With home prices at an all-time high, the Biden administration is planning to address rising housing costs with a slew of new programs to boost supply, officials announced on Thursday.
That persistent lack of inventory has driven U.S. home prices to an all-time high. Many homeowners who bought during the pandemic are effectively locked into their homes due to their relatively rock-bottom mortgage rates, and either unwilling or unable to sell. “One of the things we want to do is ensure that the American people have access to affordable rental units,” Todman said.
“Building housing is expensive,” Todman said. “What this program will do is not necessarily make it less expensive to build the housing, but allow there to be more federal resources involved in building the units, thereby making it more affordable for families to live there.”“From a renter’s perspective, what they will see is more units coming online in their neighborhoods, across states, and more opportunity to find a rental unit that is affordable to them,” Todman added.