Following Executive Order, Warren Presses Trump on Worsening Housing Affordability During His Presidency

Following Executive Order, Warren Presses Trump on Worsening Housing Affordability During His Presidency

Warren calls out FHFA head Pulte's failure to lower housing costs, including new reporting that Pulte counseled the President to veto the historic and bipartisan 21st Century ROAD to Housing Act

"Despite your promise to lower costs for Americans on 'day one,' it has become more expensive and more difficult for families to afford their rent or to buy a home."

Text of Letter (PDF)

Washington, D.C. - U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, wrote to President Donald Trump following the announcement of his executive order entitled "Decreasing Housing Costs for the American People." The Ranking Member requested a report on his Administration's plan to restaff federal housing agencies, deliver critical housing funding to the American people, and take meaningful steps to lower housing costs amid a housing affordability crisis that has grown more severe under his presidency. The letter notes that Trump refused to sign the bipartisan 21st Century ROAD to Housing Act that will build more housing, lower costs, and for the first time ever, stop private equity from buying single- family homes - reportedly after being counseled by his Federal Housing Finance Director, Bill Pulte, to veto the bill.

Under Trump and Pulte, homebuilder sentiment is at a 14-year low, pending U.S. home sales dropped to a record low in September, and the American dream of homeownership keeps slipping further out of reach.

"Despite your promise to lower costs for Americans on 'day one,' it has become more expensive and more difficult for families to afford their rent or to buy a home. Your failed economic agenda and war on Iran have raised costs across the board," wrote Ranking Member Warren.

"On March 13, 2026, you issued two executive orders: one to remove regulatory barriers to home construction and another to 'improve the availability and affordability of mortgage credit.' However, conditions today reveal your failure to accomplish these goals: mortgage rates are rising, home construction trends are down, and everyday Americans are struggling to afford housing," the Ranking Member continued. "Meanwhile, you refused to sign the 21st Century ROAD to Housing Act-the biggest housing affordability bill in over 30 years, which Congress passed with huge bipartisan majorities."

"Last year, I sent a letter to Mr. Pulte that included several suggestions for how he could begin to address affordability concerns, lower housing finance costs, and expand access to housing and homeownership," Ranking Member Warren concluded. "Instead, he has actively undermined housing affordability and access, including by weakening Fannie Mae and Freddie Mac's affordable housing goals, eliminating special purpose credit programs, rolling back fair lending measures, rescinding tenant protections, and injecting cryptocurrency risk into the housing finance market."

The Ranking Member concluded by requesting a report by November 10, 2026 on the Administration's plan to affirmatively lower housing costs.

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