Yellen Announces Efforts to Boost Housing Supply Amid Affordability Crisis

June 26, 2024


In this edition of Above the Line, we highlight new federal initiatives to increase affordable housing, the resilience of Dubai's real estate market, and a new Freddie Mac pilot program for second mortgages.

Enhancing the supply of cost-effective housing through fresh federal investments has the potential to consolidate housing prices, foster economic activity, and generate employment opportunities. Such a measure would undoubtedly contribute to the overall stability of the economy, while simultaneously posing the risk of exacerbating our existing budget deficit and elevating interest rates.

Let's dive in. 

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Yellen Announces Efforts to Boost the Housing Supply as High Prices Create a Crunch
Associated Press
The Biden administration is rolling out new initiatives to address the affordable housing crisis. Treasury Secretary Janet Yellen announced $100 million in new funding and other measures aimed at increasing housing supply and alleviating affordability pressures. 

Dubai Real Estate’s Resilience May Signal End of Boom-Bust Cycle
Yahoo Finance
Dubai’s real estate market continues to defy predictions of a slowdown. Home values and rents are rising steadily, signaling a potential end to the city's historical boom-bust cycles. Analysts cite a stable influx of foreign buyers and robust demand for luxury properties.

US Approves Freddie Mac Pilot Program to Buy Second Mortgages
Bloomberg
Freddie Mac has been authorized to buy up to $2.5 billion in second mortgages over an 18-month trial period. This pilot program aims to make it cheaper for households to borrow against their home equity, particularly benefiting rural and low-income homeowners.

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