The Biden administration announced a series of new efforts to boost housing affordability, including $100 million to help finance affordable housing through the Community Development Financial Institutions Fund and calling on Federal Home Loan Banks to do more to boost their support of housing programs.
Yellen demurred on commenting on the policies of a potential Trump administration, but did say the Tax Cuts and Jobs Act promised investments she claims never came and that"it gave huge tax breaks to corporations and to wealthy individuals, and it resulted in an enormous increase in the deficit and lowered tax revenues below historic norms."Housing affordability has become a major issue for Americans in this country.
Local housing agencies have access to, um reasonable, low quality, low cost financing through the federal Financing Bank.So why not offer tax incentives to try to increase housing supply on the market, whether for home builders or investors who bought up so many of the foreclosures following the financial crisis?
So should the US invest in agriculture to boost the food supply in this country, well, I think largely reflects cost increases, including labour cost increases that, um, firms, um, grocery firms have experienced, although there may be some increases in margins. Um, the prices re rental prices for new apartments have stabilised and in many parts of the country come down.
So, given your outlook for inflation, you say you do expect we'll hit 2% by next year and the fact that Americans are grappling with high home costs.When do you think Americans could see interest rates come down?They set interest rates in order to make sure inflation comes down, but also to, um, keep the economy, uh, operating near full employment.
Is it a bit lopsided well, so it isn't the Treasury's strategy to finance increases in the deficit, um, or in debt issuance by using just short term, uh, bills, Um, long term issuance is increased.Uh, it has for many years of making issuance of longer term debt regular and predictable.
And I think it's responsible, um, for many of the problems that we face now with the, um, our fiscal trajectory, and so that would concern me to leave all of that in place.The administration levied new tariffs on $18 billion of Chinese imports back in May.
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