michelle w bowman : welcoming remarks - fedcommunities event welcoming remarks by ms michelle w bowman, member of the board of governors of the federal reserve system, at the fedcommunities event " keys to opportunity in the housing market : research on strategies for preserving and expanding rental housing affordability ", washington dc, 26 september 2023. * * * welcome, and thank you for joining us for the federal reserve's community development research seminar series. this series enables the sharing of important research on economic conditions and opportunities in lower - income communities. we believe that conducting research to better understand these topics is an important way to further the goal of promoting an inclusive u. s. economy. the theme of this year's seminar is " keys to opportunity in the u. s. housing market. " today's event is hosted by the board of governors and the reserve banks of philadelphia, atlanta, and minneapolis, and will focus on the affordability of rental housing and exploring potential strategies to address this important issue. we know that high - quality research can help us understand and address challenging issues, so i appreciate that we are joined by researchers and practitioners to discuss their work on this important topic. individual economic well - being and financial stability are often associated with access to stable, affordable housing. those at the lower end of the income spectrum tend to face the most acute hardships. we often find that renters face housing affordability challenges, in part because renters typically have lower incomes than homeowners. in addition, the median renter also tends to pay substantially more for housing as a percent of their income than many homeowners. as a result, they tend to have less room in their budgets for discretionary expenses, potentially leaving them more vulnerable to income disruptions or unexpected expenses. the most vulnerable populations faced significant risks going into the pandemic, but public policy interventions mitigated many of these risks. some of these policies will be discussed today. the job losses experienced during the pandemic and other economic disruptions exacerbated concerns about ongoing rent affordability and delinquency, but fortunately, those did not materialize. looking back, and with the goal of informing future policymakers facing similar circumstances, the pandemic experience provides a unique opportunity for housing researchers to gain valuable insight into the utility and efficiency of different policy actions. which programs were most effective in supporting renters throughout this period? were some more cost - effective than others?

use regulations impact the availability of low - cost housing? how would novel approaches to housing development increase supply and longevity of affordable units? should practitioners consider more comprehensive programs that include workforce development and financial literacy to help renters and their families achieve economic stability? access to stable, affordable housing is critical for economic well - being, and it provides an important foundation for an individual to fully participate in the economy. i hope that today's discussion is valuable for all our panelists and participants. i am excited that we are able to facilitate an ongoing dialogue among this distinguished group of researchers and practitioners to share information and discuss policy challenges related to affordable rental housing. 2 / 3 bis - central bankers'speeches i hope that these conversations can lead to identifying evidence - based solutions to meet the demand for affordable housing that is so crucial in maintaining vibrant communities. thank you for joining us. 3 / 3 bis - central bankers'speeches