The Biden administration has announced further steps to lower housing costs and boost supply, part of the economic agenda that President Biden will highlight as he seeks a second term.
The administration is taking a “comprehensive federal approach,” White House domestic policy adviser Neera Tanden told reporters, toward improving affordability for both homeowners and renters. The newly announced plan will leverage three separate areas toward achieving this goal: Easing land use and zoning rules, expanding financing and promoting the conversion of commercial to residential space.
” To address restrictive land use and zoning policies – including those that prohibit multifamily housing development, among other issues, the administration is looking to incentivize municipalities to lift some of those restrictions by “incorporating land use and zoning into the grant criteria for the historic Reconnecting Communities and Neighborhoods program and also into the Economic Development Administration’s grant programs,” said Hornung.
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