Biden Unveils $8 Billion Plan to Build 2 Million Homes and Combat Housing Crisis
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President Biden has proposed a plan to build 2 million new homes to increase housing supply and improve affordability. Measures include tax credits and an innovation fund.
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Biden believes more housing supply is key to relieving high home prices. His administration aims to spur building through programs like the Neighborhood Homes Tax Credit.
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Another proposal is the Low-Income Housing Tax Credit to improve the rental market and convert empty offices/hotels into housing.
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An $8 billion plan aims to reduce homelessness through measures like emergency shelters, rapid rehousing, and rental housing.
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Biden stated "to lower housing costs for good is to build, build, build." He says affordable housing has long been a challenge and supply is key with high demand.