• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»Biden Wants To Spend Hundreds Of Billions Fighting Housing Affordability Crisis He Helped Create
Business

Biden Wants To Spend Hundreds Of Billions Fighting Housing Affordability Crisis He Helped Create

March 11, 2024No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Redfin Real Estate Yard Sign Pictures in Seattle
Share
Facebook Twitter LinkedIn Pinterest Email

President Joe Biden’s budget proposal for fiscal year 2025 includes over $250 billion in funding to boost housing supply as housing unaffordability continues to plague Americans.

The $258 billion proposal would be used to build or preserve over two million housing units, catering to lower- and middle-income households, according to the White House. Home prices climbed by 7% year-over-year in December, up from 6.3% in November, as constraints on supply, sustained inflation and high interest rates burden both suppliers and consumers. (RELATED: Inflation Is Forcing Americans To Drain Their Retirement Accounts Just To Stay Afloat)

The proposal includes $20 billion in mandatory funding for the Innovation Fund for Housing Expansion, which aims to provide subsidies for the construction of multifamily rental homes as well as remove barriers to housing development, according to the White House. The budget calls for another $7.5 billion in mandatory funding to be given to rental assistance project contracts for “the development of new climate-resilient affordable housing.”

The average rate for a 30-year mortgage neared 8% in October, reaching its highest level in 23 years, while housing prices also reached an all-time record in October after climbing for nine straight months. As a result, sales for existing homes fell to the lowest level since 1995 in December.

Is housing inflation set to rebound?

Many leading indicators say so, including the Case Shiller index which shows housing inflation at 5%.

Also, in September we saw rent prices begin to peak, with just 30% of cities posting rent growth.

Recently, it’s been increasing rapidly… pic.twitter.com/nxMpXT2l6b

— The Kobeissi Letter (@KobeissiLetter) March 3, 2024

Some economists point to Biden’s high spending policies for the inflation that the U.S. has seen under his tenure, which peaked at 9.1% in June 2022. The president signed the American Rescue Plan in March 2021, authorizing $1.9 trillion in new spending, and the Inflation Reduction Act in August 2022, which added $750 billion in new spending.

See also  Focus: Giorgio Armani fashions his own legacy with succession plan

In response to the high inflation, the Federal Reserve placed its federal funds rate in a range of 5.25% and 5.50%, the highest in 23 years. Treasury yields trail the federal funds rate, which in turn trails mortgage rates, resulting in hikes to the federal funds rate having huge effects on broader mortgage rates.

The price of rent has also seen a dramatic rise in recent years, increasing 6.1% year-over-year in January, far higher than the general rate of inflation. A lack of supply and the long-term lengths of leases have led to slower, more sustained price increases.

The White House did not immediately respond to a request to comment from the Daily Caller News Foundation.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Affordability Biden Billions Create Crisis fighting Helped housing Hundreds Spend
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Disney’s ABC to Air Additional 10 ‘Monday Night Football’ Games as Writers-Actors Strikes Saps Content

September 20, 2023

Dennis Quaid Wants to ‘Make Texas the Film Capital of the World’ as People Flee California

May 19, 2023

Certain “Ill-Wishers” Stepping Up To Destabilize Russia: Vladimir Putin

June 2, 2023

5 Indicators of Unresolved Attachment Trauma

March 7, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

Russia After Fresh Attack On Ukraine City

July 6, 2023

Bank results lift stocks; Dow up for seventh straight session

July 19, 2023

Trump Will Leave Mar-a-Lago on Monday at 12 Noon to Head to Trump Tower New York Ahead of Arraignment

April 3, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.