Rumors began to swirl last week, based on comments from Treasury Secretary Scott Bessent, that President Donald Trump might soon declare a national emergency on the issue of housing affordability.

Such an order from the president would be a "game-changer," according to Rep. Mike Flood (R-NE), a staunch advocate of making home-buying more affordable for American families, according to Fox News.

It is unclear what, specifically, the administration might do under an emergency declaration to make housing more affordable, but the congressman suggested that legislation could be drafted to support or make permanent any executive actions taken by the president.

Trump contemplating declaration

In a Labor Day interview with the Washington Examiner, Secretary Bessent revealed that President Trump was considering taking action to address the housing affordability issue and said, "We may declare a national housing emergency in the fall."

"We’re trying to figure out what we can do, and we don’t want to step into the business of states, counties, and municipal governments," he continued. "I think everything is on the table."

Though Bessent declined to provide any specifics, he did more generally discuss a few ideas to reduce housing prices, like standardizing local building and zoning codes, decreasing closing costs for home purchases, and providing exemptions from tariffs for certain critical construction materials, in addition to interest rate cuts from the Federal Reserve.

Changing the conversation

Flood, who chairs both the moderate Main Street Caucus for House Republicans as well as the House Financial Services Committee's Housing and Insurance Subcommittee, told Fox News that he looked forward to President Trump declaring a housing affordability emergency and suggested that the GOP-controlled Congress would be ready to support the effort.

"When you have a housing shortage and a supply issue, it pushes up valuations, which pushes up your property taxes, because your valuation goes up. It pushes up home insurance premiums because the value of your home is more expensive if there was some kind of a claim," Flood said. "So the president of the United States putting his thumb on the scale and saying that housing is in a crisis situation, and it's an emergency -- that changes the entire conversation."

"It's going to take the federal government, the state governments, and the municipalities, most notably, to fix this," the congressman continued, and went on to reveal that his subcommittee was already working on bipartisan bills that could be ready to be introduced in the next few months.

"We have been working in our subcommittee and on Financial Services on our effort that will, I think, take a few steps forward, and hope to mark that up later this year in maybe October, November," he said. "But the president coming in and making this a priority is what's going to push this at light speed across the finish line."

"I truly think we can get something done by June of next year," Flood added.

Housing costs prove crippling

Newsweek reported that the U.S. has endured a housing affordability "crisis" for at least the past several years, if not longer, that was worsened by the pandemic-related supply chain issues, high interest rates, rising tax rates and insurance premiums, limited inventory, and now tariffs on building materials, all of which have contributed to higher prices for homes.

Indeed, Fox News reported that this confluence of contributors has resulted in soaring prices for existing homes, such that even small "starter" homes for young couples and families are now considered out of reach for millions of Americans who want to buy a home instead of renting one.

Housing and Urban Development Secretary Scott Turner confirmed this week that there has been some talk within the Trump administration about declaring a national housing emergency, but like Sec. Bessent, declined to provide any specific details of what was under consideration, and said, "Those discussions are being had, not just from an emergency declaration standpoint, but what can we do in order to bring the costs down … and bring the supply up."