New Mexico Faces 90,000-Unit Housing Shortage Highlighted at Albuquerque Summit

New Mexico is facing a significant housing shortage, estimated at around 90,000 units statewide, far exceeding previous estimates of about 32,000 units, driven by factors like job growth in oil, gas, and tech sectors, according to Todd Clarke at the New Mexico Housing Summit in Albuquerque. The summit, which draws hundreds of housing professionals and leaders, highlights challenges including rising construction costs, high interest rates, and economic headwinds reducing housing production despite increased spending. The Mortgage Finance Authority projects producing fewer units in the coming fiscal year, with rising prices particularly in Albuquerque limiting affordable housing availability. Similar housing challenges are being addressed in other regions, such as Wales and Tennessee, where regional leaders and policymakers are focused on affordable housing development, cost reduction strategies, and community regeneration projects. These gatherings emphasize collaborative solutions and the importance of sharing best practices to tackle housing affordability and supply issues at local and state levels. Resources and programs for first-time homebuyers and families seeking affordable housing are also being promoted alongside professional discussions on housing policy and development.