President Biden and his economic team are taking steps to address the issue of housing affordability in the United States. With elevated mortgage rates and housing costs posing a challenge to Americans and potentially impacting the upcoming elections, the administration is seeking new initiatives to make housing more accessible and affordable.

The forthcoming budget request from the Biden administration will urge Congress to pass a series of measures aimed at increasing the availability of affordable housing and assisting certain individuals in purchasing homes. Additionally, President Biden is expected to discuss housing affordability for both homeowners and renters in his upcoming State of the Union address.

In response to the pressing issue, the administration has announced a set of executive actions, including measures to boost the supply of manufactured homes. Furthermore, additional actions to lower housing costs are anticipated to be unveiled in the near future.

Amidst criticism from congressional Republicans regarding high mortgage rates and housing costs, the administration is under pressure to address these concerns, particularly as they impact working-class voters crucial to the president’s electoral prospects.

While immediate and direct intervention in mortgage rates is limited for the Biden administration, as they are heavily influenced by the Federal Reserve’s interest rate policies, efforts are being made to navigate the complex landscape of housing affordability without exerting undue pressure on the central bank.