The Obama administration’s decision to not provide funding for affordable housing is a “gift to the billionaire class” that “sends a clear message to working-class Americans that if you can’t afford a home, you’re going to be left out,” says a new report from the Center for American Progress.
The report, titled “The Price of Housing,” finds that the housing market has “never been so competitive” and that the administration’s approach to affordable housing “is a gift to the wealthy and corporations.”
The report cites a recent study showing that “the nation’s mortgage rates are at record lows, which is the most affordable level of home ownership for a family of four.”
The White House has said that the Trump administration would be willing to “review the affordability of mortgages, but has not provided an update on when it will make that determination.”
The Obama White House also announced in May that it would provide $4 billion in mortgage relief for first-time buyers, a decision that was criticized by progressive groups.
“This administration’s policies on housing affordability are the same as the Trump White House’s,” said Stephanie Schriock, executive director of the Progressive Policy Institute, in a statement.
“The White House is trying to push a Republican-led Congress to pass legislation that would gut mortgage relief, while failing to make a credible case for the cost of housing in America.”
The Center for America Progress report finds that housing is becoming a “huge opportunity” for investors in “a market that has been on the edge of collapse for years.”
It concludes that the president’s housing policies are “failing the most vulnerable and most marginalized Americans.”
The Housing and Urban Development Department has already started working on plans to create a national affordable housing strategy, and the White House said it would be “fully supportive” of such efforts.
“Our goal is to make sure the next generation has access to affordable rental housing, regardless of income or income level,” the White Nationalist said in a release.