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 A top official from the U.S. Department of Housing and Urban Development joined policy experts from the National Association of Realtors® on Thursday to discuss solutions for the nation's historic housing supply shortage. The virtual policy forum went in depth on research commissioned by NAR and authored by the Rosen Consulting Group, which found that the U.S. is in the midst of an "underbuilding gap" of around 6 million housing units dating back to 2001. The report, Housing is Critical Infrastructure, has taken center stage in national conversations on housing policy, particularly after President Joe Biden last week reiterated his administration's focus on housing as part of its broader infrastructure push.

"The U.S. housing shortage is … the result of more than a decade of severe underbuilding and underinvestment," NAR President Charlie Oppler said to open Thursday's event. "Reaching the necessary volume will require a major, long-term national commitment … [and] building all types of new housing must be an integral part of any national infrastructure plan. Like roads and bridges … housing is an essential long-term asset that helps families climb the economic ladder to prosperity, brings folks closer to job opportunities, and generates tax revenue that supports community residents."

President Biden is aiming for what he called a "historic investment" in housing that would generate 2 million additional homes in the U.S. through construction and rehabilitation.