Here's your summary from Lawmakers Grill Powell on Housing Costs (https://www.youtube.com/watch?v=IK_FSMvS0s4) on the Bloomberg Television channel:

**TLDR:** Lawmakers question Powell on impact of higher interest rates on housing market, with focus on inflation control and affordable housing shortage.

1. Fed Chair Powell acknowledges higher interest rates are hindering Americans from buying homes and emphasizes the need to bring inflation back down to 2% goal.

2. Mortgage applications dropped significantly as rates increased in 2022, leading to near 30-year lows, highlighting the impact of tighter monetary policy on the housing market.

3. White House and Republicans have differing approaches to addressing housing affordability, with the former focusing on adding affordable housing units and rent assistance, while the latter aims to cut regulations related to owning and building homes.

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