National Association of REALTORS® President Kevin Sears released the following statement after the publication of the 2024 Economic Report of the President, which outlined support for increasing housing production and the need to address land use barriers:

"NAR is pleased that the Biden administration is moving forward to support approaches that address the lack of affordable housing supply. We commend their plan that:

• Gives resources to localities to review their current zoning laws, especially as they relate to obstacles to new housing production;
• Encourages tax benefits that incentivize converting commercial buildings to residential uses;
• Supports regulatory approaches that encourage localities to plan for housing production and zoning reform;
• Reduces and streamlines permitting and regulatory burdens without sacrificing safety and environmental quality;
• And promotes housing development in transportation corridors.

"NAR has long advocated for such approaches to promote and accelerate housing production. There is much to be done to resolve the severe underbuilding gap and lack of affordable housing that exists today, but we are encouraged by the administration's attention to this issue. Homeownership is still an essential part of realizing the American Dream and helping families create intergenerational wealth. We look forward to continuing to work with the Biden administration as it looks to tackle the issues of housing affordability and inventory in this country."

The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.