The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

World News

Treasury Secretary Yellen announces $100M affordable housing fund as shelter costs weigh on Biden

by admin June 27, 2024
June 27, 2024
Treasury Secretary Yellen announces $100M affordable housing fund as shelter costs weigh on Biden

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 comes 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 June consumer price index found overall inflation stayed flat in May, even while shelter inflation rose 0.4%.

As part of its new actions, Treasury will provide $100 million over the next three years to finance affordable housing projects. It is also calling on several agencies that help finance housing to bolster their support for new development.

Yellen will deliver formal remarks about the housing initiatives in Minneapolis later Monday. The speech is part of a tour around Minnesota, where she is lunching with CEOs and holding roundtables with housing officials in the state.

While the president hunkers down at Camp David to prepare for Thursday’s debate, Yellen is among a slew of Biden cabinet members who are making the rounds nationwide in an effort to promote the president’s economic agenda.

Acting Secretary for Housing and Urban Development Adrianne Todman and Transportation Secretary Pete Buttigieg, for example, have been traveling across the country to tout Biden’s infrastructure investments.

The economy has proven to be a major sticking point for Biden among voters, ever since the race for the White House kicked into high gear.

Driven by pandemic-era supply chain clogs and labor shortages, the record inflation that followed is lingering for consumers, who still feel squeezed by higher prices. Polls show that many of them blame the president who was in office through it all.

Housing costs in particular, which make up some of the largest portions of consumer spending, have remained stubbornly high even as other sectors have cooled down.

Biden has tried to punt the responsibility of high housing costs on corporate landlords, accusing them of “rent gouging,” keeping consumer rents artificially high even as their own costs have come down.

“Folks are tired of being played for suckers,” Biden said in March. “And I’m tired of letting them be played for suckers.”

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
21 million Miniverse toy sets recalled after reports of burns and respiratory irritation
next post
Amazon reaches $2 trillion market cap for the first time

Related Posts

How Volvo landed a cheap Chinese EV on...

April 26, 2024

Starbucks’ new CEO will supercommute 1,000 miles from...

August 22, 2024

Why ‘wardrobing’ retail fraud soars in the summer

August 9, 2024

Biden administration bans noncompete agreements, setting up legal...

April 24, 2024

Nvidia CEO Jensen Huang warns China is ‘not...

May 1, 2025

Dockworkers union, port companies reach tentative 6-year deal

January 10, 2025

Tesla to recall 125,227 vehicles over faulty seat...

June 1, 2024

Amazon reaches $2 trillion market cap for the...

June 28, 2024

Ontario to remove U.S. alcohol from shelves after...

February 4, 2025

Nissan could face cost-cutting ‘carnage’ in Honda merger,...

December 25, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • The Real Drivers of This Market: AI, Semis & Robotics

      July 22, 2025
    • Harvard, Trump battle for billions in federal funds as judge weighs next steps

      July 22, 2025
    • Congressional Republicans face bruising battle to avoid government shutdown

      July 22, 2025
    • Iran seeks China, Russia help to stall UN sanctions ahead of nuclear talks with Europeans

      July 22, 2025
    • Obama-era officials mum on allegations of ‘manufactured’ intelligence launching Trump-Russia probe

      July 22, 2025
    • Hunter Biden special counsel got ‘one resume’ from DOJ to help prosecute president’s son

      July 22, 2025

    Categories

    • Business (1,299)
    • Politics (4,050)
    • Stocks (1,536)
    • Uncategorized (45)
    • World News (1,292)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved