New Penn Report Says More Rental Housing Could Prevent Foreclosures

Glenside, PA – April 29, 2009 – (RealEstateRama) — Incentives to produce more quality rental housing could help stem the current housing crisis and promote long-term economic stability, according to a new study released today by the Fels Institute of Government and the Housing Alliance of Pennsylvania. Study author and Fels consultant John Kromer calls the lack of reasonable rental alternatives to homeownership a factor in the housing market collapse.

“As steps are being taken to assist families who have lost their homes or are threatened with foreclosure, now is the time for action to reconstitute healthy rental housing markets as an economic development priority for Pennsylvania cities and towns,” said Kromer.

Liz Hersh, Executive Director of the Housing Alliance, said the Fels report jump-starts a needed conversation about models of rental housing that are already proving successful in Pennsylvania. “Leading by example, he shows us, as consumers, providers, and policy makers, the benefits that a strong, viable rental market brings to communities of every size and type,” Hersh said.

4-29-09 Press release Fels Rental Report YORK PA.pdf