The U.S. Financial Services Committee published a statement by Representative Pete Sessions setting out House Republicans’ approach to housing affordability, arguing that regulatory burdens are a primary driver of higher homebuilding and homebuying costs and that the committee under Chairman French Hill will focus on reducing barriers to speed up housing supply. The statement cites National Association of Home Builders estimates that regulation at all levels adds about USD 93,870 to the price of a new single-family home and highlights affordability indicators including a typical rent of about USD 2,007 per month and ATTOM data showing that, in 80% of 589 counties studied, households spent more than 28% of wages on housing costs in the second quarter of 2024. It points to restrictive zoning, environmental mandates, and policies it says exacerbate labor and construction shortages, and criticises measures such as rent control and repeated eviction moratoria. As a specific example, it highlights the Biden administration’s 2021 update to federal Energy Conservation Standards for new residential construction, citing studies referenced by the National Association of Home Builders indicating that building to the 2021 International Energy Conservation Code can add up to USD 31,000 to a new home’s price and take up to 90 years for a buyer to recoup the added cost, and notes that this standard has been moved toward being required for many HUD- and USDA-financed homes.
U.S. Financial Services Committee 2025-12-04
U.S. Financial Services Committee releases Rep. Sessions statement calling for regulatory rollbacks to improve housing affordability
The U.S. Financial Services Committee, via Representative Pete Sessions, outlined House Republicans' strategy to address housing affordability by reducing regulatory burdens, which they argue inflate homebuilding and homebuying costs. They highlight that regulations add approximately USD 93,870 to new home prices and criticize policies like rent control and eviction moratoria. The statement also points to the Biden administration's 2021 Energy Conservation Standards, which reportedly increase home costs significantly without timely cost recovery for buyers.