Housing Affordability Squeezed Further as High Inflation and Interest Rates Limit Supply

Inflation continues to be high, largely due to surging housing costs that are sticky and not expected to decline anytime soon
Rents and home prices have increased dramatically over the past couple years, hitting affordability hard for many Americans
New constructions have largely targeted upper-class customers, failing to expand supply and reduce costs for average renters
Higher interest rates meant to curb inflation have actually disincentivized new construction that's needed to grow housing supply
Government spending proposals to boost housing supply could further fuel inflation without addressing the constraint of high interest rates on private developers