Joe Biden Eyes Housing Market Solutions

President Joe Biden this week said he has a plan to build 2 million new homes, part of his efforts to increase the supply of houses in the market which he believes is key towards improving affordability.Prospective homeowners have struggled to afford getting into the housing market amid record-high mortgage rates and high prices. A limited supply of houses has led to increased competition which has led to increased buying costs.

'This fund would support the construction of affordable multifamily rental units; incentivize local actions to remove unnecessary barriers to housing development, pilot innovative models to increase the production of affordable and workforce rental housing; and spur the construction of new starter homes for middle-class families,' the White House said.Part of the challenge that has stifled supply of new homes is the struggles facing the existing homes market.

Source: News Formal (newsformal.com)

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