Janet Yellen Unveils $100 Million Initiative to Finance Affordable Housing
Summary from the AllSides News Team
Secretary of the Treasury Janet Yellen announced a new $100 million initiative to aid in the financing of affordable housing construction.
Key Quotes: Speaking in Minneapolis, Minnesota, on Monday, Yellen praised Biden’s economic efforts, calling the economy “strong and resilient, with robust economic growth in recent quarters. The labor market is remarkably healthy, with low unemployment rates, rising real wages, and a bigger share of working-age Americans in the workforce than before the pandemic.” She outlined work done by the Biden administration to address the housing crisis, while also stating, “We face a very significant housing supply shortfall that has been building for a long time. This supply crunch has led to an affordability crunch.”
For Context: Despite cooling inflation, shelter costs continue to rise at a level deemed to be a crisis by outlets across the spectrum. The Associated Press (Lean Left bias) reported that home prices increased by 46% between March 2020 and March 2024, and that housing costs rose faster than incomes over the past 20 years. Additionally, the outlet reported that there is no county in the country where a full-time minimum wage worker can afford to rent a two-bedroom apartment.
How the Media Covered It: Outlets across the spectrum emphasized the political implications of the housing crisis, noting that the announcement comes only days before the first presidential debate. The Washington Examiner (Lean Right bias) labeled the new initiative “small-scale” and “relatively marginal,” noting that it “could backfire.”
Featured Coverage of this Story
From the Left
Yellen announces efforts to boost the housing supply as high prices create a crunch![AllSides Media Bias Rating: Lean Left AllSides Media Bias Rating: Lean Left](https://www.allsides.com/sites/default/files/bias-leaning-left.png)
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The Biden administration announced new steps to increase access to affordable housing as still-high prices on groceries and other necessities and high interest rates have dramatically pushed up the cost of living in the post-pandemic years.
Treasury Secretary Janet Yellen promoted the new investments on Monday during a visit to Minneapolis. The investments include providing $100 million through a new fund to support affordable housing financing over the next three years, boosting the Federal Financing Bank’s financing of affordable housing and other measures.
The increased attention to home prices comes...
From the Center
Yellen announces $100 million affordable housing fund as shelter costs weigh on Biden![AllSides Media Bias Rating: Center AllSides Media Bias Rating: Center](https://www.allsides.com/sites/default/files/bias-center.png)
![](https://www.allsides.com/sites/default/files/styles/feature_image_300x200/public/107290239-1692725443858-gettyimages-1616754705-AFP_33T49HL.jpeg?itok=kB2M0KlS)
Treasury Secretary Janet Yellen on Monday unveiled a new slate of financing initiatives to support housing development, including a $100 million fund specifically for affordable housing.
The announcement came days before President Joe Biden faces off against former President Donald Trump in the first presidential debate, where inflation is likely to be a key point of contention.
The past several inflation reports have shown prices slightly cooling off, but shelter costs have remained persistently hot. The latest consumer price index report found overall inflation stayed flat in May while shelter...
From the Right
Yellen announces more small-scale measures to boost housing amid affordability crisis![AllSides Media Bias Rating: Lean Right AllSides Media Bias Rating: Lean Right](https://www.allsides.com/sites/default/files/bias-leaning-right.png)
Treasury Secretary Janet Yellen announced several small-scale measures advertised as an effort to boost the country’s housing supply as families suffer from an explosive rise in home prices and mortgage rates under President Joe Biden.
Yellen will unveil the policies during a speech on Monday in Minneapolis. Among the measures is $100 million over the next three years in a new housing fund, which is designed to support financing for affordable housing.
The Treasury Department said the new funding will support the financing of thousands of affordable housing units.
“Given...
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