US Housing shortage may be long term challenge
Will reduced interest rates solve the problem?
"As rates come down, and that all goes through the economy, we’re still going to be back to a place where we don’t have enough housing" Powell told U.S. senators recently;
U.S. Senator Jon Tester of Montana asked Powell for his take on the U.S. housing market.
Powell told him that: “There are two big things going on. One is we have this big underlying shortage of housing and it’s due to things like difficulties in zoning… it’s more difficult [for builders] to get people [labor] and materials. Then there are a ton of things happening because of the pandemic and because of inflation, because of higher rates, and those in the short-term are weighing on the housing market. But as [mortgage] rates come down, and that all goes through the economy, we’re still going to be back to a place where we don’t have enough housing.”
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