White House Unveils Plan to Address Housing Supply Shortages

Posted 38 days ago


The White House on May 16 released a new plan aimed at increasing the housing supply in America.

Pillars of the plan include giving incentives to jurisdictions that allow more dense building, making it easier to build newly manufactured housing units, and exploring ways to lower the cost of items crucial for constructing homes.

President Joe Biden wants to “help close America’s housing supply shortfall in 5 years, starting with the creation and preservation of hundreds of thousands of affordable housing units in the next three years,” the White House said in a statement.

“When aligned with other policies to reduce housing costs and ensure affordability, such as rental assistance and downpayment assistance, closing the gap will mean more affordable rents and more attainable homeownership for Americans in every community.”

Prospective home buyers have faced surging prices during the COVID-19 pandemic. Prices were up nearly 20 percent in the year ending in February, according to the S&P CoreLogic Case-Shiller US National Home Price Index.

Real estate experts have spoken of a diminished supply and a strong appetite from buyers as driving the prices, in addition to the inflation crisis with which Biden has grappled.

As of March 2021, the annual supply of new un... (Read more)