Yellen's Plan to Tackle the Affordable Housing Crisis

The Biden administration announced plans to improve affordable housing access amidst high living costs. Treasury Secretary Janet Yellen stated that $100 million will support affordable housing financing over the next three years, involving the Federal Financing Bank in financing efforts. Home prices have risen by 46% from March 2020 to March 2024, impacting both homebuyers and renters. Sales of previously occupied homes fell for the third consecutive month in May due to high mortgage rates and prices. A shortage of over 7 million affordable homes affects more than 10.8 million extremely low-income families. President Biden and Donald Trump proposed different measures to reduce living costs. Economists predict housing issues may persist until the Federal Reserve lowers its 5.3% key interest rate. Yellen urged Congress to pass Biden's budget, which includes a tax credit for first-time homebuyers and plans to build over 2 million homes, along with converting empty office buildings into housing units.

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