As mortgage rates and home prices reach record highs, the National Association of Homebuilders is now calling on the White House to take action.
and rising gas prices by tapping the Strategic Petroleum Reserve and allowing the summer sale of a blend of ethanol fuel, it should also act to help reduce housing costs. The housing sector accounts for more than 15% of the nation’s gross domestic product, and waiting to act any longer will have dire repercussions for the economy, the letter outlines. The builders are calling for a range of demands to be met to make housing more affordable.
The group is also urging the administration to scale back regulations to add more housing and rental opportunities. According to the NAHB, regulatory compliance accounts for nearly 25% of the costs of building a single-family home and over 30% for a multifamily development.
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