The bill comes with a $500 billion price tag and endorsements from leading Democrats, including Vice President Kamala Harris. Moody’s, a major financial services company, has also blessed the act, predicting it will lower rents and significantly boost the supply of affordable housing. 

But before the country embraces this rosy outlook, it must confront a stark reality: Government interventions in housing have a long history of falling short of their lofty promises. In many cases, they have resulted in outright failures. And the American Housing and Economic Mobility Act is likely destined to meet the same fate.

To continue reading this op-ed online on The Hill, click here.

Tobias Peter and Edward Pinto are co-directors of the American Enterprise Institute’s Housing Center.

The views expressed in this article are the writers’ own.