Fourth Economy’s Post

The housing 'crisis' has become a focal point in our client discussions and projects in 2024. The challenge of ensuring affordable, safe, and consistent housing for all is multifaceted. Key issues we are tackling with clients include the lack of new housing construction over the past two decades, the need for upgrades in existing housing stock, and the resulting price surges due to limited quality housing options. These issues, combined with the mismatch of job center locations and transportation approaches, are holding almost all communities back. To address these challenges, the housing ecosystem must adopt a new collaborative operating model. Without significant changes, individuals and families will continue to face difficulties in finding suitable housing, hindering their economic mobility and impeding community economic growth. As we look towards 2025, I will be sharing additional ideas for this new ecosystem model. For more insights, I recommend reading a report by Elena Patel and the team from the Brookings Institute. The report highlights a staggering statistic - the U.S. currently faces a shortage of 4.9 million housing units. Stay informed about this critical issue as we work towards a more sustainable housing future.