Treasury Secretary Scott Bessent said the Trump administration may declare a national housing emergency this fall as the White House looks to highlight key issues for midterm campaign voters.
"We're trying to figure out what we can do, and we don't want to step into the business of states, counties, and municipal governments," Bessent told the Washington Examiner. "We may declare a national housing emergency in the fall."
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Bessent said housing affordability would be a critical leg of Republicans' 2026 midterm election platform. Bessent declined to list any specific actions the president may take, but he suggested that administration officials are directly studying ways to standardize local building and zoning codes and decrease closing costs.
President Donald Trump has repeatedly used emergency declarations to avoid having to send legislation to Congress for approval. Some of those, particularly the emergency law he cited to institute his tariff regime, have faced pushback in federal court.
In Trump's relentless attacks on the Fed this year, he has argued that high interest rates have added to the government's financing costs and damaged the housing market.
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The Covid-19 pandemic fueled tremendous financial disparities in housing, driving up costs for renters and saddling would-be buyers and new homebuyers with higher interest rates.
Housing affordability was a top issue in former Vice President Kamala Harris's presidential campaign against Trump in 2024. She promised tax credits for builders that construct starter homes and $25,000 in down payment assistance for certain buyers.
Trump also spoke out on the issue during the campaign and said he wants to open up federal land for housing development and pledged to help with affordability by eliminating regulations.
