UPDATE: President Trump has made headlines this week by labeling the issue of affordability a “con job” while Democrats are racing to introduce significant housing legislation. Just announced, the Housing BOOM (Building Occupancy Opportunity for Millions) Act aims to tackle the escalating housing crisis facing millions of Americans, particularly low- and middle-income families.
At two White House events earlier this week, Trump dismissed affordability concerns as trivial, stating, “It does not mean anything to anybody.” He accused Democrats of perpetuating a “fake narrative” to mislead voters ahead of the critical 2024 midterm elections. “It’s a con job,” Trump reiterated, asserting that Democrats lack viable solutions for combating rising prices.
In a direct response, Senator Adam Schiff (D-Calif.) is set to introduce the Housing BOOM Act on Thursday, which proposes a robust strategy to expand affordable housing. According to a draft of the bill, it seeks to create a $10 billion annual loan fund and a $5 million grant program to facilitate affordable housing development. “Housing is the most acute affordability challenge Americans face,” Schiff stated, emphasizing the urgency of the situation.
The proposed legislation will also provide rental assistance, boost funding for long-term housing, and establish a new office within the Department of Housing and Urban Development to prevent evictions. Schiff’s plan aims to convert unused properties into emergency shelters, addressing the pressing needs of homeless veterans and families on the brink of financial collapse.
Despite its ambitious scope, the bill faces significant hurdles in Congress, where Republicans maintain control of both the House and Senate. Schiff admits that the proposal, championed by a prominent Trump critic, is unlikely to receive the necessary support. “If Republicans don’t get on board, it will be a liability for them,” he warned, linking the lack of affordable housing to the broader economic struggles Americans face today.
A recent report from the National Assn. of Realtors highlights the severity of the crisis, noting that the median age for first-time home buyers has reached an all-time high of 40 years in 2025. The rising costs of living, coupled with stagnant wages, have left younger generations struggling to achieve homeownership. The National Low-Income Housing Coalition further corroborates this sentiment, indicating a persistent nationwide shortage of affordable housing options.
The urgency of these developments is underscored by the recent off-year election results, which have prompted Democrats to adopt a strategy focusing on lowering living costs. Notably, Senate Minority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries have characterized Trump and Republicans as disconnected from the working-class realities many Americans face. “They are in a bubble. They don’t get it,” Schumer declared during a news conference.
As the legislative battle heats up, Democrats are also negotiating to extend Affordable Care Act tax credits, which, if allowed to expire by January 1, 2025, could lead to skyrocketing healthcare premiums for millions. The White House has remained tight-lipped about its strategy to address rising healthcare costs, despite calls for action.
Trump, meanwhile, maintains that “fixing Joe Biden’s inflation and affordability crisis” is a key priority of his administration. His administration continues to push back against Democratic claims, asserting they are responsible for the affordability issues now facing Americans.
As urgency mounts around the affordability crisis and the upcoming midterms, Democrats are poised to unveil additional policies aimed at mitigating these economic challenges. Representative Lateefah Simon (D-Oakland) is expected to introduce a companion bill to Schiff’s housing proposal in the House, reinforcing the Democratic commitment to addressing the needs of struggling families.
“The Housing BOOM Act is a comprehensive answer to that failure,” Simon asserted, highlighting the dire state of housing insecurity in communities across the nation. With both sides gearing up for a contentious political battle, the housing crisis remains a pivotal issue that could shape the future of the upcoming elections.
As developments unfold, keep an eye on how both parties will respond to the pressing need for affordable housing and effective solutions to ease the financial burdens on Americans.
