On Monday, the Biden administration launched a proposal to increase housing supply and cut renter and homeowner expenses.
The White House announced the Housing Supply Action Plan, which would include legislative and administrative initiatives to help bridge America’s housing supply gap in five years, according to the administration.
Hundreds of thousands of affordable housing units will be built and preserved over the next three years, according to the announcement.
Closing the gap would imply more cheap rentals and more achievable homeownership for Americans in every neighborhood, according to the release, when combined with other programs to lower housing prices and assure affordability, such as rental assistance and downpayment support.
President Joe Biden thinks that increasing the availability of high-quality housing is the greatest way to reduce housing costs, as shown in his Action Plan. This entails both the construction of new houses and the preservation of existing federally-subsidized and market-rate affordable housing, ensuring that completely new units are not simply replaced by converted or deteriorated units that are eliminated.
According to the press release, Biden has maintained his call for Congress to authorize investments in housing development and preservation.
The White House asked Congress to support Biden’s Unlocking Possibilities Act, which was approved by the House last year and would create a new $1.75 billion grant program via the Department of Housing and Urban Development.
Congress was also urged to adopt Biden’s 2023 budget, which includes a proposal for $10 billion in HUD grants to improve affordable housing accessibility.
