U.S. White House: Persistent housing inflation exists, affordable housing policies will alleviate pressure on the housing market

News on September 11, the White House in the United States pointed out that as indicated by the Bureau of Labor Statistics, housing inflation was a "major factor" for this month's inflation in August. Although we are careful not to over-interpret any single month's data point, the pressure of housing on overall inflation has been ongoing and is clearly related to a very tense housing market and a shortage of affordable housing formed over the past decade. Housing price trends have shown structural supply shortages in the U.S. real estate market. This shortage has persisted for at least 10 years, and the Economic Advisory Committee has conducted a very detailed analysis of this issue, focusing on factors behind it. More importantly, we explained policies proposed by Biden/Harris administration to significantly improve this gap. We believe these measures requiring congressional approval can quickly start adding 2 million to 3 million units of affordable housing which will greatly reduce shortages and have corresponding effects on prices. The sooner we begin implementing this agenda, better it would be for American families.