President Joe Biden arrived in Las Vegas Tuesday to announce a bold plan to tackle the pressing housing crisis gripping the nation.
Against skyrocketing housing costs and a severe shortage of affordable homes, the president outlined his strategy to lower housing costs and increase the housing supply for American families.
Biden highlighted the impact of the American Rescue Plan (ARP) and emphasized the injection of $1 billion into Nevada to provide affordable housing and housing assistance. Noteworthy among these investments is the allocation of $700 million towards affordable housing supply, leading to significant developments, including several 200-unit affordable housing projects and approximately 1,000 new senior apartments in Clark County.
Biden’s housing agenda, as detailed in his fiscal year 2025 budget, earmarks a historic $258 billion for housing investments. Key proposals include measures to reduce barriers to homeownership, such as the proposed Mortgage Relief Credit, which would offer middle-class first-time homebuyers a tax credit of $10,000 over two years, along with down payment assistance for first-generation homebuyers and initiatives to lower closing costs.
A January report revealed that in D.C., one in 10 residents faced housing insecurity as traditional public housing vacancies grew, fueling demands for solutions such as emergency rental assistance. Meanwhile, abandoning traditional public housing units, partly due to federal disinvestment, reportedly exacerbated the crisis. Rather than embracing landlord responsibilities, the federal government pivoted towards funding housing vouchers for private market solutions.
Earlier, D.C. Council member Janeese Lewis George (D-Ward 4) introduced a bill before the council that echoed Maryland’s legislative initiatives for social housing. George’s proposal outlined an executive-level agency tasked with constructing and maintaining mixed-income housing developments, which were aimed to balance market-rate rents with subsidies for low-income tenants, with income guidelines earmarking one-third of housing for various income brackets.
Moreover, the plan envisioned tenant-led management boards, stringent environmental standards, and equitable labor practices. The bill, which had the support of five council members, sparked discussions under the direction of At-Large Council member Robert White (D) and highlighted a potential direction for the future of D.C.’s housing market.
Meanwhile, Biden’s plan also prioritizes increasing housing supply through tax credits, innovative grant funds, and enhanced contributions from financial institutions. Notable among these initiatives are the expansion of the Low-Income Housing Tax Credit and the introduction of a Neighborhood Homes Tax Credit, intended to construct or renovate millions of affordable rental units and starter homes nationwide.
Furthermore, Biden’s plan includes provisions to address unfair rental practices, combat rent gouging by corporate landlords, and eliminate burdensome rental fees. These measures aim to foster a fair rental market while expanding housing choice vouchers to alleviate financial strain on renters.
Acknowledging Nevada’s role in the housing crisis, Biden commended the state’s proactive use of ARP funds, which have facilitated significant strides in affordable housing. Notable achievements include the construction of thousands of new units in Clark County and providing down-payment assistance to hundreds of Nevadans.
President Biden’s housing plan arrives at a critical juncture as the nation grapples with the enduring repercussions of the pandemic. With bipartisan support and concerted action, the president’s vision for a more equitable housing landscape promises to transform the American dream into reality for millions across the country.