President Joe Biden’s administration is prioritizing housing affordability, with top economic advisor Lael Brainard highlighting the issue as a key focus.
Brainard emphasized the importance of addressing housing affordability for both homeowners and renters, noting that it is a top concern for many Americans.
To tackle this issue, the administration is advocating for measures to reduce rental fees and closing costs, as well as plans to construct two million additional homes to lower costs for renters.
Brainard also called on Congress to support initiatives that would open up the housing market for first-time homebuyers and families looking to trade up or downsize.
Biden (Credits: International Brotherhood)
The National Association of Home Builders has expressed support for the president’s plan, including proposals such as a new $10,000 tax credit for first-time homebuyers and strengthening the Low-Income Housing Tax Credit. These measures are seen as important steps to address the national housing shortage and boost housing affordability.
One of the challenges in the housing market is the shift towards building larger single-family and higher-end homes, driven in part by regulatory barriers and development fees.
Biden’s Bridge Project (Credits: ABC News)
This has led to a shortage of smaller, more affordable homes. Additionally, rental markets face affordability challenges, with a significant portion of new units being priced beyond the reach of many renters.
The administration is also working to address misleading and hidden fees in housing rental agreements, with the Federal Trade Commission proposing a rule to ban such practices.
Brainard emphasized that the president will continue to advocate for these initiatives, aiming to unlock the housing market and build the affordable housing needed for the future.
