Biden Spells Trouble for Housing
On Day 1 of his administration, President Joe Biden took a quantum leap toward reversing his predecessor’s efforts to reduce the role of government in the business of private enterprise. In doing so he put the expansion of the nation’s housing supply squarely in Washington, DC’s political gun sights.
This is trouble for California, and the nation.
“Homebuilder concerns about a changing regulatory landscape” may have already altered their plans for next year, says National Association of Home Builders (NAHB) Chairman Chuck Fowke. Indeed, the latest sentiments of homebuilders “suggests somewhat softer numbers are ahead due to rising building costs and an uncertain regulatory climate.”
California is currently suffering from several calamities but none is bigger or more pernicious than the state’s chronic housing supply shortage. Despite faltering demand, due to COVID-19, prices and rents remain sky-high. And, while plenty of state and local constraints still exist, markets here nonetheless welcomed what former President Trump was doing in Washington.
Biden acted quickly to change Trump policies. In addition to curtailing action on over a… Read More