White House Report Highlights 10 Million Housing Shortage and Proposes Regulatory Cuts
A new report from the White House economists reveals a significant housing shortage in the United States, estimating a deficit of 10 million homes. The report, part of the Economic Report of the President, suggests that reducing regulatory burdens could stimulate construction, stabilize housing prices, and promote economic growth. President Trump has signed executive orders aimed at easing housing regulations and facilitating mortgage access through smaller banks. However, the administration has faced challenges in prioritizing housing issues due to global events, such as the Iran conflict, which have impacted mortgage rates. The report argues that regulatory costs, termed as 'the bureaucrat tax,' add over $100,000 to the cost of building a home. It suggests that reducing these costs could lead to the construction of up to 13.2 million homes, potentially boosting economic growth by 1.3 percentage points annually and creating 2 million jobs in manufacturing and construction. 
