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☆ 4 ways Trump's housing plans are expected to hurt homebuyers and 3 ways they could help
▼ + stars: | 2024-11-17 | by ( Eliza Relman | ) www.businessinsider.com time to read: +8 min

AdvertisementHigh housing costs, driven in large part by a shortage of homes, are keeping inflation sticky. Economists say Trump's proposals are a mixed bag; some could help housing costs and some could hurt. Ultimately, housing policy experts and industry leaders say housing costs will largely depend on how much new supply can be delivered to the market, which is suffering from a severe shortage of homes. Federal housing assistanceDuring his first term, Trump repeatedly proposed major cuts to housing assistance for households with low incomes or members with disabilities. This would make it harder for lower-income Americans to afford homes and slow down affordable housing construction.

Persons: Trump, Donald Trump, Karoline Leavitt, Vance, Jim Tobin, Tobin, Maurice Page, JD Vance, they're, Anirban Basu, Biden, Ben Metcalf, Metcalf Organizations: Federal Reserve, Trump, National Association of Home Builders, Biden, Administration, Nevada Housing Coalition, Business, Energy, Associated Builders and Contractors, Economic, of New, Reserve, UC Berkeley, Immigrants, Republican Locations: Nevada , Arizona, Utah, of New York, China

☆ Homebuilders fear Trump's mass deportations would inflate costs and make it even harder to hire
▼ + stars: | 2024-11-14 | by ( Eliza Relman | ) www.businessinsider.com time to read: +6 min

Homebuilders and economists have said a deeper labor shortage could cause housing costs to spike. The issue is the construction labor force, whose 500,000-worker shortage is already making conditions more challenging. Related Video Musk visits border, calls for Trump-style wallForeign-born workers make up about a quarter of the construction workforce. They argue that the surge in home costs is largely a result of the nationwide housing shortage, and immigrants are a key part of building housing. AdvertisementDuring the pandemic, many older, experienced workers retired, and the pipeline of younger US-born workers isn't sufficient, homebuilders say.

Persons: Homebuilding execs, Donald Trump's, —, Eric Finnigan, John Burns, Ben Metcalf, Jim Tobin, JD Vance, Trump, Vance, Barack Obama, Obama, Joe Biden, Tom Homan, Chad Blocker, Homebuilders, Dennis Webb Organizations: Service, Trump, University of California, National Association of Home Builders, Immigration, Biden Locations: Berkeley, Los Angeles, Phoenix

☆ 2 swing states show why the US is struggling to build enough houses
▼ + stars: | 2024-10-25 | by ( Eliza Relman | ) www.businessinsider.com time to read: +8 min

Two swing states — Arizona and Pennsylvania — exemplify in their own ways how housing markets across the country have failed to address the key issue they face: too few homes. Sprawling subdivisions helped accommodate the growing population and were enough to keep housing costs relatively low through the early 2010s. As demand spiked, snarled supply chains helped inflate construction costs. Home prices have risen 39% since January 2020, Horowitz noted, even though the state's population is shrinking. Like many other states, Pennsylvania has underbuilt housing since the 2008 financial crisis, which tanked the housing market.

Persons: —, Alex Horowitz, it's, Horowitz, Mario Tama, we've, Ben Metcalf, Metcalf, Josh Shapiro, Shapiro, Tucson Mayor Regina Romero, Kamala Harris, Donald Trump, He's, Harris, Redfin, Noah Sheidlower Organizations: Service, Pew's, Business, Getty Images, Terner Center, Housing Innovation, UC Berkeley, of Labor Statistics, Pennsylvania, Tucson Mayor, Federal Reserve Locations: Michigan, Wisconsin , Pennsylvania, Arizona, Georgia, North Carolina, Nevada, Zillow, Pennsylvania, Phoenix, . Pennsylvania

☆ The US drinking age law could be a model for fixing the housing crisis
▼ + stars: | 2024-09-13 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

So, they tend to use federal funding to reward housing policies they like. One example of the kind of bold federal law that some point to as a model has nothing to do with housing. In a recent op-ed in the New York Times, Harvard economist Edward Glaeser argued that the next administration should implement a housing construction law that follows the model of the Drinking Age Act. Metcalf, who also pointed to the drinking age law as a model for a housing mandate, conceded that the politics of it would be tricky. "The key question would be whether Congress has overstepped the blurry line between inducement and coercion," Hemel told Business Insider.

Persons: —, Ronald Reagan, Edward Glaeser, Glaeser, Ben Metcalf, Kamala Harris's, Metcalf, Daniel Hemel Organizations: Service, Business, Republican, New York Times, Harvard, Terner Center, Housing Innovation, UC Berkeley, Democratic, New York University, Hemel Locations: Washington

☆ Don't get your hopes up about the housing market
▼ + stars: | 2024-08-24 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

One of the most painful ways higher interest rates have impacted Americans is through higher housing costs. The combination of high borrowing costs and skyrocketing home prices and rents — caused by a housing shortage — has created an enduring housing affordability crisis. On the one hand, lower borrowing costs would likely make mortgages cheaper for buyers and encourage builders to construct desperately needed new homes. But rate cuts would also spur new home construction, as builders respond to higher demand and lower borrowing costs for acquisition and construction loans. On top of high borrowing costs, builders are struggling with a severe shortage of construction workers and high building material costs.

Persons: —, Jerome Powell, Daryl Fairweather, Wells, underbuilding, Ben Metcalf, Metcalf Organizations: Service, Jackson Hole , Wyoming ., Business, Bank of England, Terner Center, Housing Innovation, UC Berkeley Locations: Jackson Hole , Wyoming

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