Source: The Hill
by Tobias Peter & Edward Pinto
“As America’s housing crisis intensifies, the American Housing and Economic Mobility Act of 2024 has emerged as a high-profile yet expensive solution. The bill comes with a $500 billion price tag and endorsements from leading Democrats, including Vice President Kamala Harris. Moody’s, a major financial services company, has also blessed the act, predicting it will lower rents and significantly boost the supply of affordable housing. But before the country embraces this rosy outlook, it must confront a stark reality: Government interventions in housing have a long history of falling short of their lofty promises. In many cases, they have resulted in outright failures. And the American Housing and Economic Mobility Act is likely destined to meet the same fate. To address the housing crisis, we need a bold shift toward market-driven solutions that focus on expanding the overall supply of housing, rather than relying on ineffectual and costly subsidies.” (09/11/24)
https://thehill.com/opinion/finance/4872011-housing-crisis-affordable-market/