice, we can speak out for more and improved affordable housing options, enhanced policies and support for being a good neighbor to all. I encourage everyone to stay informed. Click here to read about Affordable Housing Month activities and how you can make a difference in your community.