T
he Trump administration is weighing a national housing emergency declaration, and Dan Coakley—an affordable‑housing developer who cut his teeth at Lehman Brothers—thinks the move is long overdue. “We’ve been in a housing crisis for years,” he told Fox News Digital, adding that the White House finally acknowledging the problem is “right on time.”
Coakley points to stark statistics: over the past decade, median rents have climbed 21 %, while median household income has risen a mere 2 %. Forty percent of U.S. families now spend more than 30 % of their take‑home pay on housing. The 25‑year‑old real‑estate veteran cites the Harvard 2025 State of the Nation’s Housing report, which shows home sales at a 30‑year low due to high prices, steep interest rates, rising insurance and taxes, and shrinking affordability.
Treasury Secretary Scott Bessent told the Washington Examiner that a national emergency could be declared this fall, citing rising prices and dwindling supply. Coakley agrees that the data are “bad everywhere.” He stresses that the crisis is not partisan; it affects low‑, middle‑, and upper‑middle‑income households alike. “We need an administration willing to experiment and even fail,” he says, praising the president’s willingness to try new approaches.
Coakley outlines three levers the White House should pull:
1. **Funding** – Increase capital for affordable housing. He cites the “Big, Beautiful Bill,” which raised tax credits for states by 13 %, the primary source of affordable‑housing funding.
2. **Tariff relief** – Fast‑track reductions or elimination of tariffs on key building materials such as timber, lumber, gypsum, and glass to lower construction costs.
3. **Zoning reform** – Remove non‑economic barriers that slow development, such as restrictive zoning codes.
He also notes that rising mortgage rates and the Federal Reserve’s high‑interest policy are major contributors to the affordability crisis. “Young people and first‑time buyers can’t afford homes because rates are high and wages haven’t kept pace,” he says. “The Fed’s policy should consider its impact on a broad swath of the population.”
Coakley distinguishes today’s crisis from the 2008 Great Recession, describing it as a state of limbo and hopelessness rather than a credit‑market collapse. He frames affordable housing as a linchpin for many other social issues, arguing that the American dream hinges on the ability to rise to the next level.
Despite the political backdrop, Coakley emphasizes that affordable‑housing developers are nonpartisan. “We’re business people with a heart for this issue,” he says. “We’ll work with anyone, regardless of party, and welcome the Trump administration’s willingness to own the problem.”
The White House has not yet responded to Fox News Digital’s request for comment.
