the policies during a speech on Monday in Minneapolis. Among the measures is $100 million over the next three years in a new housing fund, which is designed to support financing for affordable housing.
“Given the scale of the challenge, we must and will continue to do more,” Yellen will say in her speech. By law, the banks are required to devote at least 10% of their net income to housing programs, and while they have already voluntarily increased that level to 15%, the Biden administration is urging them to raise the commitment to at least 20%.
The new initiatives are relatively marginal but speak to the dire need for more housing supply in the U.S. Decades of undersupply have helpedThe country is short some 1.8 million homes, according to an estimate by Moody’s Analytics that was provided to thelate last year. Other estimates are much higher. For instance, a report from the Joint Economic Committee’s Republican staff pegged the number at as high as 20 million.
Source: Real Estate Daily Report (realestatedailyreport.net)
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