The president will also add to earlier pushes to tame rent costs and boost America’s housing supply
“For Rent” signs are displayed outside a development in Glenview, Ill., on Jan. 29. President Biden's State of the Union address on Thursday will include some new housing policy initiatives. will propose a set of new housing initiatives in Thursday’s State of the Union address, including tax credits to offset high mortgage rates for first-time home buyers and encourage people to move out of starter homes and put them on the market.
The housing market has been strained from many directions. The country faces a shortfall of millions of homes, with underinvestment going back decades. Rents also soared during the pandemic, quickly becoming a top driver of inflation. Plus, the Federal Reserve’s fight to tame inflation prompted a rise in mortgage rates that continue to push many buyers out of the market.Zoomed out even further, Biden’s efforts will also be tested by the strange nature of the post-pandemic market.
support the construction of affordable multifamily rental units and remove barriers to housing development.
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