Biden’s Housing Supply Action Plan Is Hopeful, But Its Future Depends on Congress
President Biden’s Housing Supply Action Plan is prepared to tackle housing affordability as quickly and efficiently as possible, but the proposal can’t be put into action without legislative approval, which is far from guaranteed, Fast Company reports.
Some of the initiatives outlined in Biden’s housing plan are ready to be implemented immediately, but a large portion of the proposal’s funding will likely be included in the administration’s proposed $5.8 trillion budget for 2023, a figure that could be reduced by Congress after the 2022 midterm elections.
The administration’s plan includes several executive-level orders that can activate the industry quickly. One directs pandemic recovery funds to develop affordable housing. Another eases federal financing to encourage broader access to alternative forms of housing, including ADUs (accessory dwelling units) and manufactured homes.
But much of the proposal stands on shakier ground. Legislative approval—particularly bipartisan collaboration on a budget to fund costly programs that run into the tens of billions of dollars—is needed but far from guaranteed.