An Effort to Solve America’s Affordable Housing Crisis
At Capital One, we believe there is always a better way. We’re committed to investing in affording living solutions.
October 25, 2019
Across the United States, housing affordability has become one of our biggest social challenges. A 2018 study by the Pew Charitable Trusts showed that 38 percent of U.S. renter households are rent-burdened, meaning they are spending 30 percent or more of their income on housing. That figure represents an almost 20 percent jump in rent-burdened households since 2001. Pair that with the fact that rent increases have been directly tied to rising homelessness rates in hundreds of cities across the U.S., and one thing becomes very clear: America is in a housing affordability crisis and creative solutions are needed to ease the burden.
Creating Affordable Housing Options
At Capital One, we believe doing good as a company means doing good in our communities. When we measure social impact, we often think about our effect on people’s economic futures, how we care for our customers and associates, and our stewardship of natural resources and the environment. But at a time when more and more individuals and families are being priced out of safe housing options, we must also ask how we can marshal Capital One’s collective ingenuity and resources to create more affordable housing, because there is always a better way.
One thing we know for sure - we cannot do it alone. Over the years, we’ve had the privilege of working closely with a number of leaders and public programs focused on affordable housing - like Plaza West for grandfamilies and Karis Village for homeless veterans - efforts which have given us the confidence to grow initiatives and invest in quality, affordable living solutions across the U.S.
Exploring Solutions at CityLab DC
That’s why we’re working with CityLab, an event bringing together mayors, policymakers, business leaders, artists and activists for two days in Washington, D.C. to explore solutions to the most pressing issues facing city leaders and residents alike. The event will delve into a central question: In a time of discourse and opportunity around the world, who has the power to improve cities and unlock new solutions to urban challenges?
Through panel discussions, one-on-one conversations, workshops and field trips, the event will showcase the dynamism and ingenuity that drive a thriving city.
Capital One is especially excited to host discussions on what it will take to alleviate the urban housing crisis and how to find a home in affordable housing, and give attendees a tour of the Plaza West community, to experience the specially tailored support services provided there for grandfamilies, including firsthand commentary from current residents.
We hope you’ll follow along and contribute to the conversation through #CityLabDC.