Remarks by Assistant Secretary for Economic Policy (P.D.O.) Eric Van Nostrand on Housing Affordability: Economics and Policy Approaches

As Prepared for DeliveryIt is a pleasure to be here today to discuss the economics of housing affordability and the Biden Administration’s approach. As Secretary Yellen’s chief economist, my responsibility is to consider the granular data underlying the structural challenges our economy faces and identify lessons to inform the policymaking process. Today, I’ll apply that lens to the housing market. The pandemic radically changed the role that housing plays in Americans’ lives and a macroeconomic environment that has left renters and homeowners alike grappling with new challenges. It is important to understand what the evidence is telling us as we work to deliver on President Biden’s vision of a more affordable housing market for the broadest range of Americans.I will offer three key conclusions:First, the long-standing structural challenge of housing affordability is both deep and broad.