The recent president Biden pro-housing pivot It didn't come a moment too soon. Although the housing shortage is old, well known and worse in blue citieshigh housing costs somehow stalked Democrats.
When facing the crisis head on, Biden and his fellow Democrats can show voters that they are committed to expanding and strengthening the middle class and addressing their most serious concerns. Let's hope it's not too late.
The housing shortage has generated deep economic resentment. Meanwhile, the wealthy communities of Cupertino, California.to Milburn, New Jersey, USA, have done everything they can to stifle construction, driving up the cost of renting or owning a home. These high prices undermine wages and morale, pushing people to live for longer and longer periods. travels as well as crowded and poor housing.
The housing shortage is a dark cloud hanging over otherwise optimistic U.S. economic forecasts, fueling dissatisfaction and endangering Democrats in upcoming elections.
By all standard measures, the economy is recovering. Inflation has fallen from the highs of recent years to almost 3%. Wages are rising and unemployment is low. The worst economic consequences of the pandemic have already passed.
And yet, anyone trying to afford a home gets stuck in the mud of high costs. Experts believe inflated home prices are part of the reason 8 out of 10 Americans in key swing states they view the economy as simply “fair” or “poor.” The restricted supply of housing prevents workers from feeling the benefits of higher wages and moving to places where incomes are even higher.
When people have difficulties, they blame those who they consider to be in charge. That helps explain the discrepancy between economic indicators and Biden's polls.
Instead of trying convince people that what they feel about the economy is wrong, Democrats must address the pain that working and middle class people feel. Injecting positivity into the online conversation – as the Biden team has attempted to do by countering economic pessimists on TikTok and other platforms – will only go so far.
To his credit, the president has been quietly working on housing affordability throughout his entire term. the administration Housing Supply Action Planreleased in July, provided funding to municipalities that have facilitated the construction of housing, among other pro-growth measures. The administration has also promoted commercial to residential conversion and financing affordable housing designed to be resilient to climate change. All of this will help reduce housing costs.
But in recent months, Biden has finally grown up. stronger about making housing affordable by increasing supply. As Neera Tanden, director of his Domestic Policy Council, put it: “We know we need to increase housing supply to ensure we can reduce rents and the cost of owning a home.”
Democrats are beginning to understand the need for a rallying cry that speaks to economic anxieties and signals that the administration is focused on reducing housing costs. It's a message that resonates with members of an eroding middle class, many of whom believe the Democratic Party is not fighting for them. It's a message that appeals to young people, minorities, and all other demographic groups who are excluded from prosperity in America. It's a message that puts Democrats back in the conversation about the economy, an area where voters still trust the republicans further.
Is Biden a YIMBY, a “Yes in my backyard” advocate to increase housing supply? Whether you call yourself one or not, your work and your rhetoric on the subject suggest that you are.
By publicly embracing Jimbyism as an ideology and agenda, Biden can align himself with a bipartisan majority of Americans who believe in easing zoning restrictions to allow more housing to be built. And it can signal to those struggling with housing costs that you have their back.
Housing offers Democrats an opportunity to talk about rebuilding an America that works for everyone, one with a prosperous, growing, and expanding middle class. The administration needs to show voters that it understands that current housing prices are unacceptable and will do whatever is necessary to lower them. Until more people believe they will one day be able to buy a home, pessimism about access to opportunity will persist, as will the risk to Biden's re-election effort.
Laura Foote is the CEO of YIMBY Action and a board member of Up for Growth.
