Excerpt: America’s rising rents and increasingly unaffordable housing costs are infamous, epic—and deeply felt by millions of families in every corner of the country. In the world’s wealthiest nation, over half a million people are homeless. Even before the COVID-19 pandemic, over 20 million renter households were charged unaffordable rents. In fact, a full 30 percent of renters nationwide can only afford to pay rents that are $600 or less per month. Yet over the past 10 years, our communities lost at least 4 million deeply affordable homes renting in this price bracket, to rent increases, conversions into other uses, and demolitions. Our country needs affordable housing production more than ever. Instead, high-end luxury rentals are a growing share of construction, accounting for as much as 80 percent of new housing in 2020.

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