The White House on Monday said it would try to ease costs for renters and prospective homebuyers by boosting housing supply through steps the administration can take without Congress.
With Democrats’ social safety net and climate package, legislation that would provide $150 billion for housing, stalled in the Senate, the administration outlined steps to encourage construction of new affordable housing units including building incentives into Transportation Department grants, repurposing existing funds and easing financing for affordable units.
Low construction in the wake of the 2008 housing and financial crisis has left the country with too few homes to meet demand, pushing up costs for renters and would-be homebuyers. Housing costs make up about one third of the basket of goods included in the Consumer Price Index, which measured an annual inflation rate of 8.3 percent last month.
