Staff Reports
Hold on to your wallets, folks, because the Biden administration seems to think it can solve the housing crisis by throwing a cool $85 million at the problem. This Wednesday, they proudly announced their latest spending spree aimed at “addressing barriers to developing more affordable housing.” What does that actually mean? Essentially, they’re lining the pockets of 21 state and local governments to update housing developments, modify land use policies, and streamline permit processes. Because, you know, more red tape is always the answer.
Vice President Kamala Harris was eager to tell the country that this so-called investment is part of a grand strategy to lower rents and help more Americans own a home. A strategy that, mind you, conveniently glosses over the fact that no one on Team Biden could give a straight answer on when any real construction might start. So much for the two million units of affordable housing they’re promising. Sounds more like another round of empty promises and bureaucratic rigmarole.
Biden administration offers $85M to spur affordable housing constructionhttps://t.co/QPjpKQBw9f pic.twitter.com/5go0MBhMfF
— The Washington Times (@WashTimes) June 26, 2024
This announcement comes hot on the heels of a National Association of Realtors study, which essentially noticed what everyone already knows – owning a home is becoming an impossible dream for more and more Americans. The median home sales price hit a jaw-dropping $419,300 last month. That’s right, California mansions aren’t the only properties with insane price tags anymore. Home prices jumped a staggering 6% from May 2023 to May 2024 while sales dropped 3%. Meanwhile, the inventory of unsold homes rose over 6%, which equates to nearly four months of surplus homes just collecting dust.
And who gets these generous handouts? Los Angeles County, for example, will receive $6.7 million. Because clearly, what’s a little more cash when you’re already the poster child for poorly managed real estate? States like Hawaii and even small towns like Ketchum, Idaho, made the list too. Milwaukee will get $2.1 million, supposedly to help builders develop vacant lots and abandoned buildings. Denver’s taking home $4.5 million for low-cost loans to connect housing projects to utilities. Because nothing screams efficiency like government subsidies and loans that take forever to materialize.
Of course, Biden’s crew promises more free money later this summer – another $100 million in grants – and the President himself is asking Congress for an extra $100 million for the next fiscal year. If the pattern holds, that’ll be more golden tickets for local governments, but whether it’ll translate into actual homes remains to be seen. Right now, it looks more like a PR stunt designed to make it seem like they’re doing something, while everyday Americans wait and wonder when they might actually feel the benefits.
So, prepare for more taxpayer dollars funneled into top-heavy programs with questionable results. The Biden administration’s latest scheme serves as a reminder of why a conservative approach, emphasizing deregulation and market-driven solutions, is desperately needed to truly address the housing crisis. This round of grants is more about show than substance, and heaven help us if more of our hard-earned money gets funneled into another bureaucratic black hole.
