"We need more housing supply in America. It is the most important thing we can do to lower the cost of housing. It is true that accomplishing this goal is going to take more than federal money; it is also going to require state and local governments to put in place reforms that make it easier to build housing. But we should not underestimate the important role federal dollars can play buying down the cost of capital as well as creating incentives for local and state governments to support housing construction."