House Republicans are planning to pass a $1.2 trillion budget bill that would roll back major Obama administration regulations, but not eliminate them entirely.
The budget bill, which passed the House Thursday, would also allow some Obama-era rules to expire and create the largest new tax credit in decades.
The measure would also include $1 trillion in funding for infrastructure and $400 billion in new tax credits for homeownership.
While it’s not clear what impact the budget bill would have on the Minneapolis market, a spokeswoman for the city said the city is “very confident” the plan will increase home prices in the area.
“Our market is a big winner,” spokeswoman Amy Smith said.
“We’ve seen the housing stock boom, and our market is in great shape.
We’re in a great place.”
Home prices in Minneapolis rose more than 25 percent last year to a record $531,700, according to the CoreLogic Real Estate Group.
In recent years, home prices have skyrocketed as the country has been hit by a recession.
A recent report from the Minneapolis Housing Partnership said that average prices in Twin Cities neighborhoods have increased 27 percent since 2010.
The report also found that the number of people moving to the city for work has grown over the last three years.