A Housing Crisis Years in the Making For years, Americans have been squeezed by rising home prices, dwindling inventory, and volatile construction costs. Now, Treasury Secretary Scott Bessent is signaling that the Trump administration may respond by declaring a national housing emergency—potentially as soon as this fall. In a Labor Day interview, Bessent acknowledged the worsening crisis and admitted the administration is considering all options. That includes interest rate pressure on the Fed, exemptions to tariffs on construction materials like Canadian lumber and Mexican drywall, and executive actions to streamline local building and zoning codes. “We're trying to figure out what we can do,” Bessent said, “and we don't want to step into the business of states, counties and municipal…
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