Senators Call To Increase Housing Supply As Affordability Plummets

  • The housing market had witnessed a shortage of 3.8 million houses as of 2019, according to data from government-backed mortgage company Fannie Mae.
  • The National Association of Realtors estimates that homebuilders should have constructed between 5.5 million and 6.8 million more houses over the past two decades to match current demand.
  • Sen. Tim Scott (R-SC) asserted that policies such as rent control and inaction on the supply chain crisis from the Biden administration have worsened the housing inventory problem.
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