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National Housing Conference Attends White House Meeting on Housing Supply

A diverse group of affordable housing leaders, including National Housing Conference President and Chief Executive Officer David Dworkin, met with National Economic Council Director Brian Deese, Housing and Urban Development Secretary Marcia Fudge, and Federal Housing Finance Agency Director Sandra Thompson, and Senior Advisor to the President Gene Sperling today to discuss legislative, administrative, private sector, and state and local actions to address housing supply and affordability challenges across the country.

Statement of David M. Dworkin, President and CEO of the National Housing Conference on FOMC announcement

Today’s announcement by the Federal Reserve Board’s Federal Open Market Committee to increase interest rates by an additional 75 basis points will drive up the cost of housing and may fail to adequately reduce inflation. Housing supply deficits, made worse by increased interest rates, are likely to blunt the anti-inflationary impact of the Fed’s rate hike as the housing supply continues to shrink, offsetting the impact of interest rate-driven reductions in demand.

Statement of David M. Dworkin On Home Value Reports

“Housing price ‘deceleration’ provides little comfort to first-time homebuyers and renters struggling to find affordable housing,” said David M. Dworkin, president and CEO of the National Housing Conference. “Shaving a few points off a growth rate for housing costs that is still in the double digits is not going to address our housing affordability crisis.”

Statement of David M. Dworkin President and CEO, National Housing Conference on President Biden Student Loan Announcement

Today President Biden announced his plan to deliver student loan forgiveness for those who make less than $125,000. The three-part plan targets debt relief of up to $20,000 for Pell Grant recipients and up to $10,000 for non-Pell Grant recipients.  “This is one of the most consequential housing policies made in this generation.   Student loan debt burden is a major impediment to first time homebuyer, and will have implications for millennials, Gen Z, low- and moderate-income borrowers, and people of color” said NHC president and CEO, David Dworkin.

Statement of David M. Dworkin, President and CEO of the National Housing Conference, on the Federal Reserve’s Rate Hike: “Higher mortgage rates are not a sustainable way to reduce shelter costs”

Higher rates will do nothing to address the key driver of inflation in the housing sector: the persistent, long-term shortage of housing supply. As Chairman Powell noted in his comments, while the number of unfinished homes is high, the inventory of finished homes is still ‘incredibly low, historically low.’

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