Trump weighs declaring national housing emergency, says US Treasury chief

WASHINGTON – US Treasury Secretary Scott Bessent said the Trump administration may declare a national housing emergency this autumn as the White House looks to highlight key issues for midterm campaign voters.

“We’re trying to figure out what we can do, and we don’t want to step into the business of states, counties and municipal governments,” he told the Washington Examiner.

“We may declare a national housing emergency in autumn.”

Mr Bessent said housing affordability would be a critical leg of Republicans’ 2026 midterm election platform.

He declined to list specific actions US President Donald Trump may take, but suggested that administration officials are directly studying ways to standardise local building and zoning codes and decrease closing costs. 

Mr Trump has repeatedly used emergency declarations to avoid sending legislation to Congress for approval. Some of those, particularly the emergency law he cited to institute his tariff regime, have faced pushback in federal court.

In his relentless attacks on the Federal Reserve in 2025, he argued that high interest rates have

added to the government’s financing costs

and damaged the housing market.

The Covid-19 pandemic fuelled tremendous financial disparities in housing, driving up costs for renters and saddling would-be buyers and new home buyers with higher interest rates.

Housing affordability was a top issue in former vice-president Kamala Harris’ presidential campaign against Mr Trump in 2024. She promised tax credits for builders that construct starter homes and US$25,000 (S$32,000) in down payment assistance for certain buyers. 

Mr Trump also spoke out on the issue during the campaign, saying he wants to open up federal land for housing development and pledged to help with affordability by eliminating regulations. BLOOMBERG