The plan, announced Friday, proposes federal financing and other incentives seeking to convert commercial buildings nationwide into residential use.   

“Housing affordability is a challenge for many American households, so the president has asked us to take a whole-of-government approach to making sure that we have affordable and accessible housing,” Lael Brainard, director of the National Economic Council, said on a call with reporters. 

Administration officials acknowledged that many Americans either live far away from their work because of housing costs or live somewhere unaffordable so they can be close to work. The new investments are intended to help remedy those conflicts. 

While inflation has cooled some over the past year, housing costs are still through the roof for many Americans.  

Housing costs were up 7.2 percent annually in August, compared with the headline inflation number of 3.7 percent.  

The housing sector is also one of those most closely tied to interest rate hikes. The 30-year-fixed rate mortgage is at a 20-year high of 7.5 percent, creating increased costs for those seeking to purchase a home. 

Brainard touted the new effort as a “win-win” opportunity to simultaneously revitalize downtown areas with unused office space, while increasing affordable housing units. The move comes as administration officials said office space vacancies have hit a 30-year high. 

The Hill’s Brett Samuels has more here.