Treasury Secretary Scott Bessent has indicated that the Trump administration is contemplating the declaration of a "national housing emergency" this fall, aiming to reduce housing costs.
This initiative aligns with President Donald Trump's ongoing efforts to persuade Federal Reserve Chair Jerome Powell to lower interest rates, a move that could potentially make housing more affordable.
As reported by The Post Millennial, Bessent shared in an interview with the Washington Examiner that the administration intends to prioritize "affordability" within the GOP platform for 2026. He stated, We may declare a national housing emergency in the fall.
Although Bessent refrained from detailing the specific criteria for such an emergency, he hinted at potential measures such as standardizing zoning laws, reducing closing costs, and implementing tariff exemptions for housing materials. The complexity of current zoning laws often restricts housing supply, driving up costs in certain regions.
However, Bessent did not elaborate on all the policies that might be enacted should an emergency be declared.
Tariff exemptions could potentially lower the cost of housing materials, contributing to overall affordability. Bessent remarked, Were trying to figure out what we can do, and we dont want to step into the business of states, counties, and municipal governments, emphasizing that everything is on the table.
Looking ahead to 2026, Bessent expressed optimism about the economic outlook, predicting significant growth. He highlighted the potential benefits of the 'No Tax on Tips' policy, noting, This very, very, very nice young lady here, whos had this restaurant for 32 years, shes going to get a large tax refund of the No Tax on Tips. So 2026 is going to be a good year.
This underscores the administration's commitment to fostering economic prosperity through tax relief and housing affordability initiatives.
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