The Department of Housing and Urban Development exists to boost affordable housing for Americans, yet under President Biden , HUD is issuing a new “energy-saving” rule that will instead increase the cost of building homes for federally assisted buyers, despite already sky-high prices and a nationwide housing shortage.
That HUD enacted this rule to celebrate “Earth Week” last month reveals the reason for this absurdity: Once again, the Biden administration is putting environmentalist lip service over real human beings.
You wouldn’t know this from the legacy media.
Pundits, like the Biden administration itself, are spinning the rule as a cost- saving measure.
Bloomberg, for instance, claims new homes built under HUD’s rule will be more efficient and so save their occupants more than $900 per year in energy bills.
But these outlets are downplaying the fact that the rule also raises the price of construction by up to $31,000 per home.
With today’s interest rates, it could take a buyer as many as 90 years to break even on that through energy savings.
Young families looking to purchase starter homes with Federal Housing Agency mortgages will bear the brunt of this impact.