Senator Tim Scott (R-S.C.) criticized the Biden administration’s housing policies during a Senate hearing on April 18.
At a hearing on the Oversight of Federal Housing Regulators before the Senate Committee on Banking, Housing, and Urban Affairs, Mr. Scott accused the administration of not effectively addressing housing affordability issues.
As the ranking member of the committee, Mr. Scott raised concerns about the challenges facing many Americans in the housing market under President Biden’s administration.
He highlighted several troubling trends, including a 150 percent increase in mortgage rates, a 20 percent rise in rents, and a significant increase in homelessness, reaching a 12 percent increase in just one year, the highest number on record for the United States.
“Despite the White House’s promises to help working families, housing costs have soared under this administration,” Mr. Scott stated. “I see families struggling to make ends meet and the dream of homeownership slipping further away.”
Mr. Scott expressed concern over the Biden administration’s housing affordability approach, calling it a “progressive wish list” that has worsened the issue rather than solving it.
He criticized policies such as rent controls on Low-Income Housing Tax Credit properties and environmental mandates that could add up to $31,000 to the cost of each new home.
“Decades of research show that rent control policies exacerbate housing supply and affordability issues,” Mr. Scott argued. “These policies limit the accessibility of affordable housing programs and constrain housing supply.”
The senator also objected to the Department of Housing and Urban Development’s (HUD) proposed rule to eliminate crime-free ordinances, which aim to maintain safety in rental communities by excluding convicted criminals. He warned that this rule could jeopardize community safety and urged a reevaluation of federal housing policies.
“We need to change course and adopt a different approach to federal housing policy,” Mr. Scott emphasized. “It’s time to consider my legislation and other bipartisan proposals that offer real solutions to address housing challenges.”
Acting Secretary of HUD Adrianne Todman defended the administration’s efforts to tackle housing affordability but did not directly respond to Mr. Scott’s remarks.
Ms. Todman outlined HUD’s initiatives to support housing affordability, such as providing new incremental vouchers to families, assisting first-time homebuyers, and addressing homelessness. She also emphasized HUD’s commitment to energy efficiency and climate resiliency in multifamily housing.
“While there is more work to be done, HUD remains dedicated to its crucial mission of supporting families in need,” Ms. Todman commented. “Housing is a priority for the Biden-Harris administration, and HUD is ready to address housing challenges.”
Ms. Todman concluded by expressing willingness to collaborate with the committee and reiterated HUD’s commitment to serving the American people. “I am eager to work with you and address any questions or concerns you may have,” she stated.
Mr. Scott, left without a clear response to his inquiries, emphasized that Americans are “painfully aware that ‘Bidennomics’ has not benefitted them, but rather burdened them significantly.”
