Housing Policy News

"Biden's Housing Plan: $10,000 Tax Credit for Home Sellers and First-Time Buyers"

President Biden has unveiled housing policy proposals to address the ongoing housing shortage in the US, including a $10,000 tax credit for homeowners who sell their homes below the local median price, aimed at increasing the supply of starter homes. However, experts believe that while the tax credit may have a marginal impact, the fundamental cause of the crisis, a shortage of an estimated three to seven million homes, needs to be addressed. Biden has also proposed policies to create or preserve two million homes and expand tax credits for builders creating new low-income housing, with the goal of creating more affordable housing options.