Though Biden's latest housing plan is a well-intentioned one, it will likely spur further growth of housing costs in the future.
The Biden administration recently announced a new plan aiming to tackle the affordability crisis in the housing market. The new plan, which was touted by the president in his 2025 budget proposal,over the next 10 years. Most of the plan focuses on demand-side subsidies, which will only serve to reinforce the current housing shortage, doing nothing for supply.
This also harms those who remain in these areas, as they will now have to pay higher prices for goods and services. Remaining workers also need to be able to afford housing in areas close to their jobs. These higher labor costs are one reason why the. A mix of pandemic-era shocks, economic instability, interest rate fluctuations, tariffs on building materials, as well as zoning and land use regulations have brought the housing market to a point where supply simply cannot keep up with demand..
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