The U.S. affordable-housing system is producing too few homes for the poorest renters while leaving some units vacant because rents and application requirements increasingly resemble market-rate housing. About 4 million affordable rental units are available for 11 million extremely low-income renter households, according to the National Low Income Housing Coalition. These households earn below federal poverty guidelines or no more than 30% of area median income, and roughly three-quarters spend more than half their income on rent and utilities. Yet only about 12% of units financed through the Low-Income Housing Tax Credit in 2024 were designated for this group. In Austin, more than 4,500 affordable units were vacant, a nearly 16% vacancy rate, even as people such as Mathew Davis remained homeless or unable to afford available homes. Housing vouchers can bridge the gap but reach only about one in four eligible families, with waiting lists that can last years. Austin built just 543 of the 20,000 units targeted for extremely low-income residents between 2018 and 2027, while completing all 15,000 units planned for households earning 60% to 80% of area median income.