Affordable housing in California faces setback as Fed pauses interest rates.

The Federal Reserve's pause on interest rate hikes is a blow to affordable housing in California, according to Fiona Ma, California state treasurer. Rising interest rates have made it harder for people to afford buying a home, and to make it easier, Ma launched a new program called Dream for All on March 27, where the state of California provided down payment assistance to qualifying first-time homebuyers. The program closed after two weeks due to overwhelming demand.