Jeff Mason of Reuters reports on President Joe Biden’s recent comments on housing, noting that his proposed housing plan would require congressional approval, which might be difficult to achieve in an election year. The plan intends to give first-time homebuyers a $10,000 mortgage relief tax credit. Additionally, a $10,000 tax credit for those selling “starter” homes will free up housing inventory at the lower end of the market.
Adam Cancryn of Politico notes that Biden is prioritizing housing on the campaign trail. The President has recently praised the NAR commission settlement, noting that it will help boost competition and lower costs for homebuyers.
Brooklee Han of HousingWire reports on Biden’s statements on the NAR settlement, reporting that the Realtor organization responded to what they believe were misleading claims by the President:
“While the National Association of Realtors appreciates President Biden’s continued focus on the affordable housing crisis, the President unfortunately repeated incorrect claims that the recently announced settlement agreement allows Americans to negotiate commissions for the first time. Commissions were already negotiable before this resolution was reached and will continue to be negotiable as they have been. Real estate agent commissions are driven by the market and are not the cause of the affordability crisis.”
Zachary Halaschak of the Washington Examiner reports that the Biden administration is advocating for federal pressure to ease zoning restrictions at the local level to address the nation’s housing affordability crisis. This was highlighted in their annual Economic Report of the President, which specifically focused on increasing housing supply.
Jim Tankersley and Conor Dougherty of the New York Times report on the topic of easing zoning restrictions, noting that:
“The policy proposals in a White House report being released on Thursday include what could be an aggressive federal intervention in local politics, which often dictates where homes are built and who can occupy them. The administration is backing a plan to pressure cities and other localities to relax zoning restrictions that in many cases hinder affordable housing construction. That recommendation is part of a new administration deep dive into a housing crisis, decades in the making, that is hindering the president’s chances for a second term.”