Staff Reports
The Biden administration’s latest playbook for tackling the housing crisis reeks of the classic, tired liberal strategy: throwing more taxpayer dollars at the problem. Treasury Secretary Janet Yellen announced a whopping $100 million to swell the coffers of affordable housing initiatives, right as home prices and interest rates skyrocket to record highs.
Sandwiched between Biden’s misguided spending and a chronic housing supply shortage, voters are feeling the squeeze. Recent surveys show housing is a top concern, just behind inflation. Younger voters, in particular, aren’t exactly mesmerized by Biden’s so-called solutions. A Harvard poll indicates their preoccupation with soaring housing prices, placing it high on their list of grievances.
This is a campaign promise for Biden. Nothing more, nothing less. He’s had all of this time to do something about the housing problem. He and his cronies wanted to keep Americans down and complacent instead. This is more bull. https://t.co/UuJOzKA9Pk
— Michelle🍊 (@Montchelle66_2) June 24, 2024
Unsurprisingly, Biden’s new federal initiatives are a testament to his administration’s inability to grasp basic economics. The landmark American Rescue Plan Act in 2021 dished out nearly $59 billion to states, with $7 billion already squandered on affordable housing projects. It appears Biden’s grand vision is to keep repeating the same strategy, doubling down on federally subsidized housing while expecting different results.
Nevada, a state battered by the housing crisis, received a hefty $700 million from the American Rescue Plan Act. Earlier this year, Biden whisked himself to Reno, rattling off promises to expand affordable housing. The governor of Nevada, however, wasn’t clapping in the audience. He lambasted Biden’s “excessive federal spending,” warning it was making matters worse, not better. According to the governor, the administration’s lavish spending only deepens the crisis by distorting the housing market.
In April, Governor Joe Lombardo stood his ground, emphasizing the need for free market principles. Lombardo argued that reining in federal spending and letting supply and demand work their magic would be far more effective. But Biden seems intent on sticking with his big-spender approach, no matter how many times it fails.
As this year’s political drama unfolds, both parties will keep an eye on the housing issue. With the median sales price for a new home up more than 40% since 2020 and 30-year mortgage rates now sky-high at 6.9%, Americans are staring down the barrel of Biden’s burgeoning housing crisis. Voters will have to decide if they’ve had enough of the current administration’s costly band-aid solutions.
