But Colton quickly pointed out that some issues still need to be addressed. Specifically, he cited the plight of the "housing have-nots" who pay more than 50 percent of their income for "worst case" housing and the problem of sprawl, or increased growth away from urban centers which raises a concern for the environment.

Colton said one of the biggest road-blocks to implementing change in housing policy is the "failure on the part of special interests to come together to achieve common ground."

Colton said he believes solutions to housing problems can only be done on the local level.

"There's never been a house built at the national level. That's why, ultimately, encouragement has to come from the local level," he said.

Colton said policymakers need to look back at the way housing challenges were addressed 50 years ago.

"We need to say we have different challenges and issues....We have the facilities to grapple with these issues and I'm cautiously optimistic that we will be able to do so," he said.

Organizers of the Dunlop lecture from the Joint Center for Housing Studies said they hope the address will become an annual event.