JPMorgan Chase Sets $750 Billion Housing Goal Amid Calls for Business-Government Cooperation

JPMorgan Chase Chairman and CEO Jamie Dimon emphasized the need for closer cooperation between business and government on issues like housing affordability, education, public safety, and job training.

Speaking at a San Francisco forum, Dimon argued that economic growth should be matched by policies that widen access to opportunity. He listed lower crime, better schools, and more housing as priorities.

The bank plans to deploy over $750 billion in housing capital through 2035, with the goal of financing 1 million affordable housing units and assisting 500,000 customers in purchasing homes, including 200,000 first-time buyers.

Dimon characterized affordability primarily as a supply problem and argued that governments should reduce barriers to construction. JPMorgan Chase aims to help finance the construction or preservation of affordable housing units and assist customers in purchasing homes through mortgages, construction and development loans, equity investments, and grants.