Biden Administration Announces $100M Housing Initiative
The Facts
US Treasury Secretary Janet Yellen on Monday announced the Biden administration’s new effort to increase the supply of affordable housing as persistently high inflation and interest rates contribute to record, and ever-increasing, shelter costs.
At a speech in Minneapolis, Yellen unveiled a $100M commitment over the next three years to a new Treasury Dept. program through the Community Development Financial Institutions Fund that is primarily focused on increasing the supply of affordable housing.
The Spin
Democratic narrative
Despite persistent challenges that remain from the pandemic, the Biden administration is working to increase the supply of affordable housing and lower shelter prices across America. By investing in local communities and creating various programs that integrate different agencies, Pres. Biden's plan will promote the construction of new housing units at an affordable price. Tackling high housing prices is a large undertaking that will take time, but the Biden administration has put forth key policies that will fix the problem.
Republican narrative
Joe Biden's misguided policies have caused America's housing crisis, and his initiatives will only exacerbate the problem. Sky-high inflation and interest rates have certainly contributed to high housing prices, and Biden's permissive immigration policies have been the final nail in the coffin. Until the immigration issue is comprehensively addressed, it will be increasingly challenging for younger Americans to achieve sustainable home ownership.