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HOW TRUMP PLANS TO LOWER HOUSING COSTS:
1. Building Codes
The Department of Housing and Urban Development implemented a policy that required all new homes meet a certain level of energy-efficiency, if they were to qualify for federally-backed mortgages. The National Association of Home Builders estimated that this could add up to $31,000 to the cost of a new home.
2. Less Regulation
According to a prior executive order, Trump wrote that: “Many Americans are unable to purchase homes due to historically high prices, in part due to regulatory requirements that alone account for 25 percent of the cost of constructing a new home” – and, according to several studies: on single family homes, government regulations account for 23.8% of the overall cost and on multifamily, it’s 40.6%.
3. Building On Federal Land
28% of all land in the United States is owned by the government (this includes national parks, areas with mineral rights, bases, and locations preserved for conservation) so as a way to help ‘spark’ economic growth, the Trump Administration is setting up a task force to “locate federal land that could potentially be used for affordable housing development…The goal is to open up large areas of federal land by transferring or leasing it to local governments.”
The American Enterprise Institute indicated that this “could result in the construction of three to four million new homes across western states like Nevada, Utah, California, and Arizona.”
According to them: “This isn’t a free-for-all to build on federal lands, although we recognize that bad-faith critics will likely call it that. It’s a strategic effort to use our resources responsibly while preserving our most beautiful lands. For land use, all options are being explored, including transferring or leasing federal lands to public housing authorities, nonprofits, and local governments. However, lands within national parks, wildlife refuges, and other conservation areas will remain protected. Specifics will be announced as the task force completes its review and finalizes details.”
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