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Thursday, November 21, 2024

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Federal inquiry traces payments from Gaetz to women; a new Florida-Puerto Rico partnership poised to transform higher-ed landscape; MT joins Tribes to target Canadian mining pollution; Heart health plummets in rural SD and nationwide; CO working families would pay more under Trump tax proposals.

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Transgender rights in Congress, a historic win for Utah's youngest elected official, scrutiny of Democratic Party leadership, and the economic impact of Trump's tax proposals highlight America's shifting political and social landscape.

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The CDC has a new plan to improve the health of rural Americans, updated data could better prepare folks for flash floods like those that devastated Appalachia, and Native American Tribes could play a key role in the nation's energy future.

Corporate landlords a big part of NY affordable housing crisis

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Friday, November 1, 2024   

New York's affordable housing crisis is being made worse by corporate landlords, according to groups trying to reform the system.

The state consistently ranks high for high housing cost burdens on renters and homeowners. The New York State Comptroller reported about 52% of the state's renters have a high housing-cost burden.

Hae-Lin Choi, District 1 political director for the Communications Workers of America, said it can be attributed in large part to big, corporate landlords.

"When corporate landlords roll into our communities, rents spike, hidden fees add up and basic maintenance goes out the window," Choi asserted. "This is not just 'business as usual.' I think what we're seeing is exploitation, plain and simple."

State and federal legislation could rectify the problems, but Choi suggested the political landscape has prevented it so far. She cited federal lawmakers like New York Congressman Marc Molinaro, who are bankrolled in part by real estate companies and have voted down federal affordable housing bills.

At the state level, "good cause" eviction and other tenant protections are working to keep housing costs reasonable.

Some experts feel congressional Republicans are tanking affordable housing efforts under the guise of helping everyday Americans.

Caroline Nagy, associate director of housing for the Americans for Financial Reform Education Fund, pointed to the Middle Class Borrower Protection Act. She said the bill, introduced by House Republicans, could have made it more expensive to become a homeowner.

"What this bill would have done is actually order the Federal Housing Finance Agency to increase borrower fees for people who don't have a 20% down payment," Nagy explained.

She added the bill would have decreased borrowing fees for vacation homes and investment properties. All House Republicans voted to support the bill along with 14 Democrats, but it failed in the Senate. Another bill would bring back a Trump-era program beneficial to wealthy investors, at the cost of affordable home prices for working families and minorities.

Disclosure: Americans for Financial Reform contributes to our fund for reporting on Budget Policy and Priorities, Campaign Finance Reform/Money in Pol, and Social Justice. If you would like to help support news in the public interest, click here.


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