Tim Scott Decries Rising Housing Costs, Rails Against 'Government Interference' In Housing Market

13 hours ago

During a Senate Banking Committee hearing last week, Sen. Tim Scott (R-SC) spoke about housing affordability.

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Transcript

00:00Committee will come to order. I want to thank my colleagues on this committee and our witnesses

00:06and everyone for joining us today for this important discussion about the state of affordable

00:09housing in America. Housing is a deeply personal issue, frankly, to all of us, I think, and frankly,

00:15to me as well. My brother and I grew up in poverty. I've said that several times. My mother

00:20did everything possible to keep a roof over our head and, frankly, to steer us towards a better

00:26life. I learned early on that housing is not just about having that roof over your head.

00:31It's really about the opportunity to build a better future. Owning a home has long been the

00:36pillar of the American dream, but for too many Americans today, working families today, that

00:43dream has slipped further and further out of reach. We must confront the reality that during the Biden

00:48administration, housing affordability reached record lows. Mortgage rates have grown by over

00:54150 percent under President Biden from just under 2.67 percent on average in January 2021

01:04to seven percent by 2024. Meanwhile, rents have surged by nearly 25 percent in that same time,

01:12putting more pressure on those unable to buy homes and forcing many into unstable living

01:20situations. Perhaps the most devastating statistic of all is that homelessness has hit a

01:26record high, an 18 percent increase, 18 percent increase in just 12 months and a 30 percent

01:35increase since COVID ended. This raises an important question. Why do we continue to

01:42confront roadblocks despite massive government investment and support? The hard truth is

01:48government interference is perhaps more of the problem than the government resources are the

01:53solution. Spending trillions of dollars on the housing market is not the answer. Today, we will

01:59hear from leaders and experts about what needs to be done. We are honored to have with us today

02:05Eric Johnson, the mayor of Dallas, Texas. Go Cowboys. A local official who understands the

02:12challenges of housing at the community level. We have Lee Jelinek with us, the chief information

02:20officer of United Wholesale Mortgage, who can speak to the impact of federal housing policies,

02:25and also Edward Glazer, a respected academic from Harvard University who brings a much-needed

02:31perspective on the economics of housing, and Renee Willis, the interim president and CEO

02:37of the National Low-Income Housing Coalition. The good news is we have a diverse group of

02:43experts who can speak to the issue that impacts all Americans in a way that I believe will improve

02:49our ability as a committee to get things done, frankly not even in a bipartisan fashion,

02:54in a non-partisan fashion. This is about American people finding their path to the American dream

03:00and not about Republicans or Democrats scoring points or making points. Frankly, let's make a

03:05difference together. I look forward to your insights and discussing real workable solutions

03:13to what most Americans consider a crisis. We need to take a different approach that embraces

03:19efficiency, deregulation, and getting the federal government out of the way. There are too many

03:25regulations at the federal, state, and local levels, in my opinion, having worked at all three levels

03:30of government to actually building homes in the local communities, whether it's restrictive zoning

03:36laws, bureaucratic red tape, or misguided policies that drive up the cost of construction. Policy

03:41makers at all levels of government must take a hard look at what's really preventing the housing

03:47supply from keeping up with housing demand. That's why my legislation, the Road to Housing Act, seeks

03:54to make targeted reforms that will actually work. This legislation would reduce regulatory barriers,

04:01streamline the development process, and ensure that taxpayer dollars are used most effectively.

04:07I've seen firsthand from local communities that they are best positioned to address their housing

04:14challenges. The federal government should not dictate a one-size-fits-all housing program.

04:20Instead, we must empower states and local governments to adopt policies encouraging

04:24responsible development and increasing housing supply. Let's be clear, housing should not be

04:32a partisan issue. Can't say that enough because it's just about people realizing their version

04:40of the American dream, plain and simple. That's why I urge my Democratic colleagues to work with me

04:46and all of our members on the right in our approach to the Road to Housing Act. By working

04:52together, we can reverse decades of failed housing policies and bring about real change for tens of

04:59millions of Americans who need it the most. I look forward to today's discussion and working

05:05and working with my colleagues on both sides of the aisle to advance policies that will restore

05:10the American dream of homeownership and put more Americans on the path to success while closing

05:17the gap on wealth in this country. Thank you and I look forward

05:22to hearing from our witnesses and our Ranking Member. Thank you, Mr. Chairman.

Tim Scott Decries Rising Housing Costs, Rails Against 'Government Interference' In Housing Market

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