What Did Joe Biden Do Today?
December 5, 2024 Recap
National Economic Council Deputy Director Daniel Hornung highlighted the critical challenges of housing policy during his remarks at the Novogradac Housing Finance Conference. Housing affordability has reached its lowest point in recent memory, with half of renters being cost-burdened and a quarter severely so, spending over half of their income on rent. Middle- and low-income households are particularly affected, with homeownership increasingly out of reach. The mismatch between housing supply and demand, worsened by a "missing decade" of construction following the Global Financial Crisis and shifts in demand after COVID-19, has driven unsustainable rent and home price growth. Hornung identified these housing issues as a significant factor in why many Americans feel economically strained despite broader economic gains.
The Biden-Harris Administration launched the Housing Supply Action Plan to address these challenges, focusing on increasing housing supply through a comprehensive, all-of-government approach. The plan targets three key areas: breaking regulatory barriers, increasing public and private capital for affordable housing, and promoting innovation to lower costs. The Administration has incentivized state and local governments to reduce barriers to housing construction by awarding grants to communities that update zoning policies, streamline regulations, and improve permitting processes. Federal funds, such as transportation grants, now prioritize jurisdictions with pro-housing policies. Additionally, federal regulations have been streamlined, including waiving certain environmental review requirements to facilitate commercial-to-residential conversions.
Hornung emphasized the need for increased public and private capital to build and preserve affordable housing, particularly for low-income households. Federal initiatives include reforms to the Low-Income Housing Tax Credit, the expansion of the Federal Financing Bank Risk Share program, and leveraging funds from the American Rescue Plan for housing development. Public land is being repurposed for affordable housing, such as a recent project in Nevada and upcoming plans by the U.S. Postal Service. However, he stressed that Congressional action is essential to provide subsidies and funding for these efforts. Private sector involvement is also critical, with opportunities to structure housing investments that deliver social and economic benefits. As the aging housing stock and expiring affordability covenants pose additional challenges, Hornung called for innovative partnerships to meet preservation and construction demands.
Innovation is a long-term focus of the Housing Supply Action Plan, with the Administration promoting construction productivity and cost reduction. Steps include expanding the HUD Code to facilitate the production of diverse housing types and funding research into scalable materials like mass timber. Hornung also pointed to the private sector's role in advancing modular construction, robotics, and 3D printing to build affordable housing more efficiently.
Hornung concluded by emphasizing the immense scale of the housing challenge and the need for bipartisan action. While increasing housing supply alone is insufficient, supporting low-income households and ensuring fair competition in the housing market are essential components of a comprehensive strategy. Despite the obstacles, he expressed optimism that public-private collaboration and innovative approaches could transform the housing landscape, making it more affordable and accessible for families nationwide.
Vice President Kamala Harris delivered brief remarks emphasizing gratitude, unity, and the importance of leadership in service. She thanked the legislators for their hard work, dedication, and sacrifices in lifting communities, often benefitting individuals who may never know their names. Harris reiterated her belief that leadership is measured by uplifting others, highlighting the legislators’ efforts in building coalitions and addressing the needs of diverse populations.
She acknowledged the challenges ahead in the coming year, encouraging them to maximize limited resources to make meaningful impacts. Harris also reflected on the past year's successes, urging the group to remain committed to their work, which she described as hard and joyful. She concluded by wishing attendees a happy holiday season and thanking them for their continued service and dedication to the promise of America.
President Biden delivered remarks at the National Christmas Tree Lighting, extending Christmas greetings and expressing regret on behalf of First Lady Dr. Jill Biden, who could not attend due to her work promoting women’s health resources. He acknowledged Vice President Kamala Harris, Second Gentleman Doug Emhoff, and the Jones family for their sacrifices as a military family. The event included a countdown to light the tree, led by Mickey Mouse.
In his speech, President Biden emphasized the tree's theme of "peace and light," reflecting on the importance of pausing to appreciate blessings, cherishing time with loved ones, and fostering unity. He highlighted values such as liberty, love, kindness, compassion, dignity, and decency, concluding with wishes for a Merry Christmas to the nation and gratitude toward the troops.
President Biden delivers remarks at the National Christmas Tree Lighting
