'Outdated Laws Are Making Homes Too Expensive': Obama's Housing Call To Action Ignites DNC

In a speech that roused attendees on day two of the Democratic National Convention (DNC), former President Barack Obama issued a forceful call to action on the nation’s housing crisis, urging reforms to “outdated laws and regulations” that have made it harder for working families to build homes.

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Obama’s remarks, part of his pitch for Vice President Kamala Harris’s presidential campaign, struck a chord with the energized crowd in Chicago. The former president framed the housing shortage as a challenge Harris is uniquely poised to address.

“She knows, for example, that if we want to make it easier for more young people to buy a home, we need to build more units and clear away some of the outdated laws and regulations that made it harder to build homes for working people in this country,” Obama told the audience. 

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“This is a priority," he said. "And she has made a bold new plan to do just that.”

The crowd welcoming Obama’s housing call-to-action points to the ongoing affordability crisis that has priced many out of buying a home.

Benzinga previously reported that the housing market's woes are multifaceted. Following the Great Financial Crisis, years of inadequate construction have created a lack of supply. The shortage and surging demand during the pandemic have contributed to skyrocketing home prices that remain stubbornly high even as mortgage rates have risen to multi-decade highs.

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In response to the crisis, Harris issued a plan to construct three million new housing units by the end of her first term, a goal that Obama described as “bold” and necessary to “make it easier for more young people to buy a home.”

The former president’s remarks also touched on the role of “outdated laws and regulations” in worsening the housing crunch. This sentiment aligns with Harris’ pledge to “end America’s housing shortage” by cutting “red tape” at both local and state levels.

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“We can’t just rely on the ideas of the past,” Obama warned. “We need to chart a new way forward to meet the challenges of today. And Kamala understands this.”

The housing crisis has become a politically charged issue. Obama’s endorsement of the Democratic nominee’s housing agenda will likely elevate the topic on the national stage.

For now, the former president has laid down a marker, urging a bold, forward-looking approach to a challenge he believes Harris is uniquely equipped to tackle. The crowd’s enthusiastic response suggests that his message may resonate with a broad swath of the electorate hungry for fresh ideas to tackle the persistent economic challenge.

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