Trump Administration Targets Soaring Housing Costs

In response to climbing housing costs, the Trump administration is preparing to roll out new initiatives, according to U.S. Treasury Secretary Scott Bessent. Emphasizing the gravity of the issue, Bessent labeled it an 'all hands on deck' situation.

Amidst dwindling housing supplies and escalating prices, Bessent hinted during an interview with the Washington Examiner that President Trump might declare a national housing emergency come fall. This move reflects the heavy toll high housing costs, exacerbated by the Federal Reserve's stringent monetary policy, have taken on Americans.

Bessent informed Reuters that while rents are currently decreasing, providing relief for non-homeowners, a drop in interest rates could trigger increased real estate activity. Furthermore, the administration aims to streamline permitting processes to enhance construction and supply, complementing Trump's broader affordability initiatives.

(With inputs from agencies.)