Congress will soon send President Trump bipartisan legislation designed to increase housing supply and lower the cost of homeownership — one of the many affordability challenges Americans are facing.

Most of the policies in the bill are not quick fixes, so it will take time before potential buyers see any benefits.

“Limited housing supply and burdensome regulations have contributed to higher prices, and many Americans are simply being priced out of the housing market,” said Senate Majority Leader John Thune.

“So this bill cuts unnecessary red tape that’s delaying construction and driving up prices,” the South Dakota Republican said.

The 21st Century ROAD to Housing Act relies on basic economic principles: Increase supply to lower demand, and price drops will follow.

However, demand is high in only certain segments of the market. New market-rate construction prices are out of reach for most low- and moderate-income families, according to the Harvard Joint Center for Housing Studies.

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Tagged: Economy BACK TO HOMEPAGE