The Problem

Affordability challenges in the United States are structural, not cyclical. They result from misaligned policies across population growth, housing, labor, and investment.

5.3x[6]

Median home price to income

Was 3.6x in 1985

3.8M[6]

Housing units short

Cumulative national deficit

450K[4]

Homes owned by institutions

Up from near zero in 2011

$56B[3]

Foreign home purchases

78,100 homes, 2024-2025

The Core Imbalance

Housing costs have risen faster than wages for decades. This is not a temporary market condition. It reflects too many people competing for too few homes, with foreign capital and institutional investors bidding against American families for the housing that does exist.

No single reform can fix this. The crisis has five distinct structural causes, each documented below, and each addressed by a specific policy in the Act.

Five Structural Challenges

Each maps to one policy in the Act
01

Population Growth Exceeding Housing Capacity

Immigration is set without reference to housing. When population growth outpaces construction, prices rise regardless of anything else. The inflow more than doubled after 1990, and nothing ties it to how many homes exist.

  • -Over 1.17 million green cards issued in FY2023 alone[2]
  • -No mechanism ties inflows to housing availability

Average annual legal immigration

1965-1990
~450K / yr
1991-2023
~1.0M / yr

Source: MPI[1], DHS[2]

02

Institutional Investors Buying Up Homes

Corporations now buy single-family homes at scale as financial assets, turning the market into a contest between families and Wall Street. They pay cash, close fast, and concentrate in the same starter markets where first-time buyers compete.

  • -Before 2011, no investor owned more than 1,000 homes[4]
  • -By 2022, 32 investors owned 450,000 homes[4]

Share of single-family rentals investor-owned

Atlanta
25%
Jacksonville
21%
Charlotte
18%

Source: GAO-24-106643[4]

03

Foreign Capital Outbidding American Families

Non-residents buy U.S. homes as investment and safe-haven assets. This capital competes directly with families for limited stock and pays cash far more often, a decisive edge in a bidding war.

  • -78,100 homes, $56 billion, in 2024-2025[3]
  • -Concentrated in Florida, California, and Texas[3]

Share paying all cash

Foreign buyers
47%
U.S. buyers
28%

Source: NAR[3]

04

Immigration Suppressing Wages and Raising Costs

More people means more demand for everything, while guest-worker programs flood specific labor markets with below-market workers. The H-1B program, dominated by staffing firms, is the clearest case of wage arbitrage displacing American workers.

  • -Staffing firms use H-1B for labor arbitrage, not talent
  • -Real wages stagnate as living costs rise

17-34%

H-1B pay below market rates[5]

60%

of H-1B jobs certified below median wage[5]

05

Local Zoning Blocking Construction

Even when demand and capital exist, local rules stop homes from being built. Restrictive zoning, slow permitting, and layered fees create artificial scarcity. Regulation alone accounts for nearly a quarter of the price of a new home.

  • -Single-family-only zoning blocks density
  • -Permitting adds years and cost to every project

Regulation as a share of a new home's price

23.8%

Source: NAHB[7]

See the Solution

Five straightforward policies, each aimed at one of these structural causes.

View the Act

Sources

  1. Migration Policy Institute: Legal Immigration to the United States, 1820-Present - Annual LPR admission data; pre-1990 immigration averages
  2. DHS Office of Homeland Security Statistics: Yearbook of Immigration Statistics, Table 1 (2023) - Persons obtaining lawful permanent resident status, FY 1820-2023
  3. National Association of Realtors: International Transactions in U.S. Residential Real Estate (2024-2025) - Foreign buyer purchase data, payment methods, and geographic distribution
  4. U.S. Government Accountability Office: Rental Housing - Institutional Investment in Single-Family Homes (2024) - Institutional investor ownership data and market concentration
  5. Economic Policy Institute: H-1B Visas and Prevailing Wage Levels - 60% of H-1B positions certified at below-median wages; 17-34% wage gap
  6. Harvard Joint Center for Housing Studies: The State of the Nation's Housing 2024 - Housing shortage estimate and price-to-income ratio
  7. National Association of Home Builders: Government Regulation in the Price of a New Home - Regulation accounts for 23.8% of the price of a new single-family home