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Sky-high housing costs are a top concern for many Americans. In the wake of the pandemic, median home sale prices reached their highest level in at least 50 years compared with household income; rents outpaced earnings as well. Relatively high mortgage rates — the 30-year fixed-rate mortgage rose to an average of 6.72% at the end of July, from 4.46% over the previous decade — have certainly contributed to the affordability crisis. Mayor Yadira Ramos-Herbert of New Rochelle, NY discusses her city’s distinct housing model, public and private partnerships furthering the model, and how it all keeps rents steady. She also discusses the future of the housing model and how other communities across the US can adopt similar processes. She joins Bloomberg Businessweek Daily. (Source: Bloomberg)
