Guest Editorial: America’s housing crisis is a job for Congress

The Bloomberg Editorial Board says America’s housing crisis is a job for Congress:

One of the many criticisms the president has levied against the Federal Reserve is that high rates are making it too expensive for Americans to buy a home.

In fact, if affordability is the goal, he should be pressing Republicans in Congress to pass a new piece of bipartisan legislation that would do more to address the problem.

Sky-high housing costs are a top concern for many Americans. In the wake of the pandemic, median home sale prices reached their highest level in at least 50 years compared with household income; rents outpaced earnings as well. Relatively high mortgage rates – the 30-year fixed-rate mortgage rose to an average of 6.72% at the end of July, from 4.46% over the previous decade – have