BBT Applauds Biden-Harris Administration Proposal to Cap Rent Increases for 20 Million Units, Build Affordable Housing on Public Land

FOR IMMEDIATE RELEASE: July 16, 2024
PRESS CONTACT: [email protected]
BBT APPLAUDS BIDEN-HARRIS ADMINISTRATION PROPOSAL TO CAP RENT INCREASES FOR 20 MILLION UNITS, BUILD AFFORDABLE HOUSING ON PUBLIC LANDS
Executive Director Macías calls on Congress to pass President Biden’s proposal without delay
WASHINGTON, D.C. — Building Back Together (BBT) Executive Director Mayra Macías released the following statement of support in reaction to President Biden’s bold new proposed actions to tackle the housing crisis:
“The rising cost of housing remains a top concern for hardworking families. Across the country, so many working parents worry about paying rent and putting food on the table, and young people entering the workforce are forced to leave their hometowns as housing becomes more unaffordable. Even worse, young Americans, particularly those of color, are being pushed out of the greatest source of creating generational wealth — homeownership.
“That’s why today’s bold proposal from President Biden is so enormously important. By capping rents for 20 million units managed by big corporate landlords, repurposing public lands to build more affordable homes and investing $325 million to build thousands of homes across the country, President Biden and Vice President Harris are once again showing their commitment to working families by making the American Dream a reality for as many families as possible.
“But none of this can be done without action from Congress — and that’s why lawmakers must act. We know that even as inflation has cooled because of the Biden-Harris Administration’s swift and bold actions, housing still makes up the largest part of these cost increases. Building Back Together calls on Congress to take up President Biden’s housing proposal as soon as possible — expanding rental assistance to half a million working class families, providing mortgage relief of $10,000 to millions of Americans, and building an additional 2 million homes. Every American deserves to be able to access quality, affordable housing — and rather than once again giving tax breaks to price gouging, corporate landlords, Congress must make this key part of the American Dream a priority as soon as possible.”
In his proposal today, President Biden has called for:
- Congress to pass legislation standing up to corporate landlords by giving them a choice: cap rent increases on existing units at 5% or lose current valuable federal tax breaks — a plan which would affect over 20 million existing rental units; and
- Repurposing of surplus public lands by federal agencies to enable the construction of more affordable housing across the country, with a goal of quickly building more housing that is affordable for working families and climate resilient, which will bring down energy costs, while protecting local lands and waters.
The Department of Housing and Urban Development (HUD) also announced $325 million in Choice Neighborhoods grants to build over 6,500 units of new, affordable housing for families across the country, and will be used to encourage more than $2.65 billion in additional public and private investments in these neighborhoods.
President Biden and Vice President Harris have also put forward a bold agenda on housing for working families, calling on Congress to pass their plan, which would include:
- Expanding rental assistance to half a million working class families;
- Providing mortgage relief of $10,000 to millions of Americans; and
- Building 2 million new homes across the country by expanding the Low-Income Housing Tax Credit, instituting a new Neighborhood Homes Tax Credit, creating a $20 billion innovation fund for housing expansion and calling for $8 billion in grants to rapidly expand temporary and permanent housing options for unhoused people.
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