The resurgence of many cities that were written off only a few decades ago has come with a pernicious downside: a rapidly dwindling supply of affordable housing. According to a recent report by the U.S. Department of Housing and Urban Development, the number of very-low-income households that do not receive housing assistance and that pay more than 50 percent of their income for rent stands at more than 7.7 million.
Nationally, for every 100 very-low-income renters — those earning less than half the area median income — there are only 65 affordable units. Moreover, approximately 40 percent of units that would otherwise be affordable for these renters are occupied by higher-income individuals and families. The situation is dire.
The above excerpt was originally published in InsideSources.
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