Rep. Maxine Waters vs. Treasury Sec. Bessent on Housing Costs: “Can You Shut Him Up?”
House Financial Services Committee Ranking Member, Rep. Maxine Waters, clashed with Treasury Secretary Scott Bessent on Wednesday over the causes of housing price increases.
REP. MAXINE WATERS: Housing! Rents are too high. There aren’t enough houses. However, one clear reason the housing crisis has grown worse is that you-and the rest of the Trump administration-levied tariffs on housing production goods like lumber and steel, as well as appliances. These tariffs will result in- TREASURY SECRETARY SCOTT BESSENT: Lumber is at a five-year low, Congresswoman. REP. MAXINE WATERS: Reclaiming my time. You don’t get to talk-reclaiming my time-reclaiming my time. Thank you. However, one clear reason the housing crisis has gone worse is that you and the rest of the Trump administration levied tariffs on housing production goods like lumber and steel, as I said, as well as appliances. These tariffs will result in half a million fewer homes built at a time when we need more homes built-not less. Trump single-handedly made housing more expensive. And once again, you know it. As Axios has reported, you were planning to lift tariffs on housing production goods. In addition, the unlawful campaign the Trump administration has waged with ICE and Border Patrol-terrorizing American communities-has also harmed home construction across America. So I ask you, Secretary Bessent: Will you be the voice of reason in the administration and urge Trump to stop waging a war on American consumers, on housing affordability, and on the economy? Yes or no? Will you be the voice? Will you be the voice of reason? TREASURY SECRETARY SCOTT BESSENT: A study from Wharton University has shown that it was mass unfettered immigration, you let in between 10-20 million immigrants, which affects the housing stock for working Americans- REP. MAXINE WATERS: Can you shut him up? TREASURY SECRETARY SCOTT BESSENT: And can you maintain some level of decorum? REP. MAXINE WATERS: Reclaiming my time. Reclaiming my time. No, my time has not expired. The gentleman took up my time. I think you should recognize that. … I want my time back. … TREASURY SECRETARY SCOTT BESSENT: I think the ranking member does not understand the definition of generalized inflation versus one-time price increases. I would also note that housing-especially for working Americans-a Wharton study has shown that mass, unfettered immigration, adding 10 to 20 million new people demanding housing, Congresswoman, caused a great deal of housing inflation for working Americans. GOP REP.: So you and the Biden administration should be ashamed. This is also why we are seeing rents going down. There was a recent media story on this. Rents are going down partially because of enforcement. BESSENT: Supply and demand continue to work.
