Enterprise Community Partners has been running a renter wealth-building program since 2022. How’s it going? And what comes next?Show notes:<ul><li><a href='https://www.enterprisecommunity.org/impact-areas/upward-mobility/renter-wealth-creation'>Enterprise Community Partners’ Renter Wealth Creation Fund website.</a></li><li><a href='https://www.enterprisecommunity.org/sites/default/files/2023-09/Enterprise-Preservation-Equity-RWCF-Term-Sheet.pdf'>The Renter Wealth Creation Fund term sheet.</a></li><li><a href='https://www.lewis.ucla.edu/2026/03/05/108-building-wealth-by-renting-with-shane-phillips-and-bob-simpson/'>UCLA Housing Voice episode 108: Building Wealth by Renting with Shane Phillips and Bob Simpson.</a></li><li>Phillips, S. (2025). <a href='https://www.lewis.ucla.edu/research/building-renter-wealth-spr-housing-program-design-feasibility/'>Building Renter Wealth: An Evaluation of Shared Prosperity Rental (SPR) Housing Program Design and Feasibility.</a> UCLA Lewis Center for Regional Policy Studies.</li><li><a href='https://www.lewis.ucla.edu/wp-content/uploads/sites/17/2025/12/2025-execsum_SPR-Housing.pdf'>Executive summary for the SPR report.</a></li></ul>

<description>&lt;p&gt;Enterprise Community Partners has been running a renter wealth-building program since 2022. How’s it going? And what comes next?&lt;/p&gt;&lt;p&gt;&lt;b&gt;Show notes:&lt;/b&gt;&lt;/p&gt;&lt;ul&gt;&lt;li&gt;&lt;a href='https://www.enterprisecommunity.org/impact-areas/upward-mobility/renter-wealth-creation'&gt;Enterprise Community Partners’ Renter Wealth Creation Fund website.&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href='https://www.enterprisecommunity.org/sites/default/files/2023-09/Enterprise-Preservation-Equity-RWCF-Term-Sheet.pdf'&gt;The Renter Wealth Creation Fund term sheet.&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href='https://www.lewis.ucla.edu/2026/03/05/108-building-wealth-by-renting-with-shane-phillips-and-bob-simpson/'&gt;UCLA Housing Voice episode 108: Building Wealth by Renting with Shane Phillips and Bob Simpson.&lt;/a&gt;&lt;/li&gt;&lt;li&gt;Phillips, S. (2025). &lt;a href='https://www.lewis.ucla.edu/research/building-renter-wealth-spr-housing-program-design-feasibility/'&gt;Building Renter Wealth: An Evaluation of Shared Prosperity Rental (SPR) Housing Program Design and Feasibility.&lt;/a&gt; UCLA Lewis Center for Regional Policy Studies.&lt;/li&gt;&lt;li&gt;&lt;a href='https://www.lewis.ucla.edu/wp-content/uploads/sites/17/2025/12/2025-execsum_SPR-Housing.pdf'&gt;Executive summary for the SPR report.&lt;/a&gt;&lt;/li&gt;&lt;/ul&gt;</description>

Enterprise Community Partners has been running a renter wealth-building program since 2022. How’s it going? And what comes next? Show notes: Enterprise Community Partners’ Renter Wealth Creation Fund website.The Renter Wealth Creation Fund term sheet.UCLA Housing Voice episode 108: Building Wealth by Renting with Shane Phillips and Bob Simpson.Phillips, S. (2025). Building Renter Wealth: An Evaluation of Shared Prosperity Rental (SPR) Housing Program Design and Feasibility. UCLA Lewis Center ...

UCLA Housing Voice

Ep. 109: The Renter Wealth Creation Fund with Chris Herrmann

Joined by a 20-year veteran of Fannie Mae, Shane shares findings from his work on a proposed new model for building renter wealth: shared prosperity rental housing.Show notes:<ul><li>Phillips, S. (2025). <a href='https://www.lewis.ucla.edu/research/building-renter-wealth-spr-housing-program-design-feasibility/'>Building Renter Wealth: An Evaluation of Shared Prosperity Rental (SPR) Housing Program Design and Feasibility.</a> UCLA Lewis Center for Regional Policy Studies.</li><li><a href='https://www.lewis.ucla.edu/wp-content/uploads/sites/17/2025/12/2025-execsum_SPR-Housing.pdf'>Executive summary for the SPR report.</a></li><li>Shane’s 2021 article in The Atlantic, <a href='https://www.theatlantic.com/ideas/archive/2021/03/why-its-better-to-rent-than-to-own/618254/'>“Renting is Terrible, Owning is Worse.”</a></li><li>Shane’s blog posts <a href='https://www.betterinstitutions.com/blog/2021/2/2/rental-pension-social-housing-compete-with-homeownership'>preceding</a> and <a href='https://www.betterinstitutions.com/blog/shared-equity-rental-market-blueprint-regional-coops'>following</a> the article in The Atlantic.</li><li>Monkkonen, P., Carlton, I., &amp; Macfarlane, K. (2020). <a href='https://escholarship.org/uc/item/8gh2x0tj'>One to four: The market potential of fourplexes in California’s single-family neighborhoods.</a> UCLA Lewis Center for Regional Policy Studies.</li><li><a href='https://multifamilyimpactcouncil.org/impact-investing-standard/'>The Multifamily Impact Council’s Multifamily Impact Framework.</a></li><li><a href='https://www.enterprisecommunity.org/impact-areas/upward-mobility/renter-wealth-creation'>Enterprise Community Partners’ Renter Wealth Creation Fund website.</a></li><li><a href='https://www.coloradorenterrewards.com/'>Colorado Renter Rewards program website.</a></li></ul>

<description>&lt;p&gt;Joined by a 20-year veteran of Fannie Mae, Shane shares findings from his work on a proposed new model for building renter wealth: shared prosperity rental housing.&lt;/p&gt;&lt;p&gt;&lt;b&gt;Show notes:&lt;/b&gt;&lt;/p&gt;&lt;ul&gt;&lt;li&gt;Phillips, S. (2025). &lt;a href='https://www.lewis.ucla.edu/research/building-renter-wealth-spr-housing-program-design-feasibility/'&gt;Building Renter Wealth: An Evaluation of Shared Prosperity Rental (SPR) Housing Program Design and Feasibility.&lt;/a&gt; UCLA Lewis Center for Regional Policy Studies.&lt;/li&gt;&lt;li&gt;&lt;a href='https://www.lewis.ucla.edu/wp-content/uploads/sites/17/2025/12/2025-execsum_SPR-Housing.pdf'&gt;Executive summary for the SPR report.&lt;/a&gt;&lt;/li&gt;&lt;li&gt;Shane’s 2021 article in The Atlantic, &lt;a href='https://www.theatlantic.com/ideas/archive/2021/03/why-its-better-to-rent-than-to-own/618254/'&gt;“Renting is Terrible, Owning is Worse.”&lt;/a&gt;&lt;/li&gt;&lt;li&gt;Shane’s blog posts &lt;a href='https://www.betterinstitutions.com/blog/2021/2/2/rental-pension-social-housing-compete-with-homeownership'&gt;preceding&lt;/a&gt; and &lt;a href='https://www.betterinstitutions.com/blog/shared-equity-rental-market-blueprint-regional-coops'&gt;following&lt;/a&gt; the article in The Atlantic.&lt;/li&gt;&lt;li&gt;Monkkonen, P., Carlton, I., &amp;amp; Macfarlane, K. (2020). &lt;a href='https://escholarship.org/uc/item/8gh2x0tj'&gt;One to four: The market potential of fourplexes in California’s single-family neighborhoods.&lt;/a&gt; UCLA Lewis Center for Regional Policy Studies.&lt;/li&gt;&lt;li&gt;&lt;a href='https://multifamilyimpactcouncil.org/impact-investing-standard/'&gt;The Multifamily Impact Council’s Multifamily Impact Framework.&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href='https://www.enterprisecommunity.org/impact-areas/upward-mobility/renter-wealth-creation'&gt;Enterprise Community Partners’ Renter Wealth Creation Fund website.&lt;/a&gt;&lt;/li&gt;&lt;li&gt;&lt;a href='https://www.coloradorenterrewards.com/'&gt;Colorado Renter Rewards program website.&lt;/a&gt;&lt;/li&gt;&lt;/ul&gt;</description>

Joined by a 20-year veteran of Fannie Mae, Shane shares findings from his work on a proposed new model for building renter wealth: shared prosperity rental housing. Show notes: Phillips, S. (2025). Building Renter Wealth: An Evaluation of Shared Prosperity Rental (SPR) Housing Program Design and Feasibility. UCLA Lewis Center for Regional Policy Studies.Executive summary for the SPR report.Shane’s 2021 article in The Atlantic, “Renting is Terrible, Owning is Worse.”Shane’s blog posts precedin...

Ep. 108: Building Wealth by Renting with Shane Phillips and Bob Simpson

Fixed-rate mortgages are expensive, but adjustable-rate mortgages are volatile — but do they have to be? Kevin Erdmann pitches an alternative that captures the best qualities of both. This is part 9 of our series on misaligned incentives in housing policy.Show notes:<ul><li>Erdmann, K. (2021). <a href='https://www.mercatus.org/research/policy-briefs/suggested-mortgage-amortization-structure-fixed-amortization-adjustable'>A Suggested Mortgage Amortization Structure: Fixed Amortization, Adjustable Principal.</a> Mercatus Center.</li><li>UCLA Housing Voice episode 106: <a href='https://www.lewis.ucla.edu/2026/01/21/106-mortgage-lending-standards-with-kevin-erdmann-incentives-series-pt-8/'>Mortgage Lending Standards with Kevin Erdmann.</a></li></ul>

<description>&lt;p&gt;Fixed-rate mortgages are expensive, but adjustable-rate mortgages are volatile — but do they have to be? Kevin Erdmann pitches an alternative that captures the best qualities of both. This is part 9 of our series on misaligned incentives in housing policy.&lt;/p&gt;&lt;p&gt;&lt;b&gt;Show notes:&lt;/b&gt;&lt;/p&gt;&lt;ul&gt;&lt;li&gt;Erdmann, K. (2021). &lt;a href='https://www.mercatus.org/research/policy-briefs/suggested-mortgage-amortization-structure-fixed-amortization-adjustable'&gt;A Suggested Mortgage Amortization Structure: Fixed Amortization, Adjustable Principal.&lt;/a&gt; Mercatus Center.&lt;/li&gt;&lt;li&gt;UCLA Housing Voice episode 106: &lt;a href='https://www.lewis.ucla.edu/2026/01/21/106-mortgage-lending-standards-with-kevin-erdmann-incentives-series-pt-8/'&gt;Mortgage Lending Standards with Kevin Erdmann.&lt;/a&gt;&lt;/li&gt;&lt;/ul&gt;</description>

Fixed-rate mortgages are expensive, but adjustable-rate mortgages are volatile — but do they have to be? Kevin Erdmann pitches an alternative that captures the best qualities of both. This is part 9 of our series on misaligned incentives in housing policy. Show notes: Erdmann, K. (2021). A Suggested Mortgage Amortization Structure: Fixed Amortization, Adjustable Principal. Mercatus Center.UCLA Housing Voice episode 106: Mortgage Lending Standards with Kevin Erdmann.

Ep. 107: A Better Mortgage with Kevin Erdmann (Incentives Series pt. 9)

This is the shortened &quot;highlights&quot; version of episode 106. You can listen to the full interview <a href='https://www.lewis.ucla.edu/2026/01/21/106-mortgage-lending-standards-with-kevin-erdmann-incentives-series-pt-8/'>here</a>.Was the housing market really oversupplied in the mid-2000s? Kevin Erdmann says no, and he explains how this misunderstanding is at the root of present-day affordability problems. This is part 8 of our series on misaligned incentives in housing policy.Show notes:<ul><li>Erdmann, K. (2018). <a href='https://www.mercatus.org/research/policy-briefs/housing-was-undersupplied-during-great-housing-bubble'>Housing Was Undersupplied during the Great Housing Bubble.</a> Mercatus Center.</li><li>Erdmann, K. (2024). <a href='https://www.mercatus.org/research/policy-briefs/getting-corporate-money-out-single-family-homes-wont-help-housing'>Getting Corporate Money Out of Single-Family Homes Won’t Help the Housing Affordability Crisis.</a> Mercatus Center.</li><li>Erdmann Housing Tracker: <a href='https://kevinerdmann.substack.com/p/mortgages-outstanding-by-credit-score'>Mortgages Outstanding by Credit Score</a></li><li>Erdmann Housing Tracker: <a href='https://kevinerdmann.substack.com/p/follow-up-mortgages-by-credit-score'>Follow-Up: Mortgages by Credit Score</a></li><li>Erdmann, K. (2021). <a href='https://www.mercatus.org/research/policy-briefs/suggested-mortgage-amortization-structure-fixed-amortization-adjustable'>A Suggested Mortgage Amortization Structure: Fixed Amortization, Adjustable Principal.</a> Mercatus Center.</li></ul>

<description>&lt;p&gt;This is the shortened &amp;quot;highlights&amp;quot; version of episode 106. You can listen to the full interview &lt;a href='https://www.lewis.ucla.edu/2026/01/21/106-mortgage-lending-standards-with-kevin-erdmann-incentives-series-pt-8/'&gt;here&lt;/a&gt;.&lt;/p&gt;&lt;p&gt;Was the housing market really oversupplied in the mid-2000s? Kevin Erdmann says no, and he explains how this misunderstanding is at the root of present-day affordability problems. This is part 8 of our series on misaligned incentives in housing policy.&lt;/p&gt;&lt;p&gt;&lt;b&gt;Show notes:&lt;/b&gt;&lt;/p&gt;&lt;ul&gt;&lt;li&gt;Erdmann, K. (2018). &lt;a href='https://www.mercatus.org/research/policy-briefs/housing-was-undersupplied-during-great-housing-bubble'&gt;Housing Was Undersupplied during the Great Housing Bubble.&lt;/a&gt; Mercatus Center.&lt;/li&gt;&lt;li&gt;Erdmann, K. (2024). &lt;a href='https://www.mercatus.org/research/policy-briefs/getting-corporate-money-out-single-family-homes-wont-help-housing'&gt;Getting Corporate Money Out of Single-Family Homes Won’t Help the Housing Affordability Crisis.&lt;/a&gt; Mercatus Center.&lt;/li&gt;&lt;li&gt;Erdmann Housing Tracker: &lt;a href='https://kevinerdmann.substack.com/p/mortgages-outstanding-by-credit-score'&gt;Mortgages Outstanding by Credit Score&lt;/a&gt;&lt;/li&gt;&lt;li&gt;Erdmann Housing Tracker: &lt;a href='https://kevinerdmann.substack.com/p/follow-up-mortgages-by-credit-score'&gt;Follow-Up: Mortgages by Credit Score&lt;/a&gt;&lt;/li&gt;&lt;li&gt;Erdmann, K. (2021). &lt;a href='https://www.mercatus.org/research/policy-briefs/suggested-mortgage-amortization-structure-fixed-amortization-adjustable'&gt;A Suggested Mortgage Amortization Structure: Fixed Amortization, Adjustable Principal.&lt;/a&gt; Mercatus Center.&lt;/li&gt;&lt;/ul&gt;</description>

This is the shortened "highlights" version of episode 106. You can listen to the full interview here. Was the housing market really oversupplied in the mid-2000s? Kevin Erdmann says no, and he explains how this misunderstanding is at the root of present-day affordability problems. This is part 8 of our series on misaligned incentives in housing policy. Show notes: Erdmann, K. (2018). Housing Was Undersupplied during the Great Housing Bubble. Mercatus Center.Erdmann, K. (2024). Getting Corpora...

Highlights: Ep. 106. Mortgage Lending Standards with Kevin Erdmann

Was the housing market really oversupplied in the mid-2000s? Kevin Erdmann says no, and he explains how this misunderstanding is at the root of present-day affordability problems. This is part 8 of our series on misaligned incentives in housing policy.Show notes:<ul><li>Erdmann, K. (2018). <a href='https://www.google.com/url?q=https://www.mercatus.org/research/policy-briefs/housing-was-undersupplied-during-great-housing-bubble&amp;sa=D&amp;source=editors&amp;ust=1768967940523794&amp;usg=AOvVaw1O-JzDcciHlEq01yPsCqGr'>Housing Was Undersupplied during the Great Housing Bubble.</a> Mercatus Center.</li><li>Erdmann, K. (2024). <a href='https://www.google.com/url?q=https://www.mercatus.org/research/policy-briefs/getting-corporate-money-out-single-family-homes-wont-help-housing&amp;sa=D&amp;source=editors&amp;ust=1768967940524216&amp;usg=AOvVaw2j4bXhMGIekLLLuK9E-inT'>Getting Corporate Money Out of Single-Family Homes Won’t Help the Housing Affordability Crisis.</a> Mercatus Center.</li><li>Erdmann Housing Tracker: <a href='https://www.google.com/url?q=https://kevinerdmann.substack.com/p/mortgages-outstanding-by-credit-score&amp;sa=D&amp;source=editors&amp;ust=1768967940524487&amp;usg=AOvVaw3YH4zpySKY_VTO2xBDOIc3'>Mortgages Outstanding by Credit Score</a></li><li>Erdmann Housing Tracker: <a href='https://www.google.com/url?q=https://kevinerdmann.substack.com/p/follow-up-mortgages-by-credit-score&amp;sa=D&amp;source=editors&amp;ust=1768967940524751&amp;usg=AOvVaw2BcEY3dYqh1ms7S_ilisjt'>Follow-Up: Mortgages by Credit Score</a></li><li>Erdmann, K. (2021). <a href='https://www.google.com/url?q=https://www.mercatus.org/research/policy-briefs/suggested-mortgage-amortization-structure-fixed-amortization-adjustable&amp;sa=D&amp;source=editors&amp;ust=1768967940525112&amp;usg=AOvVaw3jeAAm7Y5ad62WuKKJknhi'>A Suggested Mortgage Amortization Structure: Fixed Amortization, Adjustable Principal.</a> Mercatus Center.</li></ul>

<description>&lt;p&gt;Was the housing market really oversupplied in the mid-2000s? Kevin Erdmann says no, and he explains how this misunderstanding is at the root of present-day affordability problems. This is part 8 of our series on misaligned incentives in housing policy.&lt;/p&gt;&lt;p&gt;&lt;b&gt;Show notes:&lt;/b&gt;&lt;/p&gt;&lt;ul&gt;&lt;li&gt;Erdmann, K. (2018). &lt;a href='https://www.google.com/url?q=https://www.mercatus.org/research/policy-briefs/housing-was-undersupplied-during-great-housing-bubble&amp;amp;sa=D&amp;amp;source=editors&amp;amp;ust=1768967940523794&amp;amp;usg=AOvVaw1O-JzDcciHlEq01yPsCqGr'&gt;Housing Was Undersupplied during the Great Housing Bubble.&lt;/a&gt; Mercatus Center.&lt;/li&gt;&lt;li&gt;Erdmann, K. (2024). &lt;a href='https://www.google.com/url?q=https://www.mercatus.org/research/policy-briefs/getting-corporate-money-out-single-family-homes-wont-help-housing&amp;amp;sa=D&amp;amp;source=editors&amp;amp;ust=1768967940524216&amp;amp;usg=AOvVaw2j4bXhMGIekLLLuK9E-inT'&gt;Getting Corporate Money Out of Single-Family Homes Won’t Help the Housing Affordability Crisis.&lt;/a&gt; Mercatus Center.&lt;/li&gt;&lt;li&gt;Erdmann Housing Tracker: &lt;a href='https://www.google.com/url?q=https://kevinerdmann.substack.com/p/mortgages-outstanding-by-credit-score&amp;amp;sa=D&amp;amp;source=editors&amp;amp;ust=1768967940524487&amp;amp;usg=AOvVaw3YH4zpySKY_VTO2xBDOIc3'&gt;Mortgages Outstanding by Credit Score&lt;/a&gt;&lt;/li&gt;&lt;li&gt;Erdmann Housing Tracker: &lt;a href='https://www.google.com/url?q=https://kevinerdmann.substack.com/p/follow-up-mortgages-by-credit-score&amp;amp;sa=D&amp;amp;source=editors&amp;amp;ust=1768967940524751&amp;amp;usg=AOvVaw2BcEY3dYqh1ms7S_ilisjt'&gt;Follow-Up: Mortgages by Credit Score&lt;/a&gt;&lt;/li&gt;&lt;li&gt;Erdmann, K. (2021). &lt;a href='https://www.google.com/url?q=https://www.mercatus.org/research/policy-briefs/suggested-mortgage-amortization-structure-fixed-amortization-adjustable&amp;amp;sa=D&amp;amp;source=editors&amp;amp;ust=1768967940525112&amp;amp;usg=AOvVaw3jeAAm7Y5ad62WuKKJknhi'&gt;A Suggested Mortgage Amortization Structure: Fixed Amortization, Adjustable Principal.&lt;/a&gt; Mercatus Center.&lt;/li&gt;&lt;/ul&gt;</description>

Was the housing market really oversupplied in the mid-2000s? Kevin Erdmann says no, and he explains how this misunderstanding is at the root of present-day affordability problems. This is part 8 of our series on misaligned incentives in housing policy. Show notes: Erdmann, K. (2018). Housing Was Undersupplied during the Great Housing Bubble. Mercatus Center.Erdmann, K. (2024). Getting Corporate Money Out of Single-Family Homes Won’t Help the Housing Affordability Crisis. Mercatus Center.Erdma...

Ep. 106: Mortgage Lending Standards with Kevin Erdmann (Incentives Series pt. 8)

Why does the housing market seem so broken? And what can we do about it? UCLA Housing Voice tackles these questions in conversation with leading housing researchers, with each episode centered on a study and its implications for creating more affordable and accessible communities.

UCLA Housing Voice

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