Shaun Donovan, CEO of Enterprise Community Partners, shines a bright light on the real and urgent crisis of housing affordability in America. He was once the Secretary of Housing and Urban Development (HUD) under President Obama. He recently appeared on CNBC’s program ‘Squawk Box’ to discuss the ongoing housing crisis, which is particularly acute in New York City but affects communities nationwide.
In his testimony, Donovan highlighted the extreme crisis in affordability. This kind of thing isn’t unique to Gary, he said, it’s happening in cities and areas all over the country that are often overlooked. He emphasized how hard it is for all these families to find affordable units ready to rent. This challenge severely limits their economic mobility and negatively impacts their quality of life. Donovan’s judgments come from a pragmatic play of his proven background to conservation policy, dot him a believable speak in this key contention.
In many ways, New York City is one of the best case scenarios for urban centers navigating this crisis. Pervasive high rents and a hyper-competitive housing market have pushed the vast majority of residents out of having access to safe, affordable, stable housing. Donovan stressed that creative approaches are key to addressing these obstacles. He stressed that the matter has national implications and is about more than just the City of New York.
On ‘Squawk Box’ this morning, Donovan detailed a few of the tactics that might do more to eliminate the housing shortage. He suggested measures to increase production of affordable housing units. Another goal was to expand access to credit for would-be homeowners. His organization, Enterprise Community Partners, focuses on community development and aims to create equitable access to housing across diverse neighborhoods.
Donovan’s experience in the administration provides him valuable perspective on how federal policies can support or inhibit local efforts. This counterintuitive perspective can have a powerful impact on housing markets. He contended that cooperation among all levels of government and the private sector is necessary to successfully put the right housing solutions into place. This is creating a sense of urgency that demands decisive action from each of the parties engaged in this unique enterprise.