Affordable housing

Systemic racial inequality has long been a drag on the U.S. economy, and nowhere is that more apparent than in the housing market. There are smart strategies that would even the playing field.

A large and growing part of the American workforce, Latinos are also the fastest-growing segment of the housing market. A few smart moves by Congress could help them achieve the American Dream while turbocharging the economy.

Vice President Kamala Harris has pledged to build 3 million new housing units over her first term. Rehabilitating vacant housing might be one of the most cost-effective ways to meet that goal — and address many other problems at the same time.

The Federal Home Loan Bank of New York paid its departing director of diversity and inclusion $561,600 after an external review found "oversight issues" that led to a shake-up of the bank's human resources department; CDFI Friendly America launches an online mapping system to spotlight growth opportunities nationwide; global law firm A&O Shearman expands its U.S. debt finance team; and more in this week's banking news roundup.

Vice President Kamala Harris' pledge to deliver 3 million homes has drawn applause from homebuilders, lenders and affordability advocates, but experts are uncertain how her administration would pull it off.

The Federal Home Loan banks must be looking at the shift in presidential polling with alarm. A Democratic victory would open the door to tougher regulation and potential streamlining of the 11-bank system.

Borrowing costs have fallen to their lowest level in more than a year as inflation metrics drop to 2021 levels, seemingly vindicating the Federal Reserve's decision to maintain their restrictive monetary policy.

The administration will release $100 million in grant funds focused on slashing red tape at the state and local levels, and will advance other programs to increase home construction.

The same creativity and flexibility that community development financial institutions bring to business lending ought to be applied to financing affordable housing.

Changes to the regulatory regime surrounding the Federal Home Loan banks should be carefully calibrated so as to do no damage to their successful support for housing and the provision of liquidity to members.