Here’s what Americans need to know.
Treasury Secretary Scott Bessent confirmed Monday that President Donald Trump is considering a national housing emergency to combat soaring home prices, dwindling supply, and crushing costs for American families.
In a Labor Day interview with the Washington Examiner, Bessent said the administration is preparing to act this fall.
“We may declare a national housing emergency in the fall,” Bessent said, stressing that President Trump is determined to restore affordability and protect the American dream.
Housing Costs Spiral Out of Control
For millions of families, housing has become one of the biggest financial burdens in America today. Prices remain historically high, inventory is low, and young families and retirees are being squeezed. Bessent emphasized that the administration sees housing affordability as a top national priority.
Trump Team Eyes Fed Cuts and Supply Boost
Bessent reiterated that Federal Reserve rate cuts would help lower housing costs, but made it clear the Trump administration is ready to act on its own. Options under review include:
- Expanding housing supply by streamlining building approvals
- Cutting closing costs to ease the burden on buyers
- Reducing red tape that drives up local housing prices
“We’re trying to figure out what we can do, and we don’t want to step into the business of states, counties, and municipal governments,” Bessent noted. “Everything is on the table.”
Tariffs, Lumber, and Construction Costs
The White House is also reviewing targeted tariff exemptions on building materials to cut costs. Lumber has been especially volatile, with the National Association of Home Builders reporting prices nearly 20% higher than a year ago.
To protect American workers, the Commerce Department in July more than doubled duties on Canadian softwood lumber imports, raising total tariffs to 35.2%. Other construction materials, such as drywall gypsum largely imported from Mexico, remain vulnerable to global supply shocks.
Trump’s Promise: Protect the American Dream
Bessent stopped short of detailing the executive actions President Trump could take, but insiders say the administration is serious about tackling the housing affordability crisis head-on.
For seniors on fixed incomes, families trying to buy their first home, and workers priced out of the market, relief may finally be coming.
With a potential National Housing Emergency on the horizon, President Trump is once again proving he is willing to take bold action to defend American families, rebuild the economy, and restore hope in the U.S. housing market.
