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President Donald Trump's administration plans steps to address high housing costs in the United States. Treasury Secretary Scott Bessent explained that the measures could include declaring a national housing emergency to tackle rising prices and limited supply. Falling rents are providing some relief, and lower interest rates may encourage more home sales, improving market activity. The administration is also exploring ways to simplify construction permitting and promote standardization to increase housing supply. Affordability remains a key focus, reflecting broader efforts to reduce financial pressures on Americans.
The Trump administration is preparing new measures aimed at addressing the increasing cost of housing across the United States, according to the U.S. Treasury Secretary Scott Bessent. He described the situation as a pressing challenge that requires coordinated action across different sectors of the government. Advertisement
In discussions with the Washington Examiner, Bessent indicated that President Trump might declare a national housing emergency later this year to counter the effects of rising home prices and limited housing supply. The housing market has been significantly affected by the U.S. central bank's tight monetary policies, with high interest rates slowing mortgage affordability and contributing to cost pressures for buyers.
Bessent noted that rental rates have begun to decline, offering some relief to Americans who do not own homes. He added that falling interest rates could encourage more homeowners to sell their properties, particularly those locked into low-rate mortgages, which may in turn increase housing transactions and improve market activity.
The administration is also examining ways to simplify permitting processes and promote standardization in construction. These initiatives are intended to increase housing supply, which could help moderate prices and improve accessibility. Bessent emphasized that affordability will remain a key focus, consistent with President Trump's broader agenda to reduce costs for Americans, such as efforts to lower prescription drug prices.
The administration's approach reflects a combination of short-term measures, like addressing rental prices and supporting home sales, alongside long-term structural solutions to boost housing supply. Bessent emphasized that ensuring housing affordability is crucial for economic stability and for meeting the needs of families facing rising living costs.
Source- Reuters
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