Maryland is facing a housing crisis. And it’s not just hurting some of us, it’s hurting all of us. Maryland currently ranks as the 7th most expensive state to live in, largely due to rising housing costs. Nine out of 10 Marylanders say housing affordability is a major barrier, and one-third of Marylanders ages 18 to 34 say they have access to affordable housing. He says he is considering leaving the state due to a lack of available housing.
This crisis is not just affecting individual lives and livelihoods. It also reduces our economic power. According to the Comptroller’s Economic Conditions Report, Maryland’s economic growth rate was only 1.6%, compared to 13.9% nationally, but this was due to “a decline in affordable housing for low- and moderate-income households.” Availability is a contributing factor.
Marylanders are asking us to act to provide a stable housing market and more affordable options for all. Doing nothing is not an option. Seventy-two percent of Maryland voters think the state should do more to improve rental and homeownership opportunities, according to a new poll commissioned by Greater Greater Washington. We have an obligation to heed their call and tackle this issue head-on.
Our administration has assembled the most comprehensive housing package that any Maryland government has introduced in years. And our plan addresses the root cause of the housing crisis: supply depletion. Since the Great Recession of 2008, the state has not been able to build new housing at an adequate pace to meet demand. The result is a staggering housing shortage of approximately 96,000 units and growing. Our agenda will help close this gap.
Our three bills, the Housing Expansion and Affordability Act of 2024, the Tenant Rights and Stabilization Act of 2024, and the Housing and Community Development Financing Act of 2024, are subject to months of negotiations between state and local governments. This is the result of cooperation and dialogue. Taken together, our bill will spur new housing construction, cut red tape, strengthen long-term financial investments in low-income areas, focus resources on Maryland’s renters, and strengthen the economy. I’ll probably move it again.
Our legislation already has the support of elected officials and village leaders at all levels of the political spectrum and society. We are proud of the fact that the Maryland League of Cities and the Maryland Association of Counties, two of her primary organizations representing city and county leaders, support our plan.
Marylanders are excited about this bill because they know who it will benefit. This would benefit Wheaton teachers who are unable to purchase a home in the area where they grew up. This will be beneficial to her Bernie police officer Glen, who has three children who don’t know how to make ends meet this month. This will benefit Largo’s seniors who can’t afford to move or downsize.
If we want Maryland to succeed this decade, we must put housing first. Our agenda represents important progress in our efforts to improve our state’s housing crisis and ease the burden on Maryland families. So to those of you who are saying we need to make Maryland more affordable and focus on housing affordability, we hear you, we’re moving and this We’re going to pass the bill.
Wes Moore (governor.maryland.gov/contact-the-governor) is the Governor of Maryland. Jake Day (ja******@******nd.gov) is the Secretary of Housing and Community Development.
