The US announced a plan to cool down the housing ‘fever’

US President Joe Biden speaks in Washington, DC on February 15, 2022 – Photo: AFP

The White House said the Housing Action Plan is intended to “prevent a five-year US housing shortage”.

The plan creates favorable conditions for homebuyers and builders, especially low-income families, to access credit, support tenants, and at the same time ease supply pressure on raw materials. construction materials and workers in this industry.

The plan also includes steps to stem the recent trend of stockpiling available housing, while encouraging local and state governments to relax zoning restrictions. allow to increase construction density, especially apartment buildings.

In its statement, the White House said it was the most comprehensive of all the government’s efforts to stem the worsening housing supply shortage, noting that the number of new homes built less in the decade following the 2008 crisis than in the decades since the 1960s.

According to the White House, rising housing costs have burdened families, especially low- and moderate-income families, and communities of color. The government’s plan has received support from the private sector.

National Association of Home Builders (NAHB) President Jerry Konter agreed with the White House that the “key” to solving America’s housing affordability challenges is building more homes than.

He also praised the efforts the government has taken to address long-term difficulties, such as supply chain bottlenecks and labor shortages in the construction industry that are holding back housing construction.

Consumer prices in the United States are rising at their fastest pace since the early 1980s, in part due to soaring housing costs. President Biden has stated that addressing inflation in the US is a top priority for the administration.