Here’s a chart from the recently released 72-page final report of the Governor’s Task Force on Housing, which is out today.
It shows the relationship between housing supply and housing affordability for both the owner-occupied and rental markets within the Minneapolis area.
Here you go:
It’s a relatively straightforward situation happening here, with a tight market leading to higher prices. The rest of the report focuses on the supply of affordable housing in general (both market NOAH housing and subsidized housing) as well as some of the inequalities in homeownership rates by racial groups in Minnesota.
The report offers six broad goals around housing:
- Create a broader and stronger public commitment to the urgent need for more homes that are more affordable to more Minnesotans.
- Keep the homes we already have, especially those that are most affordable.
- Build 300,000 new homes by 2030, across all types, prices, and locations.
- Assist twice as many families at risk of losing their homes because of rent increases, evictions, and heavy cost burdens.
- Build stronger links between where we live and the services we may need to live stable lives.
- Create stronger pathways to sustainable homeownership, with a focus on removing barriers for households of color.
Like the earlier Met Council housing update, the study suggest a two-pronged approach to creating affordable housing in the state, suggesting the need for both new market-rate construction and a big increase in the state’s commitment to building dedicated affordable housing. It also offers a host of ideas for providing more rights for renters facing eviction and other barriers to housing.