Housing is the foundation of the economy. Homes represent the single largest asset for most Americans. They are a vital source of wealth creation that supports consumer spending, which in turn represents about two-thirds of U.S. economic output.

It’s not a surprise, then, that the Trump administration recently said it was considering declaring the housing crisis a national emergency. Well, no kidding. Years of insufficient new housing, rising construction costs and elevated mortgage rates have put homeownership out of reach for a growing share of the country. The latest Federal Reserve survey of consumer finances confirms that affordability has worsened. The median home is worth more than 4.6 times the median family income. In 1995 it was 3.8.

The federal government alone can’t solv

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