Biden To Propose New Housing Initiatives At SOTU

The White House has released a fact sheet of new initiatives, "to lower housing costs for working families," that President Biden will propose during this evening's State of the Union Address.

• According to the White House, "Biden will call on Congressional Republicans to end years of inaction and pass legislation to lower costs by providing a $10,000 tax credit for first-time homebuyers and people who sell their starter homes; build and renovate more than 2 million homes; and lower rental costs."
• President Biden will also, "call on Congress to provide up to $25,000 in down payment assistance to first-generation homebuyers whose families haven’t benefited from the generational wealth building associated with homeownership."
• David Dworkin, CEO of the National Housing Conference, said: “This plan is the most consequential set of housing recommendations in a State of a Union in over 50 years, and I say that because I've looked them all up.”
• White House National Economic Council Director Lael Brainard said in a statement: “President Biden will lay out the boldest plan to lower housing costs and expand housing access in decades."
• The Washington Post notes that, "the moves come as housing persists as one of the most out-of-reach parts of the economy, and remains a key issue for voters in this year’s election."