The Biden administration released a plan Monday to reduce homelessness across the nation by 25% by 2025.

The move comes as homelessness and poverty rates have reached new highs in 2022. There are currently 37.2 million people in the U.S. who live below the poverty line and there are more than half a million people who are experiencing homelessness.

"Every American deserves a safe and reliable place to call home. It's a matter of security, stability, and well-being. It is also a matter of basic dignity and who we are as a Nation," President Joe Biden said in a statement Monday.

"Yet many Americans live each day without safe or stable housing. Some are in emergency shelters. Others live on our streets, exposed to the threats of violence, adverse weather, disease, and so many other dangers exacerbated by homelessness." Biden added.

The top six cities suffering from the most from these issues are New York City with 77,943 homeless people, Los Angeles with 63,706, Seattle with 11,751, San Jose with 9,605, San Francisco with 8,124 and San Diego with 7,638, according to data from February.

The statement highlighted that certain groups are at higher risk of homelessness including veterans, low-income workers, people of color, LGBTQI+ Americans, people with disabilities, older adults, and people with arrest or conviction records and historical inequities.

Biden stressed the importance of affordable housing.

"When we provide access to housing to people experiencing homelessness, they are able to take steps to improve their health and well-being, further their education, seek steady employment, and bring greater stability to their lives and to the community that surrounds them," Biden said in the statement.