House Main Street Caucus Chair Mike Flood of Nebraska is optimistic about President Donald Trump’s potential emergency order on housing affordability, describing it as a “game-changer.” Flood passionately advocates for measures aimed at addressing the housing crisis, which has left many Americans struggling to find affordable homes. He emphasizes that the current situation, characterized by a housing shortage and rising property valuations, imposes significant financial pressures on homeowners. “When you have a housing shortage and a supply issue, it pushes up valuations, which pushes up your property taxes,” Flood explained, highlighting the cascading effects of the crisis.
Discussions are underway regarding potential solutions to this pressing issue, according to Secretary of Housing and Urban Development Scott Turner. He mentioned ongoing talks about not just declaring an emergency but also exploring ways to alleviate costs and increase housing supply. Turner noted, “Those discussions are being had, not just from an emergency declaration standpoint, but what can we do in order to bring the costs down.”
The rise in home prices over recent years has outpaced wage growth, leaving many families unable to afford homes that were once considered attainable starter houses. Flood pointed to various factors fueling this crisis, such as zoning restrictions, high construction costs, and regulatory hurdles. Costs have been exacerbated by new tariffs on essential building materials, projected to add nearly $11,000 to constructing a new single-family home, according to data from the National Association of Home Builders. Flood insists that it will require coordinated efforts from federal, state, and local governments to remedy the situation. “It’s going to take the federal government, the state governments, and the municipalities, most notably, to fix this,” he stated.
Flood’s subcommittee is also engaged in bipartisan efforts aimed at developing legislation to make housing more affordable, with expectations for a proposal to emerge in the coming months. “We have been working in our subcommittee and on Financial Services on our effort that will, I think, take a few steps forward,” he said, expressing hope that significant progress could be achieved by June of the following year.
The urgency of housing affordability has grown as a central issue for many Americans. Flood pointed out the economic strain from the past few years, citing a significant rise in inflation as well as increased home insurance premiums and mortgage rates. “Since 2020, we’ve seen 20% inflation, home insurance premiums are more expensive, mortgage rates are higher,” he remarked. He believes that the administration prioritizing this issue will resonate with the general public, as housing affordability remains a topic of widespread concern.
With Trump’s potential declaration looming, many feel it could provide a significant push towards addressing the ongoing crisis. Flood’s confidence reflects a belief that federal engagement can hasten meaningful solutions. As he summed up, “But the president coming in and making this a priority is what’s going to push this at lightspeed across the finish line.”
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