The laws of supply and demand dictate that when housing demand outpaces supply, prices go up. In theory, supply increases in response to that demand, and prices stop their climb. The housing market has not followed this pattern in many jurisdictions in the United States: rents and housing prices have risen and vacancies have fallen, but the housing supply has not yet rebounded. With limited housing supply and anemic income growth, millions of households now struggle to afford to house. A growing number of households, including moderate-income households, are cost-burdened, spending more than 30 percent of their income on housing, with the burden greater among renters.