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The National Association of Home Builders testified at a Senate Finance Committee hearing last week to discuss the role of tax incentives in a far-reaching affordability crisis. Chairman Jerry Konter argued that while tax incentives can, in part, drive down the cost of building, more widespread measures must be taken by Congress to tackle building material production bottlenecks, unnecessary regulations, and a growing labor shortage nationwide.

As all market players await the Fed’s most recent rate hike, NAHB says the affordability crisis is worsening. Buyers are putting off their purchasing plans, builder confidence is falling, and housing starts registered the lowest production level seen in two years, but there’s still time for Congress to act.

Outside of the tax arena, NAHB is urging Congress to take the following steps to make housing more affordable for home owners and renters alike:

  • Call on the Biden administration to suspend tariffs on Canadian lumber imports into the U.S. that are contributing to unprecedented price volatility and raising housing costs and to immediately enter into negotiations with Canada on a new softwood lumber agreement.
  • Reduce burdensome regulations that account for nearly 25% of the price of building a single-family home and more than 40% of the cost of a typical multifamily development.

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