Home prices have risen more than 50% since the pandemic. About a third of American households now spend more than 30% of their income on housing. In 2014, the median age of a first-time homebuyer was 31. In 2025, it was 40 the highest on record. The core of the problem is simple: Too much money chasing too few homes. How many more homes does America need? I've seen estimates ranging from 2 million to 5 million.
I've been involved in federal housing policy for more than 50 years, beginning my career at the U.S. Department of Housing and Urban Development (HUD) in the 1970s and later serving on the staff of the U.S. House Committee on Banking, Finance and Urban Affairs now the Financial Services Committee from 1983 to 2000. Over that time, I've watched the federal government's role in housing shift dramatically from builder to partner to convener.
When Mountain View shared their idea, I jumped at the chance to bring this idea to fruition in Congress, Liccardo said referring to the city in his district that recommended expanding CDBG flexibility. As Mayor of San Jose, I saw firsthand how cities are forced to face the brunt of the housing crisis without the federal money to match the magnitude. Easing restrictions on municipalities' use of CDBG funds will help us meet our communities' growing needs faster.