Major homebuilders have announced their plans to construct one million “Trump homes” as a means to solve the housing affordability crisis in the United States, Bloomberg reported.
Homebuilders are drafting a plan to construct nearly a million “Trump Homes” in a bid to tackle the US housing affordability crisis, Bloomberg News has reported.
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The plan, backed by Lennar and Taylor Morrison, would construct up to one million entry-level homes with an investor-funded pathway to ownership where a portion of rent payments would go towards a down payment if the tenant should choose to purchase the home after three years.
The program is estimated to construct an additional $250 billion worth of housing in the United States, and is just one of President Trump’s policies targeting the rising cost of housing in the country.
In January, Trump announced an initiative to ban private equity from purchasing up single-family homes in an attempt to bring down costs for families searching for their first home.
Trump’s plan to ease affordability concerns centers on constructing new homes, as the president has maintained that he does not want to see the prices of existing homes plummet.
President Trump: "People that own their homes -- we're gonna keep them wealthy. We're gonna keep those prices up. We're not gonna destroy the value of their homes so that somebody who didn't work very hard can buy a home."
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“We’re gonna make it easier to buy,” Trump said last week. “We’re gonna get interest rates down, but I want to protect the people who, for the first time in their lives, feel good about themselves—they feel that they’re wealthy people.”