Housing affordability has been a crucial matter for some time, and younger generations fear homeownership may always be out of reach. High property taxes, heavy-handed regulations, elevated interest rates, soaring insurance premiums and a lack of new development have compounded to make the homebuying process burdensome and nearly impossible for many Americans.
Making matters worse, renters are also feeling the squeeze with monthly costs climbing faster than wages. Some analysts say rent inflation is one of our country’s biggest economic problems. Gallup polls show the cost of living and the cost of owning or renting a home have consistently topped the charts as America’s most worrisome financial problems.
Fortunately, greater attention is being drawn to the housing market, and discussions on how to mitigate housing costs are being discussed and debated. The president is reportedly considering declaring a housing emergency this autumn. Unfortunately, some of the policies and solutions proposed and gaining ground are counterintuitive and could be counterproductive.
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