American families have been feeling the pinch of rising housing costs for several years. State and federal policymakers have therefore started to propose new interventions to help. Senators Kamala Harris and Cory Booker—both representing states with high housing costs and both presumed Democratic presidential candidates—have put forward separate proposals for a federal tax credit for cost-burdened renters. Senator Booker’s bill also addresses supply constraints by proposing that local governments would have to make their zoning more growth-friendly in order to receive federal housing funds. This past spring, California state Senator Scott Wiener caused seismic ripples in the Golden State’s politics by proposing to override local zoning and allow higher density development around transit stations throughout the state. Housing issues will be on state ballots this November, including a referendum to expand rent control in California and New York gubernatorial candidate Cynthia Nixon’s proposed tenant protections.
Read Full Article