Governor Michael S. Barr spoke at Housing Affordability 2026: A Community Development Summit, Federal Reserve Bank of Chicago, Chicago, Illinois.

Primary: https://www.federalreserve.gov/newsevents/speech/barr20260923a.htm — A Long-Term View on the Costs of Shelter. Last Update September 23, 2026. Last-Modified Wed, 23 Sep 2026 14:05:13 GMT.

PDF: https://www.federalreserve.gov/newsevents/speech/files/barr20260923a.pdf.

Estimates put the U.S. housing supply shortfall at roughly 2 million to 5.5 million units. Against a stock of roughly 150 million units, that shortfall is about 1 percent to 4 percent.

On average, the LIHTC creates 110,000 units of affordable housing per year, about 4 million apartments since enactment.

As-of Wed 23 Sep 2026. Federal Reserve.