A majority of U.S. mayors believe housing affordability in their cities will worsen over the next year, according to a new survey of bipartisan mayors conducted by the U.S. Conference of Mayors (USCM) in partnership with the Bipartisan Policy Center and the Capital One Insights Center. The survey includes responses from 68 cities in 30 states and the District of Columbia, representing a combined population of 20 million.
Although many mayors are pursuing local strategies such as land use reforms and new funding tools to address this issue, they also pointed to broader economic conditions as a contributing factor. Two-thirds said national economic trends are worsening affordability in their communities.
The most common challenges mayors cite are the direct costs of housing development—materials, labor, and land—along with the ability to secure private or federal funding. Looking ahead, mayors identified several federal-level issues that could further strain their efforts, with most citing changes to federal policy and programs.
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
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An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
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The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
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