Senator Reverend Warnock Leads Transformational Bill to Tackle Nation’s Affordable Housing Crisis

Once in a generation legislation aims to fill the gap in the supply of housing units left widening since the devastation of the 2008 financial crisis

The American Housing and Economic Mobility Act would create nearly 3 million new housing units and reduce rents by 10% for American families-paid for by reforms to the estate tax

Bicameral legislation would create incentives for local governments to eliminate unnecessary land use restrictions that drive up costs, as well as limit the role of private equity in the housing market

In Georgia, 23% of renter households are low income; there is an estimated statewide shortage of 200,000 rental homes affordable and available for low-income renters

In Georgia, $29,000 is the average income for a 4-person extremely low-income household, meanwhile a $60,000 annual household income is needed to afford a two-bedroom rental home by Fair Market Rent standards from the Department of Housing and Urban Development (HUD)

From 2023 to 2024, Georgia lost 7.5% of its housing inventory, one of the biggest decreases in the nation

Since joining the Senate, Senator Warnock has been working tirelessly to address Georgia's affordable housing crisis

In March, Senator Warnock reintroduced the Downpayment Toward Equity Act to provide downpayment assistance to first-generation homebuyers and help Georgians achieve the dream of homeownership.

Senator Reverend Warnock: "Housing means dignity, safety, and security, and as a Senator who grew up in public housing, I know that strengthening housing availability and affordability is critical to helping folks establish a solid foundation to build a healthy future"

Washington, D.C. - U.S. Senator Reverend Raphael Warnock (D-GA), a member of the Senate Committee on Banking, Housing, and Urban Affairs, introduced transformative legislation that will tackle the housing affordability and availability crisis, bring down costs for renters and buyers, and help working families everywhere afford to put a roof over their heads. According to an independent analysis by the non-partisan Moody's Analytics, the American Housing and Economic Mobility Act would build or rehabilitate nearly 3 million housing units over the next decade and bring down rents for lower-income and middle-class families by 10%, saving the average family $140 per month. In Georgia, 23% of renter households are low income; there is an estimated statewide shortage of 200,000 rental homes affordable and available for low-income renters. $29,000 is the average income statewide for a 4-person extremely low income household; meanwhile, a $60,000 annual household income is needed to afford a two-bedroom rental home by Fair Market Rent standards from the Department of Housing and Urban Development (HUD). To fully offset the cost of this historic effort, the bill returns the estate tax thresholds to their levels at the end of the George W. Bush administration and institutes more progressive rates above those thresholds.

"Housing means dignity, safety, and security, and as a Senator who grew up in public housing, I know that strengthening housing availability and affordability is critical to helping folks establish a solid foundation to build a healthy future," said Senator Reverend Raphael Warnock. "That is why I am proud to fight for this transformational legislation that will unleash construction of millions of new homes and create hundreds of thousands of new jobs in the process."

The American Housing and Economic Mobility Act would:

• Leverage federal funding to build nearly 3 million new housing units-bringing down rents for lower-income and middle-class families by 10% according to an independent analysis from Moody's Analytics
• Provide assistance to people hurt by federal housing policy failures, including through:
  • Down payment assistance to first-time, first-generation homebuyers
  • A grant program for communities with an appraisal gap
• Create incentives for local governments to eliminate unnecessary land use restrictions that drive up costs
• Limit the role of corporate landlords in the housing market
• Hold financial institutions accountable for providing access to credit for all Americans.
• Promote mobility by strengthening anti-discrimination laws and improving the housing voucher program
• Increase the amount of accessible housing

Senator Warnock is co-leading the reintroduction of the American Housing and Economic Mobility Act alongside Senator Elizabeth Warren (D-MA). Companion legislation has been introduced in the U.S. House by Representative Emanuel Cleaver (D-MO-05).

Over 40 non-profit organizations, ranging from unions to housing advocates, have endorsed the bill, including the Leadership Conference on Civil and Human Rights, the National Low Income Housing Coalition, the National Community Reinvestment Coalition, and the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO). Additional endorses include the American Federation of State, County and Municipal Employees (AFSCME), American Federation of Government Employees (AFGE), American Federation of Teachers (AFT). U.S. Senate cosponsors include Senators Richard Blumenthal (D-Conn.), Mazie Hirono (D-Hawaii), Edward J. Markey (D-Mass.), Jeff Merkley (D-Ore.), Bernie Sanders (I-Vt.), and Peter Welch (D-Vt.).

Read the bill textHERE.

Read the bill summaryHERE.

Read Moody's Independent AnalysisHERE.

Since joining the Senate, Senator Warnock has been working tirelessly to address Georgia's affordable housing crisis. In March, Senator Warnock reintroduced the Downpayment Toward Equity Act to provide downpayment assistance to first-generation homebuyers and help make it possible for every Georgian and American to achieve the dream of homeownership. Also in March, the Senator voted for the Fiscal Year 2024 government funding bill which increases America's housing supply, strengthens housing affordability and addresses the homelessness crisis, including by: increasing the supply of affordable housing nationwide with funding to build 10,000 new rental and homebuyer units; extending funding for the Yes In My Backyard ("YIMBY") grant program to support efforts to increase our nation's housing supply and lower housing costs through state and local zoning changes; and delivering $275 million in new funding for Homeless Assistance Grants to help address homelessness in communities across the country and providing new resources to better connect people experiencing homelessness with health care services. In the past year, the Senator has secured nearly $80 million in housing investments to provide affordable housing options for Georgians at all income levels and repair hazardous housing conditions in low-income housing units.

Watch Senator Warnock's statewide press call HERE.

Read Senator Warnock's press call remarks below as prepared for delivery:

In every corner of Georgia, the number one issue I hear about most often is how we are going to address the housing affordability and availability crisis.

The problem today is perfectly clear: more Americans are working more hours only to see their costs of living go up and financial security go down. Despite working harder than ever, Georgians are struggling more than ever to put a roof over their families' heads.

In almost every community in America - rural, suburban, and urban - we are in the middle of an affordable housing crisis. This crisis is happening, in part, because government housing policy has failed working families. Instead of supporting development, state and local governments have imposed needless rules prevent affordable housing from being built raising costs for all Americans.

That is why I am proud to help lead the introduction of the American Housing and Economic Mobility Act. This is a transformative and comprehensive piece of legislation that will alter the course of our country as it relates to the housing crisis.

This bill will help bring down costs for renters and buyers and level the playing field so working families everywhere can find a decent place to live at a decent price.

The costs of this historic effort will be offset by ensuring the wealthiest top percent of earners pay their fair share and give back to the communities that made their success possible. And the return on investment will be seen in our growing communities, the creation of thousands of construction jobs and businesses, and families safe and secure in affordable houses they can turn into homes.

We know the housing crisis is a multifaceted issue that must be tackled from different directions. That is why I also introduced bipartisan legislation with Senator Ted Cruz this week that will help improve military housing conditions for servicemembers by requiring the Department of Defense to publicly release reports on privatized family housing on military installations.

The Military Housing Performance Insight (MHPI) Act is aimed at increasing transparency, supporting oversight efforts, and addressing long standing issues in military housing quality and safety.

Our servicemembers and their families deserve safe, quality housing. And by making these reports publicly accessible, we can better empower military families and communities to advocate for their needs effectively.

Before I close, let me just say that while much of the attention will be turning from policy to politics in the upcoming election, I will continue fighting for investments in our nation's housing supply and making housing more affordable for hardworking Georgians.

This issue is personal to me. I grew up in Kayton Homes public housing in Savannah, Georgia. Today, as the father of two young children, I know the security and peace of mind that comes from being able to provide my family a place to call home. And I believe no family should face uncertainty about having a safe place to sleep because of policy failures at all levels of government.

This will not be solved overnight, but with our collective, persistent efforts, I believe in our capacity to get good done for Georgians.

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