00:00Questions about the housing market on this day that the 30-year Treasury tops 5%.
00:04This is a big deal for our audience.
00:06It's a big deal for a homeowner or anyone looking to buy a home.
00:09How much will interest rates be a challenge to what you're trying to do in increasing
00:13access to affordable housing?
00:14Well, thank you so much.
00:15I think you see the President Trump is laser-focused on housing affordability.
00:19He's focused on keeping our country safe from a regime having a nuclear weapon, but
00:24also laser-focused here domestically to make sure that the Americans can achieve the American
00:29dream.
00:29And so as we see the fluctuation in interest rates, we're also looking at the regulatory
00:34environment to bring down burdensome regulations to make it easier for builders to build and
00:39for buyers to buy.
00:40So I'm grateful for the President's leadership and that HUD, we're following that and encouraging
00:44localities to do the same.
00:45You were pointing specifically to your rescission of the IECC, an energy efficiency requirement
00:53that the Biden administration put in place that you say added over $30,000 to building
00:58a home?
00:58Yes, sir.
00:59So this is the final determination for 2024 during the Biden administration.
01:03Really, it's the International Energy Conservation Code.
01:06And it added up to $30,000 per project when builders are already building to these energy
01:12codes.
01:12And so we rescinded that to make it easier for builders to build, which will make it better
01:17for buyers to buy.
01:18On top of that, you know, $100,000 in regulation and regulatory fees is added to the final price
01:25of a single-family home.
01:26That's not sustainable in our country.
01:27So we've been very focused on bringing down the regulatory environment, making it easier
01:31for builders to build, better for buyers to buy, and raising the supply in our country.
01:36We're having a big conversation in America right now about affordability.
01:39We talk about it on the air all day, whether it's $4 a gallon gas, although where we are,
01:43you've probably seen, Mr. Secretary, it's above $6 in California, which is pretty wild.
01:48But the cost of everything from food to gas is an issue for Americans.
01:54It's making your mission that much more urgent, but also more difficult, no?
01:58Well, you know, like I said before, the president is laser focused on domestic policy.
02:02From the time he was campaigning until the time he came into office, he said, we're going
02:06to make it more affordable in America.
02:09And I know personally, being in the cabinet and knowing the president, working with him,
02:12that to be able to help Americans to afford to buy a home, to buy groceries, to buy medications,
02:18it's top of mind for the president.
02:19And so you see the actions that have been taken, the rescission of these regulatory environments,
02:24the taking down of burdensome regulations to help American people is a great priority
02:30for the president and myself.
02:31And so while it may seem to be difficult, we've made great strides, but there's still a lot
02:35of work to do.
02:36We're out of time, Mr. Secretary, but how many houses can you build?
02:38If you stay with President Trump for the remainder of this term, how many affordable units
02:42can you add in this country?
02:44Well, we're going to add many, many, and in particular, opportunity zones.
02:47There's already been 400,000, so we want to duplicate that and do even more.
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