In 1970, there was a surplus of 300,000 affordable housing units in the U.S. But then, in the 1980s, affordable housing began to evaporate. The Reagan administration slashed funding. Federal spending on housing assistance fell by 50 percent between 1976 and 2002. At the same time, gentrification sped up, with cities getting rid of cheap housing like single room occupancy units and replacing them with more expensive stock, and units being built were more often for co-ops and condos for ownership instead of rent. Federal incentives to build affordable housing dried up. Add to that the AIDs crisis, the deinstitutionalization of the mentally ill, cutbacks to the social safety net, and the rise in incarceration and subsequent hurdles for reentry, and you have today’s crisis.
Source: thinkprogress.org
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