Tampa, state leaders hold 'state of the market' panel on housing affordability
TAMPA, Fla. - Hillsborough County Property Appraiser Bob "Coach" Henriquez hosted a sold-out conference on Wednesday to discuss trends in the Tampa Bay real estate market.
Organizers noted that this year’s State of the Market event is being held against a backdrop of steadily rising property values, "and will highlight the resilience of the Tampa Bay real estate market, both in residential and commercial properties. But these rising values also raise the issue of housing affordability for buyers and renters alike," according to a news release.
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A new report by Havard University's Joint Center for Housing Studies found that homeowners and renters across the US are struggling with high housing costs.
"Millions of potential homebuyers have been priced out of the market by high home prices and interest rates, while the number of renters with cost burdens has hit an all-time high," a JCHS spokesperson summarized.
On a positive note, the report found that a surge in new multifamily rental units is slowing rent growth and increasing single-family construction is starting to lift for-sale inventories.
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"Still, addressing the country's housing crisis, including the record number of people experiencing homelessness, the inadequate housing safety net, and the growing threat of climate change, will require contributions from the private and nonprofit sectors as well as policymakers at all levels of government," the JCHS spokesperson said.
According to organizers of Wednesday's conference in Tampa, Henriquez is trying to foster collaboration between real estate professionals, local government and community organizations to address the issue.
"It’s crucial for us to monitor these trends closely and work together to ensure sustainable and inclusive housing for all residents," Henriquez said. "We are once again witnessing a dynamic real estate market in our area but that is tempered with affordability concerns."
Henriquez said his office is committed to providing accurate assessments and informative insights into the evolving real estate landscape.
"We all have to understand the housing challenges facing our rapidly growing and diverse community," Henriquez said. "One of the best ways is through collaboration between the public, government and the professional real estate sector. If we work together and stay informed on trends and needs in our market, we have a better chance of helping everyone."
Mayor Jane Castor will provide opening remarks to kick off the event, which will feature economist Ryan Severino as the keynote speaker. Severino is the chief economist and head of research at BGO, where he is responsible for global and regional economic research, analysis, and forecasting, as well as property market research, insights, and forecasting.
Severino is an adjunct professor at Columbia University and New York University. Ryan holds a master’s degree from Columbia University and a bachelor’s degree from Georgetown University and is a CFA Charterholder.
His assessments of market conditions have appeared in international publications like The Economist, The Wall Street Journal, The New York Times, and The Financial Times, among others.
More information on the conference can be found here.