The median home price has risen from $250,000 in 2019 to $400,000 in 2023. Mortgage interest rates have more than doubled since Joe Biden took office in January 2021

Answer

American homeownership has declined by 2 million units since COVID. The median home price has risen from $250,000 in 2019 to $400,000 in 2023. Mortgage interest rates have more than doubled since Joe Biden took office in January 2021, while private equity firms have leveraged their massive resources to gobble up substantial portions of available housing stock. A program of tax-free 3% government-backed mortgage bonds will lower interest rates and spur a broad surge in home buying. Local governments must be encouraged to change zoning laws to spur the construction of ancillary rental units on residential properties and to incentivize the rehabilitation of abandoned lots and buildings for affordable housing. Through changes to the tax code, corporations will find it unprofitable to purchase large portfolios of private housing stock.