On September 19, Rep. Alexandria Ocasio-Cortez (D-NY) and Sen. Tina Smith (D-MN) initiated a discussion on the housing crisis at the Center for American Progress event titled “Building the Future: Innovative Solutions to the U.S. Housing Crisis.” They introduced their new bill, the Homes Act, which aims to address housing affordability.
The Homes Act seeks to create new forms of affordable rental housing. Rep. Ocasio-Cortez highlighted the issue of scarcity, stating: “The fact that we even have a housing market structure the way it is, where you have a single mom of two kids that has to bid against BlackRock or an Airbnb investor in order to put a roof over her family’s home, is the problem.”
She further emphasized that “when communities are also class-integrated … our ability to be a socially mobile country skyrockets” and suggested that by investing in alternative models of housing development, the United States can “develop and construct over 1 million housing units in this country that are primarily designed as a right, instead of a commodity that should go to the highest bidder.”
Sen. Smith supported renewing investment in social housing and increasing housing supply: “If you truly believe that housing is a human right and that everybody has the right to a safe, secure, and dignified place to live—that gives them joy, that is something everybody is worthy of—then what you start to think about is how you can devote public effort to achieving that goal.”
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra discussed his agency's actions to help consumers benefit from lower interest rates announced by the Federal Reserve. He mentioned exploring amendments to existing mortgage rules to streamline refinancing processes and reduce closing costs: “The effects of yesterday’s rate cut may take time for families who are in crisis now. So our actions when it comes to mortgage services and what we’re doing on rental fees and more are helping consumers now.”
A national survey conducted by Data for Progress from September 13-16, 2024, on behalf of the Center for American Progress revealed widespread concern among Americans about housing shortages. The poll indicated:
- 77 percent believe America has a housing shortage.
- 83 percent agree it is problematic that building new homes is too expensive.
- Approximately 70 percent across urban, suburban, and rural areas see zoning rules as limiting home construction.
- 60 percent view private equity firms buying homes for profit as a serious issue.
Additionally, voters showed strong support for progressive solutions:
- 69 percent support providing up to $25,000 in down-payment assistance for first-time homebuyers.
- 80 percent support building and repairing 3 million affordable homes and rental units nationwide.
- 78 percent support preventing large corporate landlords from using algorithms that limit competition.
Video recordings from the summit are available online at "Building the Future: Innovative Solutions to the U.S. Housing Crisis."
For further information or expert commentary, contact Sarah Nadeau at [email protected].
