Washington, USA – US Treasury Secretary Scott Bessent revealed that President Donald Trump’s administration is preparing to launch a new package of measures to address
the sharp rise in housing costs in the coming weeks.
In a move described as a “national mobilization” to address one of
the most pressing issues at the local level.
In an interview with Reuters from Arlington, Virginia,
Bessent said the housing crisis now requires “the concerted efforts of all parties.”
He noted that the administration is considering declaring
a national housing emergency this fall.
This is due to the sharp rise in prices and the decline in the supply of homes.
Slowdown in buying and selling activity
The minister explained that the US Federal Reserve’s strict policies
and interest rate hikes have caused a slowdown in buying and selling activity
within the real estate market.
This has led to increased rental costs and reduced
homeownership opportunities for American families.
However, Bessent noted that rents had begun to gradually decline,
This is a positive sign for Americans who do not own homes.
The Treasury Department expects that anticipated interest rate cuts in
the coming months will lead to a recovery in real estate sales.
This will encourage owners of old loans to put their homes back on the market.
This increases the supply and reduces prices.
Measures to reduce bureaucracy
Bessent confirmed that the government is also working to simplify permit Measures
and reduce bureaucracy in the construction sector.
To accelerate the pace of new housing projects and achieve
a balance between supply and demand.
He indicated that (housing affordability) would be
a key priority on Trump’s economic agenda.
In addition to his ongoing efforts to reduce drug prices.
