Trump Administration Weighs National Housing Emergency Amid Rising Costs

Treasury Secretary Scott Bessent announced that the Trump administration is considering declaring a national housing emergency this fall to tackle the ongoing housing affordability crisis, marking the first such declaration since the 2008 financial crisis. This move aims to address soaring home prices, limited supply, and high borrowing costs, which have led many younger Americans to delay homeownership. Potential measures under consideration include standardizing local zoning and building codes, reducing closing costs, and granting tariff exemptions on construction materials, though specifics have yet to be finalized. The administration also hopes to leverage expected Federal Reserve interest rate cuts to ease housing costs, making affordability a central GOP theme for the 2026 midterm elections. Bessent emphasized that the administration intends to avoid overstepping state and local governments while keeping all options on the table. The housing crisis, with roots tracing back decades, remains a critical issue as median home prices continue to outpace household incomes significantly.