The White House’s new housing report completely ignores the underlying dynamics, choosing instead to scapegoat the market tools property owners use to set rents.
The recently released White House report blaming computer software for the massive increases in rental prices that Americans have suffered over the past four years is best described as a self-serving whitewash.
This report claims that algorithmic pricing software, used by property owners to set a market price for their rental properties, has artificially inflated rents. But this analysis conveniently ignores the primary culprit — the Federal Reserve’s dovish monetary policy and the Biden administration’s reckless economic agenda.
Inflation didn’t just happen; it was fueled by the Fed’s printing press and the White House’s excessive spending programs, which flooded the economy with trillions of dollars. This spending spree drove up demand across the board, which — by increasing competition for available properties — inflated prices.
The scary part is that it could have been even worse. If President Biden had gotten his way, Congress would have passed his “Build Back Better” plan, which would have flooded the market with an additional $5 trillion in spending.
Yet the White House’s new housing report completely ignores these underlying dynamics, choosing instead to scapegoat the market tools property owners use to set rents.
