With the clock ticking, Democrats want Biden to finally address housing costs, but will he act?
At a glance:
- Over 30 Democrats, including key progressives, are urging President Biden to take further action to reduce housing costs before leaving office.
- The lawmakers suggest Biden use executive authority to implement measures like tackling junk fees, lowering credit report costs, and promoting housing development on federal land.
- Housing costs remain the largest expense for many Americans, with median home prices eating up 35.1% of the average wage.
As President Biden’s term inches toward its end, a group of more than 30 Democratic lawmakers, including Senators Elizabeth Warren, Bernie Sanders, and Representatives Alexandria Ocasio-Cortez and Rashida Tlaib, are pressing him to address the ongoing housing crisis. In a letter sent Wednesday, the group highlighted the need for further action, despite the administration’s past efforts to expand tenant protections and tackle rising housing costs.
The lawmakers are calling on Biden to use his executive powers to lower housing expenses for millions of Americans, proposing actions like reducing “junk fees” for tenants and making credit reports more affordable. Additionally, they are pushing for the promotion of housing development on federal property as a way to boost affordable housing availability.
Housing remains a massive financial burden for many American families, with a recent report showing that housing costs have reached a peak not seen since 2007, consuming over 35% of the average national wage.
Although the Biden administration has already taken steps to ease housing costs, such as unveiling a $100 million investment to remove barriers to affordable housing construction, Democratic lawmakers are pushing for further measures before Biden’s term ends. Whether or not Biden will take up their suggestions remains to be seen.
And here’s the thing…their solutions won’t even lower costs if they tried.
Have they ever heard of supply and demand?
