LOS ANGELES –YIMBY Action enthusiastically welcomes President Joe Biden's announcement that he will make significant investments to lower housing prices. His new comprehensive plan to address the national housing shortage, aimed at making housing more affordable for middle-class and working-class Americans, is a promising step from the Biden Administration. This announcement includes a plan to construct or renovate over 2 million homes, which marks a monumental step forward for the pro-housing movement.
Biden’s pro-housing initiative also includes a $10,000 tax credit for first-time homebuyers and additional assistance for first-generation homeowners, mortgage relief, and an expansion of the Low-Income Housing Tax Credit.
These policies reflect what YIMBY Action members across the country have advocated for at the local level for nearly a decade, and are a welcome step from the Administration during what will be a competitive 2024 election. Building more housing, including subsidized-affordable housing, will help ensure everyday Americans can benefit from a growing economy, pulling more people out of poverty and building up the middle class.
“This initiative deeply resonates with YIMBY voters and will help President Biden in his re-election bid,” said Laura Foote, Executive Director of YIMBY Action. “Working and middle-class people across the country are struggling to afford housing, and it’s only been getting worse. That’s why we're particularly excited about the proactive steps the Biden Administration is taking to build and renovate 2 million new homes. This will go a long way.”
YIMBY Action is committed to collaborating with government and policymakers at all levels to ensure the successful implementation of these transformative policies.
For more details on the plan, please visit the White House’s official announcement.