{"id":11660,"date":"2024-01-29T17:33:04","date_gmt":"2024-01-29T17:33:04","guid":{"rendered":"https:\/\/rosen-testing.senate.gov\/?p=11660"},"modified":"2024-01-29T19:15:04","modified_gmt":"2024-01-29T19:15:04","slug":"rosen-joins-effort-urging-federal-reserve-to-cut-interest-rates-to-help-lower-housing-costs","status":"publish","type":"post","link":"https:\/\/www.rosen.senate.gov\/es\/2024\/01\/29\/rosen-joins-effort-urging-federal-reserve-to-cut-interest-rates-to-help-lower-housing-costs\/","title":{"rendered":"Rosen Joins Effort Urging Federal Reserve to Cut Interest Rates to Help Lower Housing Costs"},"content":{"rendered":"

According To A <\/em>Recent Report<\/em><\/a>, Nevada Was Labeled The Top State For Declining Mortgage Affordability<\/em><\/p>\n\n\n\n

WASHINGTON DC <\/strong>\u2013 Today, U.S. Senator Jacky Rosen (D-NV) called on Federal Reserve (Fed) Chair Jerome Powell to reverse the Fed\u2019s interest rate hikes that have raised housing costs by driving mortgage rates to 20-year highs. According to a recent report<\/a>, Nevada was the number one state for declining mortgage affordability.<\/p>\n\n\n\n

In a letter to Powell, Senator Rosen and her colleagues called on the Chair to lower rates to bring mortgage costs down. They noted that the Fed\u2019s rate hikes also have driven up rental prices, which are astonishingly high compared to pre-pandemic levels. High interest rates contribute to higher rent costs in several ways \u2013 keeping renters in their units, thereby constricting the supply of new rental units; making construction costlier; and increasing mortgage rates for landlords, who may pass these costs on to their tenants in the form of rent hikes.  <\/p>\n\n\n\n

\u201c(H)igh interest rates have aggravated the country\u2019s persistent crisis of housing access and affordability. Mortgage rates have risen to 20-year highs in the past year\u2014a direct result of the Federal Reserve\u2019s campaign of aggressive hikes to the federal funds rate,\u201d wrote the senators. <\/strong>\u201cThe Fed\u2019s decision to raise interest rates rapidly, and keep them high, has resulted in higher costs for home purchasers, higher rents, and reductions in new home and apartment building\u2014and the job growth that comes with these investments.\u201d<\/p>\n\n\n\n

\u201cThe effects of the Fed\u2019s monetary policy also extend to the rental market. As high costs and interest rates deter prospective first-time home buyers, many families and individuals choose to stay in the rental market,\u201d they continued.<\/strong> \u201cWe urge the Fed to reverse its aggressive hikes to the federal funds rate in 2024\u201d<\/p>\n\n\n\n

The full text of the letter can be found <\/strong>HERE<\/strong><\/a>.<\/strong><\/p>\n\n\n\n

Senator Rosen is fighting to lower housing costs for Nevadans. She recently introduced the Housing Oversight and Mitigating Exploitation (HOME) Act<\/em><\/a> to crack down on housing price gouging by corporate investors who are driving up home prices by buying up housing stock. Last year, she led her colleagues in a letter<\/a> to Senate Appropriators requesting that they fund the U.S. Department of Housing and Urban Development\u2019s Veterans Affairs and Supportive Housing program. Senator Rosen also helped secure nearly $15 million<\/a> in funding to address homelessness and housing insecurity in southern Nevada and more than $48 million<\/a> to increase access to affordable housing in the state. Rosen also helped pass legislation to provide nearly $165 million<\/a> in funding to Nevada for emergency rental assistance, as well as the funding for Nevada\u2019s $500 million Home Means Nevada Initiative.<\/p>\n\n\n\n

###<\/p>","protected":false},"excerpt":{"rendered":"

According To A Recent Report, Nevada Was Labeled The Top State For Declining Mortgage Affordability WASHINGTON, DC \u2013 Today, U.S. Senator Jacky Rosen (D-NV) called on Federal Reserve (Fed) Chair Jerome Powell to reverse the Fed\u2019s interest rate hikes that have raised housing costs by driving mortgage rates to 20-year highs. According to a recent […]<\/p>","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11660","post","type-post","status-publish","format-standard","hentry","category-press_release"],"acf":[],"yoast_head":"\nRosen Joins Effort Urging Federal Reserve to Cut Interest Rates to Help Lower Housing Costs - Jacky Rosen<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rosen.senate.gov\/es\/2024\/01\/29\/rosen-joins-effort-urging-federal-reserve-to-cut-interest-rates-to-help-lower-housing-costs\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rosen Joins Effort Urging Federal Reserve to Cut Interest Rates to Help Lower Housing Costs - Jacky Rosen\" \/>\n<meta property=\"og:description\" content=\"According To A Recent Report, Nevada Was Labeled The Top State For Declining Mortgage Affordability WASHINGTON, DC \u2013 Today, U.S. Senator Jacky Rosen (D-NV) called on Federal Reserve (Fed) Chair Jerome Powell to reverse the Fed\u2019s interest rate hikes that have raised housing costs by driving mortgage rates to 20-year highs. 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