The housing market is facing a "crash landing" with home sales projected to close this year at 1995 levels despite significant population growth.
The median income in the U.S. is about $85K, while an income of $120K is needed for homeownership costs to not exceed 30% of annual income.
Proposals for free money to first-time homebuyers are appealing but would worsen affordability and increase the federal deficit, thus are unsustainable.
While relaxing zoning changes and utilizing federal lands may improve homebuilding, these are long-term strategies that do not address the immediate housing crisis.
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