President Biden Takes On Housing Crisis in Proposed Budget; Could It Bring Home Prices, Rents Down?

President Joe Biden appears determined to make good on his campaign pledge to bolster the supply of affordable homes by directing more federal dollars toward housing. After four years of his predecessor's attempts to take a hatchet to the budget of the U.S. Department of Housing and Urban Development, Biden seeks to increase HUD's funding by 15.1%, to $68.7 billion, in his first budget proposal. The money would go toward assisting low-income renters and increasing the availability of lower-cost homes. “President Biden’s [budget request] turns the page on years of inadequate and harmful spending requests and instead empowers HUD to meet the ...

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