Yahoo Finance Homebuilders Slam Biden And Trump For Neglecting Housing Affordability Issues In Debate
The first presidential debate between President Joe Biden and former President Donald Trump left many voters wanting. The candidates largely sidestepped one of the nation’s most pressing issues—the housing affordability crisis.
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Despite housing costs ranking as a top concern for Americans, second only to inflation in a recent Gallup survey, the topic received only a brief mention during the two-hour debate, drawing swift criticism from housing industry leaders and advocates.
"The housing affordability crisis is a top national concern, and Americans will take notice of why the presidential candidates said very little on how to make homeownership and renting more affordable," said Carl Harris, chairman of the National Association of Home Builders (NAHB), in a statement following the debate.
President Biden briefly touched on the issue in the debate’s opening moments, promising to "reduce the price of housing" and build two million new units in a potential second term. He also proposed capping rents to combat what he termed "corporate greed." However, Former President Donald Trump did not address housing during the debate.
The candidates’ reticence on housing comes at a time when the issue has reached crisis proportions. According to the Case-Shiller index, home prices have climbed 46% from January 2020 to 2024. A recent Redfin report found that first-time homebuyers now need to earn twice as much as they did four years ago to afford a home.
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With mortgage rates hovering around 7%, the highest since 2001, and median home prices reaching a record $419,300 in May, according to the National Association of Realtors, housing affordability has become an issue for many voters.
The NAHB called for an approach to address the housing shortage—estimated at 1.5 million units nationwide—issuing a 10-point housing plan outlining policy changes to increase housing supply and affordability. Central to the proposal is reducing regulatory burdens, which the association says add nearly 25% to the cost of a single-family home.
The plan addresses multiple parts of the housing industry. In addition to calling for measures to alleviate labor shortages, it proposes solutions for volatile building material costs, including increasing domestic timber production and eliminating tariffs on Canadian lumber. The NAHB also advocates expanding the Low-Income Housing Tax Credit program to boost affordable housing development.
Other recommendations target local-level obstacles, like restrictive zoning laws and lengthy permitting processes. The association argues that the changes could reduce housing costs and increase availability, though implementation would require coordination across federal, state, and local governments.
"The administration and Congress must address excessive regulations, support trades education to alleviate a severe labor shortage in the construction industry that is delaying home building projects, and oppose restrictive, mandatory building codes that significantly raise housing costs and provide little energy savings to consumers," NAHB's Harris said in the statement.
With housing costs impacting household budgets and the broader economy, voters may seek clear plans and commitments from both candidates to address the crisis.
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This article Homebuilders Slam Biden And Trump For Neglecting Housing Affordability Issues In Debate originally appeared on Benzinga.com
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