2024 Election Results: What They Mean for Affordable Housing

The 2024 election results have brought significant attention to housing policies across the United States, with voters approving major funding measures for affordable housing in several regions. From Charlotte to Los Angeles, cities and states have committed hundreds of millions of dollars to tackle the housing crisis. However, as Redfin Chief Economist Daryl Fairweather pointed out, the real challenge lies in ensuring these funds translate into tangible housing supply amidst regulatory hurdles.

Major Wins for Affordable Housing Initiatives

In several key areas, voters approved substantial investments in affordable housing:

Charlotte, NC: A $100 million bond measure was passed to fund affordable housing construction and maintenance, aiming to alleviate the region’s rising rental costs, which have surged by 27% since 2019.
Baltimore, MD: Voters approved $20 million in bonds for affordable housing development, addressing the city’s 8.5% annual increase in asking rents.
Rhode Island: The state made a historic move by approving $120 million in bonds to boost housing supply, a response to the pandemic-driven surge in housing demand.

These investments reflect growing voter willingness to tackle the housing affordability crisis, but concerns about zoning restrictions and red tape persist.

Rhode Island remodeling companies — Rhode Island | Image from Canva

Mixed Outcomes in California

California, often at the center of housing policy debates, saw mixed results. Voters rejected Prop 33, which would have introduced stricter rent control measures, and Prop 5, which sought to lower the threshold for passing affordable housing bonds. These outcomes highlight ongoing tensions between immediate relief measures and long-term supply solutions.

However, there were some victories. San Francisco’s Prop G passed, allocating $8.25 million annually for rental subsidies for very low-income households. Similarly, Los Angeles approved Measure A, which increases sales tax to fund affordable housing and homelessness services. Despite these efforts, Fairweather warns that subsidies and tax measures alone are insufficient without reducing regulatory barriers to construction.

California Housing Market Under Trump - The Home Atlas — California USA

Missed Opportunities in Denver and Hoboken

Not all cities embraced housing measures in the 2024 election results. Denver narrowly voted against Ballot Issue 2R, a sales tax increase that would have generated $100 million annually for affordable housing. In Hoboken, NJ, voters rejected a proposal to loosen rent controls on vacant units, a measure that could have incentivized new developments.

Fairweather emphasized that while rent control policies aim to protect tenants, they often discourage property owners from investing in new housing, exacerbating the supply shortage.

New Jersey Affordable Housing Reforms — New Jersey

The Bigger Picture: Focus on Housing Supply

As the 2024 election results demonstrate, housing affordability remains a high-stakes issue nationwide. While voters are increasingly willing to allocate funds toward affordable housing, these efforts must be paired with reforms that facilitate new construction. Policies that increase housing density, particularly in economically thriving neighborhoods, are essential to making meaningful progress.

Fairweather’s analysis underscores the need for leaders to prioritize supply-side solutions over demand-side subsidies. Without addressing regulatory barriers, even the most significant financial investments may fall short of their intended impact.

The 2024 election results mark an important step toward addressing the housing crisis, with voters demonstrating strong support for affordable housing initiatives. However, as Fairweather and other experts note, the success of these measures will depend on the ability to translate funding into actionable solutions. By focusing on increasing housing supply and streamlining regulations, policymakers can ensure that these investments yield lasting benefits for communities across the nation.