The Biden administration is taking new steps to address the soaring cost of housing in the post-pandemic years, with Treasury Secretary Janet Yellen announcing a $100 million investment over the next three years to support affordable housing financing. Home prices have skyrocketed, with a 46% increase between March 2020 and March 2024. The housing crunch is becoming a significant issue, particularly for low-income Americans facing a shortage of over 7 million affordable homes. The administration is pursuing a broad affordability agenda to tackle these challenges, including proposals to make life more affordable for average Americans. The housing crisis may persist until the Federal Reserve lowers its key interest rate, currently at 5.3%. Urgent congressional action is needed to enact transformative housing investments and resolve the affordable housing crisis. President Biden's proposed budget includes measures like a tax credit for first-time homebuyers and the construction of over 2 million homes to expand the Low-Income Housing Tax Credit. The White House is also encouraging the conversion of empty office buildings into housing units and providing funds to reduce barriers to affordable housing.