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President Joe Biden has a new plan to fix the severe housing shortage that is plaguing America, leading to record-high home and rental prices. The fate of the nation’s housing market hangs in the balance.

The administration’s Housing Supply Action Plan, released on Monday, has an ambitious stated goal: It aims to increase the supply of housing enough to end the inventory shortage within five years.

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Much of the plan focuses on providing financial incentives for communities to allow more smaller homes to go up and offer financing for builders who put up more lower-priced housing. The president anticipates the result will be more affordably priced housing available for homebuyers and renters.

 

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