Presidential Hopeful Senator Cory Booker Announces Bold Affordable Housing Proposal

After decades of chronic underinvestment by Congress, it is remarkable the degree to which presidential hopefuls continue using their platforms to elevate awareness about the housing crisis for the lowest-income people and to advance solutions. Presidential candidates and members of Congress are suddenly and increasingly willing not just to work around the edges of the housing crisis, but instead to introduce and advance bold solutions to tackle it head on. The latest ambitious proposal was released this week by presidential candidate Senator Cory Booker (D-NJ).

Senator Booker proposes investing over $40 billion annually in the national Housing Trust Fund, which would create nearly 3 million new deeply affordable apartments over 10 years. His proposal also features a refundable renters tax credit to give much needed relief to families who spend more than 30% of their before-tax income on rent. The credit would refund the difference between the 30% threshold and the neighborhood fair market rent. The median credit would be $4,800 per family annually.

Senator Booker also proposes using transportation funds to incentivize or require local governments to address regulatory and zoning barriers that drive up housing costs and restrict the ability of the private sector to build more affordable rental homes for the middle class. He would also create a national right-to-counsel fund for those facing eviction and would expand Fair Housing discrimination protections for sexual orientation and gender.

See what other presidential candidates are saying about affordable housing at: