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AFFORDABLE HOUSING!!! AM I RIGHT?
Most of us can’t buy a house nowadays because affordability is a HUGE problem. If you’re not a big-time lawyer, doctor or in the tech industry, and just have an ordinary job, you may understand what I’m talking about. Even some people that have amazing jobs that USED to allow you to buy a house are now suffering as well. It’s sad and totally sucks.
Is there any hope? Hopefully…
The American Housing & Economic Mobility Act of 2018 wants to build more homes and renovate existing ones. How? They want to remove the red tape for builders on regulatory cost and offer them more incentives to build affordable homes. As of now, it just cost so much money to build so why would they do it when they can build luxury homes for the “rich”? They want to make money back and building for the low and middle class just doesn’t cut it.
Example: The bill presented by Sen. Elizabeth Warren, D-Mass., proposes giving local governments incentives to remove or ease some zoning and land use regulations that have stood in the way of increasing building in recent years.
The legislation also wants to aid low-income renters and home buyers by offering greater down payment assistance to low-income, minority communities.
Also!!! This bill calls for $2 billion to be set aside to help homeowners who are still underwater on their mortgage, even 10 years after the financial crisis. The bill also calls for an expansion of the Fair Housing Act to make it illegal to discriminate against prospective renters and buyers based on sexual orientation, marital status, gender identity, and job.
“Housing is the biggest expense for most working families—and costs for everyone, everywhere, are skyrocketing,” Warren said in a statement. “Rural housing is falling apart and decades of discrimination has excluded generations of black families from homeownership. This proposal will attack the rising cost of housing by helping to roll back needlessly restrictive local zoning rules and taking down other barriers that keep American families from living in neighborhoods with good jobs and good schools.”
The bill would be funded by raising the estate tax and taxes of the 10,000 wealthiest households in the U.S.
The National Association of Home Builders applauded Warren’s move to bring up legislation that targets the affordability crisis in housing and reform local zoning laws to make it easier for builders to add inventory. However, “funding many of the provisions within this broad-based bill by raising the estate tax could hurt many small family-run businesses by imperiling the ability of the owners to pass on their business to future generations,” Randy Noel, the NAHB’s chairman, said in a statement.
So, who knows what will happen, and what is the right move.
As always thank you for reading, I appreciate you and your time