TL/DR –
U.S. Senate candidate Kari Lake has proposed a series of new and revised federal programs aimed at reducing housing costs in response to what she describes as “horrible” policies from the White House and Democrat Ruben Gallego. Lake’s proposals include expanding a federal mortgage assistance program and creating a program to reduce the interest costs of loans by “buying down” interest rates. These initiatives come amid a housing crisis in Arizona, where an estimated 100,000 to 250,000 additional homes are needed to alleviate the shortage primarily caused by slower construction and significant population growth.
US Senate Candidate Kari Lake Proposes New Federal Programs to Lower Housing Costs
US Senate candidate Kari Lake announced on Wednesday a set of new or improved federal programs aimed at reducing the costs of purchasing a house. This comes as a response to what she labels as the “horrible” policies of the White House and her Democratic opponent, Ruben Gallego.
Lake’s proposals include the expansion of a federal mortgage assistance program and the creation of a program to lower loan interest costs. These measures, she argues, are necessary to address the current shortage of affordable housing. Despite advocating for a 50% cut in the federal budget, she dismissed potential contradictions, insisting her proposals would be short-term.
“This won’t be a program that lasts forever,” Lake stated at a news conference in Chandler. “It will be an opportunity. But we have to help right now because we’re watching as Americans are falling into homelessness by no fault of their own.”
Lake’s policy suggestions come at a time when Arizona is facing a severe housing crisis. The state needs 100,000 to 250,000 more homes to alleviate the historic housing shortage, most of which is in the Phoenix area due to slower construction and significant population growth.
Click here to view the full gallery from the press conference.
Gallego, on the other hand, has co-sponsored a bill to increase homeownership for first responders, teachers, and public servants. He also supports legislation to limit the homebuying practices of institutional investors and hedge funds that increase rents amid a lack of available housing.
Lake argued that housing costs have skyrocketed under the Biden administration, particularly for young adults. She pointed out that the average cost of a home in Arizona jumped from $321,000 in 2021 to $434,000 now, and mortgage rates increased from 2.77% in 2021 to 6.35% currently.
However, these figures lack context. Data from the nonpartisan Maricopa Association of Governments showed that the median price of a single-family house in Maricopa County was $499,000 in June, a 35.6% increase since Biden took office. In comparison, the median price was $338,000 in June 2020 during Trump’s administration, a 35.3% increase from when he entered the White House.
Lake’s comments suggest that Harris and Gallego had influence over the Federal Reserve Bank’s recent rate cut, a claim that has been disputed by experts. Despite this, some conservatives view the rate cut as a political gift to the Democrats ahead of the November elections.
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