U.S. Treasury Secretary Scott Bessent told reporters on Monday that President Donald Trump might declare a national housing emergency this fall. That declaration might include streamlining processes for new construction permits and for acquiring construction supplies, two of the many ideas that both Democrats and Republicans have explored in recent years to combat the U.S. housing crisis.
Bessent suggested that the aim of the declaration would be to lower housing costs for both owners and renters. He also mentioned standardizing zoning laws and lowering closing costs.
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The secretary acknowledged that state and local governments would necessarily be involved, and indicated that he aimed to refrain from overstepping federal authorities.
The U.S. housing crisis has presented issues for both Democratic and Republican politicians in recent years. Successful policies generally require cooperation between federal, state, county and municipal governments, as well as private companies, developers and neighborhoods.
