Commercial Real Estate
As the Need for Affordable Housing Grows, Al Brooks Explains What’s Next for Multifamily Housing
COVID-19 and its economic consequences derailed a high-performing 2020 and created an even greater need for affordable housing.
Al Brooks tells Multi-Housing News that the COVID-19 pandemic derailed projections for a high-performing 2020 and increased the need for affordable housing.
In early 2020, the multifamily housing market was riding an extended trend of positive occupancy and rent growth. But COVID-19 curtailed that momentum, as renters struggled with unemployment and finding—or keeping—affordable housing.
Al Brooks, head of Commercial Real Estate at JPMorgan Chase, told Multi-Housing News that the U.S. multifamily market “is not out of the woods yet” as the pandemic and its economic fallout have created “an affordable housing crisis in nearly every city.” Brooks addressed:
- Reducing construction barriers for low-and moderate-income rental housing
- Why lenders should prepare for an uncertain environment
- Current opportunities for developers and investors