Biden wants to campaign on housing. He also sort of has to.

Biden is in campaign mode, and the president wants voters to know he understands housing is out of control.

Over the last month, Biden has ramped up his bully pulpit focus on the housing crisis. In his State of the Union address, the president pledged new tax credits for first-time homeowners and to “crack down on big landlords” who price-fix rents. His new budget includes proposals to expand vouchers and housing supply, and he gave a second speech promising to “build, build, build” to “bring housing costs down for good.” When the president hit the campaign trail in late...