Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement at a Subcommittee Housing and Insurance hearing entitled, “Housing Affordability: Governmental Barriers and Market-Based Solutions.”

From urban to rural America, there simply aren’t enough affordable homes, and the gap between supply and demand continues to grow. During one of the worst housing and homelessness crises our nation has seen, House Republicans have put forward proposals that only exacerbate the problem—namely, they want to slash Federal housing programs by 30 percent and hope the private sector fixes it.

It is also telling that despite mortgage rates nearly quadrupling to 8 percent and housing costs going up 47 percent since the pandemic, this is the first hearing focused on housing affordability.

And so, I am hopeful this hearing finally means that my friends on the opposite side of the aisle are ready to join us Democrats and pass legislation to end the affordable housing and homelessness crises.

Thank you and I yield back the balance of my time.

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