America Finally Has a Housing Plan. Trump Is Blocking It.

**Ed Elson** (0:00)
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**SPEAKER_3** (1:24)
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**Daryl Fairweather** (1:29)
Car? Car?

**SPEAKER_3** (1:32)
Unfortunately, that lost feeling is what it's like trying to manage your policy with other insurers.

**Daryl Fairweather** (1:37)
Here, car. Come out, come out, wherever you are. Please.

**SPEAKER_3** (1:41)
With Geico, you can use the app to easily manage all your policies in one place.

**Scott Galloway** (1:46)
Did this parking lot have a waterfall?

**SPEAKER_3** (1:48)
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**Scott Galloway** (1:52)
It feels good to Geico.

**SPEAKER_6** (1:59)
If money is evil, then that building is hell.

**Ed Elson** (2:08)
Welcome to Prof G Markets. I'm Ed Elson. It is June 25th. Let's check in on yesterday's market vitals. The S&P 500 and NASDAQ declined as chip stocks extended their losses. However, Micron stock popped more than 9% in after hours as it quadrupled its revenue in the latest quarter. We will see how those results impact the rest of the chip sector today. Oil dipped below $70 for the first time since before the war. The yield on 10-year treasuries fell. The dollar climbed as Bitcoin crashed below $60,000 to its lowest level since October of 2024 And finally, Alibaba shares sank 3% after Anthropic accused the company of, quote, illicitly accessing its AI models.
Okay, what else is happening? America finally has a plan to make housing affordable, but President Trump is holding it hostage in a rare bipartisan feat. Congress passed the most significant piece of housing legislation in 36 years on Tuesday. The 21st Century Road to Housing Act aims to lower housing costs and increase supply. It cuts red tape on new construction and makes loans easier to secure. It also sets limits on the role of institutional investors in the housing market, a policy which Trump himself has championed. But yesterday, Trump abruptly cancelled plans to sign this bill. He said he wouldn't sign it until Congress passes a separate voter ID bill called the Save America Act. Homebuilders rallied anyway with KB Home up 17 percent, Dream Finders Homes up 13 percent, and Century Communities up 10 percent. Joining us to discuss this bill, we're speaking with Daryl Fairweather, Chief Economist at Redfin. Daryl, thank you so much for joining us on the show. I'm just going to tell you how I feel about this right off the bat, and hear your response.
I'm pretty disappointed by this because I saw that bill, which I was very optimistic about. It seemed like we were finally making a bipartisan effort to get the cost of housing down, which has exploded. I mean, we can go through many different metrics, but the fact that I often look at the age of first-time homebuyers, which is now 40, and back in 1991, it was 28 We could go through the list, and then the president shuts it down at a moment where I thought we all agreed.
Could you just walk us through this bill, and then also your reactions to it either happening or perhaps not happening?

**Daryl Fairweather** (4:51)
Yes. I was excited that this bill passed through Congress because there is a lot of great stuff in it. There are provisions that tie government money to local municipalities increasing their supply of housing and making it easier to build, which I think is so important. There are provisions about manufactured and modular housing, making it easier for people to finance those types of homes, which could unlock a lot of additional housing supply. You can put an ADU in your backyard that's manufactured or that's modular, and that's a great way to increase the housing supply. There are also provisions in there about providing money for homes that are at risk of natural disasters. Then you have some stuff in there about investors buying homes.