Gov. Tim Walz recently highlighted Vice President Kamala Harris's proposed initiatives to address the issue of affordable housing in the United States. Emphasizing the importance of making housing more accessible, Walz outlined Harris's plans to construct an additional 3 million housing units and provide up to $25,000 in down-payment assistance for first-time homebuyers.
According to the nonprofit Enterprise Community Partners, there is a pressing need for 7 million new housing units in the country to stabilize the housing market. The shortage of housing options has led to a surge in home prices, making it challenging for many aspiring homeowners to achieve the American Dream.
Even Federal Reserve Chair Jerome Powell recently drew attention to the scarcity of homes during a press conference following a half-percentage point reduction in interest rates by the Fed. Powell acknowledged the critical issue of insufficient housing supply, stating that addressing this challenge would require interventions from both the market and government.
