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Triggered by the pandemic, housing prices in cities and counties across the United States have skyrocketed. Between the fourth quarters of 2021 and 2022, house prices rose 8.4 percent, according to data from the Federal Housing Finance Agency. The latest budget proposal from the White House seeks to curb those rising costs and provide low-income residents with a path to homeownership through a more than $175 billion investment.

“A lack of quality affordable housing hinders the job market and holds back economic growth by making it harder for workers to access good-paying jobs,” reads a brief from the White House explaining the proposed investment. “It drives up costs for families and inflationary pressures. It also increases commutes and inefficient energy consumption, which exacerbates climate change.”

To that end, the budget invests in preserving and building affordable houses, both for rent and ownership.