White House teases major housing affordability plan as prices squeeze Americans https://ift.tt/oR4czqb

White House economic director Kevin Hassett said Sunday that the Trump administration is taking an all-hands-on-deck approach to tackling the housing affordability crisis.

"Everybody in the whole Cabinet is working on trying to get housing to be more affordable," Hassett told "Fox News Sunday."

He said the administration is preparing a sweeping proposal aimed at easing the burden on homebuyers, with details expected early in the new year.

THE TOP 3 REASONS HOUSING HAS BECOME SO UNAFFORDABLE IN THE US MARKET – AND IT'S NOT WHAT YOU THINK

"We are going to have a plan, a big plan, to announce sometime soon in the new year that's going to be very good news for the American people who feel like it’s not affordable to buy a home anymore," Hassett added.

He also said that Cabinet officials plan to meet with President Donald Trump at Mar-a-Lago in the days after Christmas to pitch and review policy proposals.

"We have a big list of housing ideas that have been vetted very carefully by the Cabinet secretaries to present to the president in a week or two and we will see which ones he picks," he added.

TRUMP'S 50-YEAR MORTGAGE MAY BURDEN AMERICANS WITH MORE DEBT, EXPERTS SAY

The administration’s push comes as housing affordability has become a political liability for Trump and a winning issue for Democrats.

According to a Fox News national survey, 76% of voters rate the economy negatively, compared with 67% in July and 70% at the close of former President Joe Biden’s tenure. Voters largely blame Trump for the downturn, with about twice as many holding him responsible for the current economy as Biden, and three times as many saying his policies have hurt them personally.

At the same time, approval of Trump’s handling of the economy has dropped to a new low, while disapproval of his overall job performance has climbed to record highs, even among some of his core supporters.

Meanwhile, Democrats leaned heavily on affordability themes in state and local elections this fall and it paid off.

In places like Virginia, New York and New Jersey, where voters have been squeezed by high housing costs and utility bills, Democratic candidates seized on Trump’s early economic moves, including his trade policy, to argue that his policies were worsening the affordability crisis rather than easing it.

THE SOCIALIST EXPERIMENT COMES TO NYC: MAMDANI’S VISION FOR A MORE AFFORDABLE CITY

They promised to curb energy costs, boost affordable housing and safeguard middle-class wages. The message struck a chord with voters and points to a broader reality: when many feel financially strained, the party that speaks most clearly to pocketbook concerns often wins.

While Hassett declined to detail the proposals, the administration has previously discussed easing zoning restrictions and expanding longer-term mortgage products. 

The challenge for Trump will be translating those ideas into relief for voters who increasingly question whether his affordability promises are being fulfilled.