Empty Affordable Housing

Thousands of Affordable Housing Units Sit Empty While Poorest Americans Face Severe Shortages

The poorest in the US face acute shortages of affordable housing, with over 4,500 units designated as affordable in Austin, Texas, and nearly 16% of these units empty. The majority of low-income housing financed in recent years is for those earning 50% of an area's median income or above, according to a survey of state housing agencies. Some cities are seeing an increase in vacancies as rents for these units approach market rates. The Low-Income Housing Tax Credit, a federal program providing tax credits to developers in exchange for keeping rents low for at least 30 years, has financed nearly 4 million affordable units nationwide since its creation 40 years ago. However, experts argue that it's inefficient and more costly than housing vouchers.