Kennedy: Under President Biden, the median price for an existing home is up 28%, is it not?
Todman: I think that there’s been rising housing costs for the past decade
monthly mortgage payment under President Biden is actually up 141%, isn’t it?
Housing prices have been going up consistently over the past decade
the mortgage rates under President Biden are up 176%, aren’t they?
I think the Federal Reserve is trying to do something about inflation
Since President Biden took office, the average electricity prices in our country have gone up 29.4%, haven’t they?
I know that electrical costs and utilities have gone up consistently over the past several years.
Kennedy: No, ma’am, that’s not true. Seven years before President Biden took office, the electricity prices only rose 5%. Now, since he took over, they’re up 29.4%. It takes building materials to build a house, doesn’t it?
Since President Biden took office, iron and steel are up 28%, isn’t that true?
Todman: I don’t have that number in front of me.
Kennedy: Okay, aluminum is up 7%, is it not under President Biden?
Todman: I don’t have that either.
HVAC units and air conditioners for your home under President Biden, an AC system is up 37%, isn’t it?
Todman: I think the pandemic had something to do with that.
And shingles are up 19%, aren’t they? Same with household appliances, they’re up 22%, aren’t they?
Again, I think we had a supply chain issue, and that’s reflective in the numbers that you’re stating.
Kennedy: The supply chain issues are solved. Electric wires are up 14%, isn’t that correct, Madam Secretary?
Todman: I don’t have that in front of me, sir.
Kennedy: Now, this inflation in home prices and building materials that I’ve just talked about, it’s manmade, isn’t it? And that man’s name is Joe Biden, isn’t it?
Todman: Senator, I think that we all experience the complexities of a global … I think some of the numbers you stated may be entirely true, I don’t have it here.
Kennedy: Oh, they’re true, Madam Secretary. Don’t take my word for it, that’s the average American. But it’s one of the reasons why for the past three years
Todman:the Administration has tried to be responsive to these additional issues.
Kennedy: Excuse me if you’re interrupting, but like our good chairman, you need to pay attention to his request. By the way, we’ve got limited time. This Administration hasn’t succeeded, inflation is gutting our middle class like a fish. And the reason housing prices are up so high is because of President Biden’s inflation. That’s why I find it extraordinary to learn that HUD, under your leadership, has issued a new mandate. All new homes financed or insured by the Federal Housing Administration and HUD, which is most homes in America, have now got to follow the 2021 International Energy Conservation Code standard. The National Association of Home Builders says that this new standard is going to add $31,000 on top of all of this inflation to the cost of a new home. Now, unless you, I mean, unless you peaked in high school, this is like, you, this is craziness. You’re making it worse, aren’t you?
Kennedy: Senator, are you serious about this rule? I’ve been in this industry for many decades, and I will submit to you that some of the housing pressures we see right now are because housing has not been built in almost 20 years. And you’re going to encourage home builders to build by adding $31,000 to their costs? And you’re going to encourage people to buy by adding $31,000 to the price tag? Have your people at HUD been living in outer space? Haven’t they seen what’s been going on in America with inflation and home prices? There are two costs to homeownership. One is buying the house and operating it.
Todman: I’ll allow one last exchange. We’re into the second minute overtime, and—
Kennedy: Sorry, and what we know is that, and you referred to the increasing cost of utilities, that with this energy code regulation, we’re going to reduce utility costs for low and moderate-income families across the country.
Todman: I dispute that. The home builders do.
Kennedy: do you believe that Jimmy Hoffa?
https://www.facebook.com/HygoNewsUSA/videos/866987652109927
Kennedy: No, ma’am, that’s not true. this home price inflation is manmade