VOL. 8 ISSUE 3, SEPT. 2024
THE MINNESOTA HOUSING INDUSTRY NEWS SOURCE BY HOUSING FIRST MINNESOTA • HOUSINGINDUSTRYNEWS.ORG
With housing affordability as a top concern, young voters are pushing the issue to the forefront of the upcoming elections.
Housing costs elevate as a campaign issue Affordability takes center stage as voters feel the squeeze of rising prices As housing costs continue to rise, the issue of housing affordability president of legislative and political affairs at Housing First Minnesota. has become a critical concern for voters, increasingly shaping the “As housing costs continue to climb and new housing options are conversation on the campaign trail. With many Americans feeling the limited by government policies, it is no wonder that an increasing squeeze of these prices, the prospect of homeownership has become number of voters are asking candidates up and down the ballot to do a distant dream for many. something about it.” A recent survey conducted by Redfin, which included 3,000 U.S. The leading presidential candidates have acknowledged this growing homeowners and renters, revealed that “housing affordability” is now frustration but offer differing approaches to addressing it. one of the most pressing issues across all age groups. For Generation Vice President Kamala Harris has proposed a $25,000 down Z, in particular, it has emerged as the number one concern, with 91% payment assistance program for first-time homebuyers while also of respondents deeming it “very important” or “somewhat important” pushing for an increase in construction. when considering their choice in the presidential election. “There’s a serious housing shortage,” Harris said. “In many places, This sentiment is echoed in a July poll by the Wall Street Journal, it’s too difficult to build, and it’s driving prices up. As president, I will work in partnership with industry to build the housing we need both which found that housing ranks as the second biggest concern for to rent and to buy.” voters in terms of high prices, second only to groceries. The struggle On the other hand, former President Donald Trump has focused is especially pronounced in Minnesota, where a survey by the Center on borrowing costs in his recent comments on housing. of the American Experiment found that 84% of 18-34-year-olds are concerned about their ability to afford a home. “Under this administration, our current administration, groceries are “This trend has been building for many years,” said Mark Foster, vice up 57%, gasoline is up 60% and 70%, mortgage rates have quadrupled,
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INSIDE THIS ISSUE
US Supreme Court strikes down Chevron doctrine, limiting federal agency PAGE 5
City of St. Cloud works on new strategies for more housing PAGE 9
Pillsbury Castle Project showcases design, history PAGE 14
Realtor commission lawsuit reshapes buyer and seller dynamics in real estate A groundbreaking settlement by the National Association of Realtors (NAR) has sent ripples through the real estate industry, fundamentally altering the traditional framework of how broker commissions are negotiated and paid. As of Aug. 17, the longstanding practice of sellers shouldering the responsibility for compensating buyer agents is no longer the default expectation. This shift comes in the wake of a $1.8 billion jury verdict and subsequent settlement agreements that are reshaping real estate transactions across the country. CONTINUED >> PAGE 5 HOUSING INDUSTRY NEWS
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