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Treasury Secretary Scott Bessent recently declared that President Donald Trump 's administration is considering declaring an emergency situation for housing. He pointed out the weakest summer home sales in a decade, with more than 15% of transactions falling through in July, the highest cancellation rate since record-keeping commenced in 2017. Prices, though below pandemic levels, are still too lofty for working- and middle-class Americans.

Bessent is right to sound the alarm, and a housing emergency declaration is long overdue.

For too long, politicians have praised the virtues of homeownership while supporting policies that make it harder to achieve. America no longer produces enough houses to meet demand, and existing

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