People outside the Brooklyn office of Representative Nicole Malliotakis protested her vote for the One Big Beautiful Bill on 29 May 2025. The bill, passed by Congress, aimed to accelerate homebuilding by relaxing environmental reviews and federal regulations. However, President Donald Trump refused to sign it, demanding instead a bill to limit mail-in voting and require voter ID, calling the housing legislation "of minor importance."
Housing Affordability Worsens
The typical home price now exceeds five times the average family income, and monthly ownership costs are at record highs. The US faces a housing shortfall of millions of homes, yet new home supply fell over 14% in May 2025 compared to a year earlier. Moody's Analytics projects that residential investment will contract annually through 2030, deepening the crisis.
Energy Costs Rise
Trump's war against Iran, including the closure of the Strait of Hormuz, has driven up gas prices, undermining his promise to curb inflation. Real wages are declining, and Moody's Mark Zandi estimates that by June 2025, higher energy costs had erased tax refund gains from the One Big Beautiful Bill. Additionally, cuts to solar subsidies and wind farm restrictions have raised renewable energy prices amid surging AI datacenter demand.
Healthcare and Trade Impacts
Enrollment in Affordable Care Act policies could drop by 5–6 million in 2025 due to ending subsidies, causing a 58% average premium increase. Trump's trade war with China reduced farm exports by $17 billion in 2024, and exports to Canada fell $1 billion. The White House distributed $12 billion in aid to farmers, but fertilizer costs rose due to the Hormuz closure, and immigration raids hit farm labor.
Broader Economic Toll
Manufacturing jobs have declined since Trump took office, contradicting his tariff promises. Studies from his first term show tariffs raised input costs and reduced competitiveness. Male employment fell by over 1.5 million, while female employment rose by nearly 500,000. Trump's trade threats against Mexico and Canada could further harm states that voted for him, as nine of the top ten export-dependent states are Republican-leaning.
