Build More and Subsidize Better
Housing affordability is having its long-overdue reckoning, and communities are facing a real “affordability choice.”
We can play offense by letting the market build and play defense by protecting the most vulnerable, but we can’t smother offense with blunt rules and expect good results. In plain terms, the durable path is simple: build more homes and subsidize better for the people the market won’t reach.
What “build more” really means
When I say build more, I don’t mean “hope for cranes.” I mean making housing legal, fundable, and buildable in the real world… not just on paper. In thriving markets, new supply can relieve pressure across the system. It also creates something we don’t talk about enough: breathing room. In several markets I’ve worked in, the first visible relief for families came not from the brand-new buildings, but from older apartments finally having to compete again.
What “subsidize better” really means
At the same time, no amount of market production will ever house everyone. Even in thriving markets, the main subsidy need is not usually a simple gap between construction cost and fair market value. More often, the challenge is being intentional about who subsidies are designed to reach and what outcomes they should produce across both rental and ownership housing. Households with the lowest incomes, seniors on fixed incomes, extremely low-wage workers, people exiting homelessness, survivors who need stability now need durable public subsidy and protection. But “subsidize better” also means using ownership tools where they fit: helping first-generation and moderate-income buyers access homes, financing shared-equity or community land trust models and ensuring affordable for-sale units stay affordable over time. In short, subsidizing better means aiming scarce dollars where the market cannot go and structuring those dollars to deliver lasting stability, wealth-building, and community resilience not one-off patches. It means looking at communities holistically and designing subsidies that stabilize them now while putting them back on track to generate growth from within.
The choice shows up as logistics, not ideology
In city after city, I’ve seen the same pattern: the ‘choice’ doesn’t fall apart in council chambers, it falls apart in the queue.
It’s the inspection backlog that quietly adds six months.
It’s the utility hookup that takes a year.
It’s the underwriting gap that stalls a preservation deal even when the will is there.
It’s a building code that makes a four-story infill walk-up pencil only in theory.
When communities remove those frictions, two things happen at once: homes start getting built and residents begin to trust again, trust that neighborhoods won’t be displaced while affordability improves, and trust that promises will translate into doors they can actually walk through.
Why this frame holds up
In one large multi-city study, a 10% increase in housing supply was linked to noticeably slower rent growth, especially in ‘Class C’ units, exactly where affordability pressure hits first.
That doesn’t mean “build more” is a magic wand. It means supply is necessary, even if not sufficient, and it works best when paired with subsidy that is targeted and durable.
Offense and defense, in one breath
So, what does good offense and good defense look like at a high level?
Offense is removing the barriers that keep homes from being built. It’s about turning “allowed” housing into “delivered” housing by aligning zoning, approvals, infrastructure, and capital.
Defense is protecting people the market won’t protect. It’s using ongoing operating support, preservation tools, and anti-displacement strategies so that growth doesn’t come at the cost of stability for the lowest-income neighbors.
Where we go next
This post is the frame. In the next few posts, I’ll go deeper on the parts that actually make or break affordability in different places, including:
How to cut approval and utility timelines without sacrificing safety.
What I’ve learned from fast-growth metros vs. legacy coastal cities.
How NOAH preservation and mission-driven acquisition can move faster than new construction.
How to design subsidy so it reaches the families markets never will.
A practical 12-month playbook communities can run anywhere, tailored, not templated.
Affordability isn’t a mystery anymore. It’s a test of execution and of trust.
If your community is ready to build more and subsidize better, I’d love to help you turn this frame into a concrete, 12-month plan.