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Yellen Unveils $100M Affordable Housing Initiative

New measures seek to address the housing supply crisis amid rising costs and upcoming elections.

A for sale sign is posted in front of a home in Sacramento, Calif., March 3, 2022. The Biden administration is announcing new federal initiatives to increase access to affordable housing as high interest rates and still-high prices on groceries and other necessities have dramatically pushed up the cost of living in the post-pandemic years. Treasury Secretary Janet Yellen is traveling to Minneapolis on Monday, June 24, 2024, to promote the new investments. (AP Photo/Rich Pedroncelli, File)
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Janet Yellen

Overview

  • The Biden administration introduces a $100 million fund to support affordable housing over the next three years.
  • Treasury Secretary Janet Yellen emphasizes the need for increased housing supply to combat affordability issues.
  • Home prices have surged by 46% since March 2020, exacerbating the housing crisis.
  • Economists argue that more substantial federal funding and congressional action are necessary for significant impact.
  • High mortgage rates and limited housing supply continue to challenge prospective homebuyers.