President Donald Trump’s administration is gearing up to introduce new measures aimed at addressing the rising cost of housing. U.S. Treasury Secretary Scott Bessent shared this information during an interview with Reuters. He described the situation as urgent, calling it an “all hands on deck” challenge.
Bessent also mentioned in a separate conversation with the Washington Examiner that Trump might declare a national housing emergency this fall. This move is seen as a response to the increasing prices and shrinking supply of homes, which have been pressing concerns for many Americans.
The housing market has been significantly impacted by the Federal Reserve’s strict monetary policies, leading to high housing costs. Bessent noted that rents are beginning to decline, which is good news for those who do not own their homes.
Looking ahead, Bessent anticipates a rise in real estate transactions and home sales once interest rates start to drop. This could motivate homeowners who secured low mortgage rates to sell their properties.
The Trump administration is also exploring ways to simplify the permitting process for construction and promote standardization. These steps could help increase housing supply and reduce costs.
Affordability in housing is a major focus for the administration. Bessent highlighted Trump’s commitment to lowering costs, similar to his efforts to reduce prescription drug prices.
As the administration prepares these initiatives, the hope is to ease the burden of high housing costs for Americans.
