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EXCLUSIVE: One of the House GOP’s staunchest housing affordability advocates is calling President Donald Trump’s rumored emergency order on the issue a “game-changer.”
House Main Street Caucus Chair Mike Flood, R-Neb., who also chairs the Housing and Insurance Subcommittee on the House Financial Services Committee, told Fox News Digital that he is hoping Trump ultimately follows through on declaring an emergency on housing affordability.
“When you have a housing shortage and a supply issue, it pushes up valuations, which pushes up your property taxes, because your valuation goes up. It pushes up home insurance premiums because the value of your home is more expensive if there was some kind of a claim,” Flood explained.
“So the President of the United States putting his thumb on the scale and saying that housing is in a crisis situation, and it’s an emergency – that changes the entire conversation.”
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Housing and Urban Development (HUD) Secretary Scott Turner told Fox Business on Tuesday that talks were ongoing on the issue but declined to make any firm declarations ahead of Trump.
“Those discussions are being had, not just from an emergency declaration standpoint, but what can we do in order to bring the costs down…and bring the supply up,” Turner said.
Home prices have skyrocketed in recent years, outpacing wage growth and making small houses that were once considered “starters” for young families out of reach for millions of Americans.
Zoning restrictions, high building costs, regulatory issues and insufficient levels of new construction have all been named as reasons for the current crisis.
Additionally, new tariffs on materials like steel, aluminum and lumber are projected to add about $10,900 to the cost of building a new single-family home, according to the National Association of Home Builders.
“It’s going to take the federal government, the state governments and the municipalities, most notably, to fix this,” Flood said.
He added that his panel was also working on bipartisan legislation, expected in October or November, to make housing more affordable nationwide.
“We have been working in our subcommittee and on Financial Services on our effort that will, I think, take a few steps forward, and hope to mark that up later this year in maybe October, November,” Flood said. “But the president coming in and making this a priority is what’s going to push this at lightspeed across the finish line.”
He added: “I truly think we can get something done by June of next year.”
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Flood also stressed that housing affordability is a key election issue for Americans.
“Since 2020, we’ve seen 20% inflation, home insurance premiums are more expensive, mortgage rates are higher. You know, you’ve got all these rules in the federal programs that make it nearly impossible to be really effective with the assistance that HUD provides,” Flood said.
“And with the president doubling down on an issue that I am very passionate about, I think that this is going to resonate with Americans, because this is what people are talking about.”
Fox Business’ Kevin Gora contributed to this report.
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