Affordability comes from small wins, not One Big, Beautiful Bill

I am seeing far too many opinion pieces that dismiss housing policy proposals because they don’t fix everything at once.

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You probably have seen this play out: A bill is introduced or an executive action is announced that would modestly increase supply, improve affordability or reduce friction in the market and the response is predictable: It won’t solve the housing crisis.

As if the only acceptable solution is a single, sweeping policy that instantly makes housing affordable everywhere for everyone. That mindset is not just unrealistic, it’s counterproductive.

Imagine if the creators of Impossible Foods had decided not to release their plant-based meat substitute because it alone wouldn’t eradicate world hunger. The product dramatically reduces environmental impact, uses fewer resources and improves health outcomes.

Yet by that logic, none of those benefits would matter unless they solved the entire problem. Thankfully, innovation doesn’t work that way. Progress comes from accumulation.

Housing policy should be no different.

Policies to watch as we work toward affordability

• Take the ROAD to Housing Act. It targets regulatory barriers and financing inefficiencies that slow development, especially for smaller builders. No one claims it will cure affordability overnight, but it meaningfully reduces friction in the system.
• The More Homes on the Market Act encourages homeowners to sell by addressing capital gains constraints that discourage turnover. More listings mean more options, especially for first-time buyers who are currently locked out.
• The Housing Supply Frameworks Act helps states and localities modernize zoning and land-use rules. It doesn’t mandate density everywhere, but it creates pathways for communities that want to add supply to do so more easily.
• The Revitalizing Downtowns and Main Streets Act focuses on converting underused commercial properties into housing. Anyone who has walked through a half-empty downtown knows this is low-hanging fruit — not a panacea, but a practical win.
• The Uplifting First-Time Homebuyers Act improves access to down payment assistance and financing tools. It won’t make homes cheap, but it helps qualified buyers compete in tight markets.
• The Fair and Equal Housing Act strengthens enforcement against discrimination and modernizes fair housing protections — a reminder that availability and affordability mean little if access isn’t equitable.

Each of these proposals “moves the needle.” None solves everything. Together, they matter.

Beyond Congress, there’s momentum at other levels. States are legalizing accessory dwelling units. Cities are reducing minimum lot sizes and parking requirements and reexamining all the built-in regulatory costs added to new construction.

Regulators are expanding manufactured housing options and considering relaxing the requirement for expensive environmental features. Some jurisdictions are experimenting with zoning overlays and density bonuses. Even bond financing proposals aimed at infrastructure and housing production can ease constraints over time.

If there is one policy lever that could produce an outsized impact quickly, it would be a reduction, or even total elimination, of capital gains taxes for residential real estate, even if only temporary. Even a short-term adjustment could unlock inventory from long-time owners who want to move but can’t justify the tax hit.

More supply doesn’t require subsidies if sellers are willing to sell. But let’s not withhold our support for every other good idea in play to hold out for the proposals we want related to capital gains.

Last fall, I participated in the National Housing Affordability Crisis Summit in Washington, D.C. At the conclusion of the event, I talked with Rep. Jimmy Gomez of California and suggested to him that we don’t need to choose between ideas; we need to enact all of them. I was encouraged when he agreed.

That moment stuck with me because it reflected what’s missing from so much public discourse: a willingness to stack solutions instead of pitting them against one another.

Housing is too complex for silver bullets. It always has been.

Progress will come from dozens of reforms — legislative, regulatory, executive and local — each removing one obstacle, lowering one cost or opening one more door. Nickel-and-dime changes add up, especially in a market as large and consequential as housing.

So, here’s the call to action: Pay attention over the next several months for when the National Association of Realtors’ advocacy team issues a request to support one of these proposals. Follow NAR’s instructions on what to do. And don’t let the fact that no single idea solves everything stop you from pushing for any good idea to become law. 

Moving the needle still moves us forward — and right now, forward is exactly where we need to go.

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