As rents soar higher and housing stocks become increasingly scarce, Americas may be wondering about where they’ll be living in the years to come. In a letter the newly elected Trump administration, Redfin’s chief economist, Nela Richardson, outlines a plan for the future administration to consider.
Richardson (like Fannie Mae CEO Tim Mayopoulos) is calling for a national housing policy—one that specifically plots out how we house people in this country. Here are her four provisions:
1) Tackle housing as a broader economic issue, not one siloed to the poorest Americas.
2) Reward cities and towns that introduce innovative land-use policies that allow for more economically integrated neighborhoods.
3) “End the mortgage interest rate deduction”—this is a tax deduction that primarily benefits the high earning Americans.
4) Re-employ (responsibly!) Fannie Mae and Freddie Mac, institutions that have previously been key to awarding mortgages to middle income earners.
Trump has not made housing a cornerstone of his platform, nor a priority within his first 100 days agenda, so it’s possible this plea will fall on deaf ears. RR