The Biden administration had a simple explanation for why housing became unaffordable: blame the landlords. As prices climbed and buyers were squeezed out, officials and allies avoided harder questions about inflation, interest rates, and supply.

The Trump administration is now moving in a different direction. In late April, it announced that the Federal Housing Administration, Fannie Mae, and Freddie Mac will adopt updated credit scoring models for the first time in decades — a “historic move,” according to the Department of Housing and Urban Development, aimed at expanding access to mortgages and easing costs.