I have a suggestion that would provide support to hard-working American renters and help prevent a future housing crisis: pre-tax savings plans for the purchase of the first home. This would be similar to existing pre-tax contributions for higher education, healthcare & retirement savings.
During the housing bubble, a lot of people realized that home prices were exorbitant beyond reason and they chose to continue renting. Politicians have been working to support homeowners from becoming renters again, but lets help responsible renters become homeowners!
It would allow people to save for the down payment, be less at the mercy of adjustable loans & achieve the American dream of home ownership. Pre-tax savings plans could have a max contribution level and income limits for participants.