NEWPORT NEWS, Va. — Virginia leaders said the 40-year high inflation rate is only making matters worse for the existing housing affordability crisis.
On Wednesday, several state leaders, including Congressman Bobby Scott and Del. Marcia Price, held a roundtable discussion to find a solution to the problem.
"In addition to inflation, it's getting worse and it's not just the affordability, it's the supply," said Congressman Scott.
According to data from the Mortgage Bankers Association, mortgage interest rates in the U.S. jumped above 7%, which is the highest Americans have seen since 2001.
"We want to make sure affordable housing is available, it's safe, and that we are preventing evictions. That is what this conversation is continuing today," said Del. Price.
Del. Price said she planned on submitting three bills to the Virginia 2023 session that will combat rising prices in housing. In addition to this, Scott said there are several avenues that could be used to better conditions for tenants and that includes improving existing programs.
"The Choice Neighborhoods will give a much-needed option to several families and we are in the process of building two of these right now," said Congressman Scott. "One is in Newport News, the other is in Norfolk, and we are looking forward to many low and middle-income housing options."
Congressman Scott and Del. Price hoped this roundtable discussion is the start of several brainstorming opportunities to combat the housing crisis.
All draft bills must be submitted by December 1, and Virginia's General Assembly will convene on January 11, 2023.