John Kerry: “while we are facing new difficulties in the mortgage and subprime markets, we cannot forget the ongoing and deepening…”

“while we are facing new difficulties in the mortgage and subprime markets, we cannot forget the ongoing and deepening crisis that affordable rental housing presents for our Nation. Long-term changes in the housing market have dramatically limited the availability of affordable rental housing across the country and have severely increased the cost of rental housing that remains. As a result, more and more families are forced to pay more than 50 percent of their income for housing. In 2005, a record 37.3 million households paid more than 30 percent of their income on housing costs, according to the Nation's Housing 2007 Report from the Joint Center for Housing Studies at Harvard University. Approximately 17 million families paid more than half of their incomes on housing costs. This is unacceptable. Our Nation must act to ease this rental housing crisis by producing more affordable housing options. We can no longer ignore the lack of affordable housing and the impact it is having on families and children around the country. I believe it is time for our Nation to take a new path--one that insures that all Americans, especially our poorest children, have the opportunity to live in decent and safe housing. Housing construction is a critical part of our economy. Unfortunately, just yesterday the Commerce Department reported that construction of new homes dropped by 5.5 percent last month, the lowest level since April 1991.”