Boyack — Volume 65, Issue 1

America's renter population has grown dramatically while homeownership rates have declined, yet federal housing policy remains locked on promoting owner-occupied housing. Boyack argues that federal government must redirect resources toward affordable rental housing rather than perpetuating the American Dream of homeownership. The article examines how demographic shifts—aging Baby Boomers, delayed family formation, post-foreclosure constraints—mean significant portions of the population cannot realistically achieve homeownership. Rental vacancy rates have reached historic lows, and millions of former homeowners lost properties in foreclosure and face tighter mortgage underwriting standards. Federal policy has consistently prioritized homeownership over renter-specific issues such as affordability, rental supply, and equitable distribution. State and local housing programs remain insufficient to meet ballooning rental demand. Boyack proposes that federal law and agency efforts should allocate resources to expand affordable rental options and encourage private investment in rental housing supply. The article contends that a renter-friendly alternative to the American Dream requires government to free up federal funds, support affordable rental development, and deprioritize the decades-long emphasis on building homeownership. Government must target high-opportunity neighborhoods to ensure equitable access to quality rental housing across income levels and demographic groups.

Topics: Property · Administrative Law · Civil Rights

Keywords: affordable housing · rental market · homeownership · federal housing policy · housing supply · housing affordability