In an effort to address the soaring housing costs faced by working families across the nation, President Joe Biden has announced a comprehensive plan aimed at building and preserving over 2 million new homes. This monumental endeavor seeks to lower rents and make homeownership more affordable, all while promoting fair housing for all Americans.

President Biden firmly believes that housing costs have reached unsustainable levels, and urgent action is needed to confront the significant shortage of affordable homes that has been exacerbated over the past decade. During his State of the Union Address, the President called on Congressional Republicans to put an end to years of inaction and pass legislation that would effectively reduce housing costs.

To assist first-time homebuyers and individuals looking to sell their starter homes, President Biden proposed a $10,000 tax credit. This credit would serve as an incentive and help bridge the affordability gap. Additionally, the President's plan includes measures to lower rental costs, such as cracking down on corporate actions that exploit renters.

While progress has been made, with a record number of housing units currently under construction and a rise in the homeownership rate, President Biden acknowledges that there is still much work to be done. Rent remains unaffordable for many Americans, and finding an affordable home is a daunting task for aspiring homeowners.

To tackle these challenges, the Biden administration has put forth a landmark plan that involves the construction of over 2 million homes. This ambitious initiative aims to make housing more affordable, lower rents, and promote fair housing practices.

The plan also includes provisions to lower the costs of homeownership. One such measure is the introduction of a mortgage relief credit, which would grant middle-class first-time homebuyers an annual tax credit of $5,000 for two years. This credit would effectively reduce mortgage rates, making homeownership more accessible to over 3.5 million middle-class families within the next two years.

Furthermore, the President's proposal calls for a one-year tax credit of up to $10,000 for middle-class families who sell their starter homes to other owner-occupants. This move is expected to benefit nearly 3 million families, encouraging mobility in the housing market and allowing families to find homes that better suit their needs.

President Biden is not solely relying on Congress to enact these measures. The Department of Housing and Urban Development (HUD) has already taken steps to reduce the mortgage insurance premium for Federal Housing Administration (FHA) mortgages, saving an estimated 850,000 homebuyers and homeowners approximately $800 per year.

In addition to addressing homeownership costs, the plan also focuses on supporting renters. President Biden's administration is actively working to implement a fair rental market by combating unfair practices. The President has placed a particular emphasis on cracking down on rent gouging by corporate landlords, who have been accused of illegal activities that drive up housing costs.

To further alleviate financial burdens on renters, the President aims to eliminate unnecessary fees imposed during the rental application process and throughout lease agreements. This includes banning misleading or hidden fees that often exceed the actual cost of the provided service.

Expanding rental assistance is also a crucial component of the plan. President Biden is calling on Congress to extend rental assistance to over half a million households, including low-income veterans and young individuals aging out of foster care.

Overall, President Biden's comprehensive plan to lower housing costs is a bold step towards addressing the affordability crisis faced by working families. With proposed tax credits, increased housing supply, and the crackdown on unfair practices, the President seeks to make housing more accessible and affordable for all Americans.