Housing is unaffordable for too many Americans, and stricter regulations mean higher costs, Atlanta Fed president says

The housing affordability crisis has no easy solutions , but research has shown a tight correlation between tougher land-use regulations and higher costs, Atlanta Fed President Raphael Bostic said on Friday.

"Unfortunately, today, housing—both as shelter and an investment—is not working as well as it could for too many of our neighbors," Bostic said,. "In the generally thriving metropolitan centers of the Sunbelt, in the major cities of the coasts and the Midwest, and even in smaller towns and rural communities, housing is unaffordable for far too many.

Despite the gloomy statistics, Bostic expressed some optimism when discussing housing policy experiments, pointing to efforts to relax zoning rules in Florida and Minnesota. Other hopeful signs include the promotion of manufactured and prefabricated homes to boost supply, while market forces are also boosting production, he said.Still, Bostic highlighted data that show land-use regulation overall has been getting stricter. And that could offer a clue to the housing crisis.

His remarks come as earlier hopes that lower mortgage rates would improve affordability have been tempered. Signs of sticky inflation have pushed out timelines for when the Federal Reserve might lower benchmark interest rates. That has sent Treasury bond yields and mortgages rates back up in recent months after they tumbled last fall.

A California man was sentenced Friday to 40 years to life for the fatal shooting of a 6-year-old boy who was riding in the back of his mother's car on the freeway, prosecutors said. Marcus Eriz, now 27, was sentenced in Orange County Superior Court in Santa Ana for killing Aiden Leos in May 2021 while the boy was on his way to kindergarten, the district attorney's office said in a statement.

"Part of being young and queer and coming out and joining this community — entering into this space — is learning your history. ... Knowing just how much work it has taken to get us where we are today."BRENHAM, Texas — A Texas semitrailer driver rammed a stolen 18-wheeler though the front a public safety building where his renewal for a commercial driver’s license had been rejected, killing one person and injuring 13 others, authorities said Friday.

Source: News Formal (newsformal.com)

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