Trump Is Doing 'An Excellent Job' On Housing Affordability, Says Opendoor CEO: Calls America's Housing Market 'Deeply Unfair'

Opendoor Technologies Inc. (NASDAQ:OPEN) CEO Kaz Nejatian praised President Donald Trump’s approach to housing affordability, arguing that recent policy actions are addressing long-standing barriers that have pushed middle-class families out of the single-family housing market.

Trump Is Doing ‘An Excellent Job’

Appearing on The Pomp Podcast by Anthony Pompliano on Wednesday, Nejatian said, “I think that President Trump is doing an excellent job,” referring to recent policies, such as the blocking of institutional investors from acquiring single-family homes.

“It should be true that a teacher can buy a home on their salary. It used to be true. It should be true again,” Nejatian said, while noting that the challenge facing prospective homebuyers is not the result of a single factor, but rather a layered system that has made ownership increasingly inaccessible.

“The stack of stuff that's in the way of that is very high,” he said, adding that the president is “one by one attacking it, one by one.”

He also pointed to Trump’s $200 billion plan to buy mortgage-backed securities, in a bid to reduce interest rates, calling it “genuinely amazing,” and said their impact is already visible at the local level.

While acknowledging limits to government involvement, Nejatian said housing warrants a more careful approach. “We now have the highest share of homes not owned by families and individuals,” he said, adding that the current structure of the market was “deeply unfair.”

Economists Warn Trump’s Plan Could Worsen Affordability

Economist Peter Schiff slammed Trump’s proposal to buy $200 billion in mortgage-backed securities, saying that it stands to worsen housing affordability in the long run.

According to Schiff, this proposal exacerbates the very problem that it seeks to solve by allowing buyers to “overpay” for homes, thus making them more unaffordable. “The only solution to the housing affordability crisis is lower home prices,” he said.

Shares of Opendoor were up 1.41% on Wednesday, closing at $6.48, and are up 1.23% overnight. The stock scores high on Momentum in Benzinga’s Edge Stock Rankings, with a favorable price trend in the long run.

Image via Shutterstock/ noamgalai