Despite these steady gains, completions and placements totaled only 1.2 million units last year—the lowest annual production, excluding 2008–2018, going back to 1982… according to Joint Center for Housing Studies estimates, annual construction should now be on the order of 1.5 million units, or about 260,000 higher than in 2018.”), https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard_JCHS_State_of_the_Nations_Housin g_2019%20%281%29.pdf. 4  -3factors, including higher home prices and stricter lending standards.
5 For those who have purchased a home, higher home prices have translated into higher debt levels relative to household income. For renters, available subsidies or programs for affordable housing have fallen short of the need, particularly in higher cost cities, while new higher-end rental housing has increased significantly since the financial crisis.