While inflation has corroded the economy across the board, with prices up 18.5% overall, no market has spiraled quite as out of control as housing. As I detailed in the last installment of Tiana’s Take in the Washington Examiner magazine, unlike the rest of the economy, where the Federal Reserve’s monetary tightening has succeeded in massively slowing price hikes, average and median home price sales have only fallen by 11% in the past year despite skyrocketing by 48% from the peak of the pandemic to the beginning of 2022.

President Joe Biden has offered a solution in search of a problem because he is either unwilling or unable to understand that while local zoning laws are responsible for constraining supply, his fiscal policy is to blame for the Fed’s necessary response of the highest federal funds rate in 23 years, which in turn results in the some of the highest mortgage rates in two decades.