Senate Budget Committee Chair Sheldon Whitehouse, D-R.I., continued his focus on miscellaneous issues outside the federal budget with a Jan. 31 hearing on housing issues titled “A Blueprint for Prosperity: Expanding Housing Affordability.” Witnesses included academics, state and local authorities, and representatives from Washington, D.C.-based policy think tanks.
Whitehouse’s opening statement focused on the rising costs of purchasing a home and renting, discussing the year-over-year increases that have not softened. He also talked about the importance of investing in increasing the housing supply and mentioned the Biden administration’s efforts in this arena. Notably, he did not delve into rising homeowners’ insurance premiums in his statement like in past events. Sen. Ron Johnson, R-Wis., standing in for ranking member Charles Grassley, R-Iowa, outlined in his opening statement that while there is a shortage of affordable housing, it is not due to a shortage of federal programs and noted how all these programs have fallen short, even though they receive billions of dollars per year. Additionally, he talked about rising U.S. debt as well as rising mortgage rates.
One of the witnesses, County Commissioner Kevin Boyce, Franklin County, Ohio, in his written statement made comments about the property/casualty insurance industry, as he wrote that a direct consequence of rising housing costs is rising homeowners insurance prices. He noted that 39 million properties are at risk of “higher premiums or the loss of coverage.” The hearing largely did not include discussion of the industry in a negative light, but mainly revolved around ways to bring down home and rental prices across the country and where government assistance is working and not working.
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February 5, 2024
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- Washington Weekly
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