Gov. Probe Into Creating More ‘Affordable Housing’

President Donald Trump has signed an executive order to ease or, in some cases, eliminate rules that have been blamed for blocking greater construction of affordable housing. Home building is near its lowest level in 60 years, contributing to a nationwide housing shortage that has pushed home prices up and hurting affordability.

Trump announced that a newly created initiative called the White House Council on Eliminating Barriers to Affordable Housing Development will use federal programs to find ways to encourage local governments to allow for more building. The council, which will be chaired by Department of Housing and Urban Development Secretary Ben Carson, will also conduct a study to quantify the effect of regulations on the housing market and economy.

Source: “Trump Administration to Take on Local Housing Barriers,” The Wall Street Journal (June 25, 2019) [Log-in required.]

HUD: Hispanics Key to Real Estate’s Growth

A booming Hispanic population will be the key to the nation’s future residential real estate market, Julian Castro, the newly confirmed secretary of the Housing and Urban Development, told The Associated Press.

“The prosperity of the United States and the prosperity of the Hispanic community, as the fastest-growing community, are one and the same,” Castro told the Associated Press. “The destinies are one and the same.”

Nearly half of first-time homebuyers nationwide will be Hispanic in six years, according to a 2013 study from the National Association of Hispanic Real Estate Professionals. What’s more, Hispanics are forecasted to account for 40 percent of the estimated 12 million net new households nationwide within the next decade.

Castro says that an overhaul of federal immigration laws could further aid the U.S. housing market. Federal immigration law changes could add about 3 million home owners and generate more than $500 billion in sales, income, and spending into the housing economy, estimates the National Association of Hispanic Real Estate Professionals study.

Source: “Castro: Hispanics Key to U.S. Housing Sector Future,” Associated Press (Sept. 20, 2014)