Here's a vicious cycle for you. Rising housing costs are contributing to inflation, prompting the Federal Reserve to hike interest rates. Those higher rates make mortgages more expensive, exacerbating the housing affordability crisis. Doubling down on measures that could deepen this dilemma is the worst thing the Biden administration can do to halt this cycle—but that is precisely what it's doing.
Home prices have risen 5.8 percent year over year, with many analysts predicting continued escalation. Yet the administration and key Democratic lawmakers want to implement the International Energy Conservation Code, which would require new homes to meet stricter energy efficiency standards, from more insulation to high-tech thermostats to more advanced HVAC systems, along with new testing and certification requirements.
