NAA Five, for the Week Ending September 19th, 2025

Date postedSeptember 19, 2025
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NAAHQ // Sept. 19, 2025
NAA
 
NAA FIVE
A weekly digest of key rental housing news and takeaways
prepared exclusively for NAA’s leadership
 

The Big Picture: The Federal Reserve has approved a quarter-point interest rate cut. Though empty malls are being converted into housing, San Francisco will not participate. Housing starts continue their steady decline.    
This week’s top stories
What We're Advocating

National Housing Affordability Crisis: This week, the Saving the American Dream Act was introduced in Congress. This bill focuses on solutions to address the national housing affordability crisis. NAA’s President and CEO Bob Pinnegar says that, “the housing undersupply crisis continues to be a defining challenge of our time, and while there have been recent improvements, the supply-demand imbalance varies widely by market.” Read more.  
What We're Saying

Interest Rates: As the Federal Reserve (the Fed) has cut interest rates by a quarter point, NAA’s Vice President of Research George Ratiu says that, “the Fed has been under months of intense pressure to lower rates. Over the past nine months, the central bank has been closely monitoring not only the jobs data but also the trajectory of price gains.” Learn more. 
What We're Doing

Innovative Solutions: The National League of Cities will host a webinar with NAA on October 7 at 2 p.m. ET focused on creative ways to transform vacant commercial spaces into housing. NAA’s 2025 Treasurer Brian Chase will be a speaker. Sign up here to attend. 
What We're Hearing

Supply Challenges: “Despite apartment rents skyrocketing and more energy and events bringing life to San Francisco, almost no new housing is being built anywhere in the city. Creating apartments within the sprawling downtown mall would be even harder.” (San Francisco Chronicle)  

Housing Starts: “Housing starts in the U.S. fell last month to the lowest since May, as bloated home inventory slowed builders’ appetites to boost production.” (Bloomberg) 
 

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