Economy
Do You Agree With Trump’s Move to Declare a National Housing Emergency?
Do You Agree With Trump’s Move to Declare a National Housing Emergency?
Here’s The Scoop
As the Trump administration weighs the possibility of declaring a national housing emergency, a seasoned affordable housing developer with roots at Lehman Brothers is sounding the alarm that this move is long overdue.
Dan Coakley, a principal at Property Markets Group Affordable, has been vocal about the dire state of the housing market. “We’re definitely in a national housing emergency, and it’s been this way for quite some time,” Coakley told Fox News Digital. “No White House has truly taken charge of this issue, despite its critical importance to the lives of everyday Americans.”
Treasury Secretary Scott Bessent recently hinted that the Trump administration might take decisive action this fall, citing skyrocketing prices and a shrinking housing supply. “The data is dismal across the board,” Coakley emphasized.
Over his 25-year career, Coakley has witnessed a staggering 21% rise in median rents, while median incomes have barely budged with a meager 2% increase. Alarmingly, 40% of U.S. households are now spending over 30% of their income on housing.
Harvard’s 2025 State of the Nation’s Housing report paints an equally grim picture, with home sales plummeting to a 30-year low due to high prices, interest rates, and rising taxes. Coakley commends the administration for prioritizing this crisis. “Regardless of political allegiance, it’s clear that the president is willing to explore new solutions and tackle this issue head-on.”
Coakley suggests three critical strategies for addressing the housing emergency: increased funding, tariff relief, and zoning reform. He highlights the success of the “Big, Beautiful Bill,” which boosted tax credits by 13% to support affordable housing development.
Reducing tariffs on essential materials like timber and glass, along with cutting non-economic barriers to development, could also provide relief. Coakley underscores the impact of rising mortgage rates and Federal Reserve policies on young and first-time homebuyers, stating, “The housing market affects everyone, from lower to upper-middle income, and current policies are leaving many struggling.”
While the White House has yet to comment, Coakley draws a line between today’s crisis and the 2008 Great Recession. He warns against the current state of “limbo” and “hopelessness” that many Americans feel, emphasizing that affordable housing is a cornerstone of the American dream.
Coakley views the housing crisis as a nonpartisan issue and appreciates the Trump administration’s initiative to elevate the conversation. “Affordable housing developers are not political; we’re business people with a heart for this mission. We welcome the administration’s commitment to addressing this critical issue and are hopeful for the positive change it could bring.”
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