Key Takeaways:
– President Biden introduces actions to make housing affordable.
– Proposed legislation to cap rent increases at 5% for corporate landlords.
– Plan to build 15,000 additional affordable units in Nevada.
– $325 million in grants for community housing and neighborhood revitalization.
– The repurposing of federal land for new housing developments.
President Biden Acts to Make Housing Affordable
The Biden administration is taking significant steps to address the housing crisis affecting millions of Americans. By introducing new actions, President Biden aims to make renting more affordable and curb rising housing costs. Let’s break down the key points of his plan.
Legislation to Cap Rent Increases
One of the major proposals is aimed at corporate landlords. President Biden is calling on Congress to pass legislation that will give these landlords a choice. They can either cap rent increases on existing units at 5%, or they risk losing valuable federal tax breaks. This move is designed to prevent excessive rent hikes that burden countless families.
Building More Affordable Housing in Nevada
The administration has announced plans to repurpose public land to construct an additional 15,000 affordable housing units in Nevada. This initiative is particularly focused on rehabilitating distressed housing, building more affordable homes, and revitalizing neighborhoods, including areas in Las Vegas. By utilizing underused public land, the government hopes to create more living spaces for those in need.
The Biden-Harris Housing Plan
President Biden is not stopping at rental properties. He is urging Congress to pass the Biden-Harris Housing Plan, which promises to build 2 million homes. Moreover, it includes a provision for a $10,000 mortgage relief to help many more Americans achieve homeownership. This comprehensive plan is a critical part of tackling the ongoing housing challenges in the country.
Record Construction Rates
It’s worth noting that more housing units are currently under construction than at any time in the last 50 years. The rate of new housing starts is up 17% compared to the previous administration. This is a strong indication that the measures already in place are starting to make a noticeable difference.
Using Federal Tools to Lower Housing Costs
The Biden administration is utilizing every available tool to make housing more affordable. This includes:
– Limiting rent increases on rentals built with federal tax credits.
– Supporting local communities that are building more housing.
– Standing up against price-fixing by corporate landlords.
– Reducing energy costs by making housing more efficient and climate-resilient.
Repurposing Federal Land for Housing
A senior administration official provided insights into a new government-wide effort to repurpose federal land and other properties for building affordable housing. The federal government, being the largest landowner in the country, has identified opportunities to repurpose underused or vacant land to address housing needs. The Bureau of Land Management (BLM) is now working closely with local governments in Southern Nevada to support this initiative.
BLM’s Major Sales Initiative
The BLM is set to announce forthcoming sales under the Southern Nevada Public Lands Management Action Program. This will lead to the creation of hundreds of affordable units for sale and rent. Additionally, BLM is collaborating with local governments on 562 acres identified as suitable for housing. This could support the development of 15,000 or more affordable units in Southern Nevada.
State and Local Government Involvement
The Biden-Harris administration is encouraging state and local governments to consider repurposing their own land for housing development. This could significantly increase the national housing stock. A new analysis estimates that underutilized state and local government land near transit locations has the potential to support around 1.9 million units.
HUD’s Choice Neighborhoods Implementation Grants
To further support housing and neighborhood revitalization, the Department of Housing and Urban Development (HUD) is announcing $325 million in Choice Neighborhoods implementation grants. These grants will fund communities across the country to build more homes and revitalize neighborhoods in need. The Choice Neighborhoods program is the largest place-based initiative within the federal government and has transformed many communities nationwide.
A President Who Cares
These actions highlight President Biden’s commitment to solving real problems faced by ordinary Americans. Unlike his predecessor, Biden is not merely making empty promises. He is taking tangible steps to address the critical issues of housing affordability and availability.
Conclusion
President Biden’s comprehensive plan to lower housing costs and limit rent increases is a major step in addressing the housing crisis. From capping rent hikes to building new affordable units, and repurposing federal land, these measures are designed to make a real difference in the lives of millions of Americans. As more initiatives like this take shape, the hope is that more families will be able to afford decent housing and have a better chance at achieving the American Dream.