ICYMI: Senator Reverend Warnock Champions Bill to Address Affordable Housing Crisis

The once in a generation legislation aims to fill the gap in the supply of housing units following the devastation of the 2008 financial crisis

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

The 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

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

ICYMI from Capitol Beat News Service: Warnock introduces affordable housing bill

ICYMI from WJCL: Georgia U.S. Sen. Raphael Warnock introduces legislation to address affordable housing concerns

Senator Reverend Warnock: “This bill aims to be transformational; the issue is too big to go small”

Washington, D.C. – This month, U.S. Senator Reverend Raphael Warnock (D-GA), a member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, introduced transformative legislation to 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. 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.

See below coverage of Senator Reverend Warnock’s new legislation:

Capitol Beat News Service: Warnock introduces affordable housing bill

August 1, 2024

U.S. Sen. Raphael Warnock, D-Ga., introduced legislation Thursday that would provide federal funding to build 3 million new homes across the country and reduce rents by an average of 10%.
The bill, to be financed through changes to the federal estate tax, is aimed at filling a housing supply shortage that dates back to the Great Recession more than a decade ago.
“This bill aims to be transformational,” Warnock said Thursday. “The issue is too big to go small.”
In Georgia, 23% of renter households are made up of low-income individuals and families. There is an estimated shortage of 200,000 rental homes affordable for low-income renters.
The American Housing and Economic Mobility Act would create incentives for local governments to eliminate unnecessary land-use restrictions that drive up costs.
“These housing covenants, many of them old, have stayed in place,” Warnock said. “What we’re aiming to do is incentivize local communities to remove these unnecessary barriers.”
Earlier this week, Warnock joined forces with Sen. Ted Cruz, R-Texas, to introduce related legislation to improve military housing. “The housing crisis is a multi-faceted issue that must be attacked from different directions,” Warnock said.
Warnock grew up in public housing in Savannah and rose to become senior pastor at Atlanta’s historic Ebenezer Baptist Church before being elected to the Senate. “This is not just a policy issue for me,” Warnock said. “This is personal.”

WJCL: Georgia U.S. Sen. Raphael Warnock introduces legislation to address affordable housing concerns

August 1, 2024

A recent report from “Construction Coverage” reveals Georgia experienced a 7.5% decrease in housing inventory from 2023 to 2024. That is one of the largest declines in the nation. U.S. Sen. Raphael Warnock (D) is determined to reverse this trend.
On Thursday, Warnock announced the American Housing and Economic Mobility Act. He said the legislation looks to address housing affordability and availability. “We’re in the middle of an affordable housing crisis,” Warnock said. Warnock said the American Housing and Economic Mobility Act aims to create or rehabilitate nearly 3 million housing units over the next decade. “So you will have all of this new housing coming online. As a result of that, you’ll create new jobs, in the construction and other sectors,” he said.
Warnock said the legislation also looks to reduce rents for lower-income and middle-class families by 10%. “This bill will help bring down costs for renters and buyers and ensure working families can find a decent place to live at a decent price,” Warnock said.
“The cost of this historic effort will be offset by ensuring that the wealthiest top percent of earners pay their fair share,” Warnock said.

Flagpole: Warnock Sponsors Housing Bill

August 7, 2024

U.S. Sen. Raphael Warnock has signed onto a bill that would use federal funds to build 3 million new housing units in the U.S., which he said would bring down rents by 10 percent.
The $500 billion bill, funded by estate tax reform, would not only put funding toward housing construction for low- and middle-income renters over 10 years, it would also provide down payment assistance for first-time homebuyers, expand access to credit, regulate corporate landlords and offer incentives to local governments that ease land-use restrictions.
Warnock—who grew up in public housing in Savannah—said housing costs are a problem all over the state. “Despite working harder, Georgians are struggling more than ever to put a roof over their families’ heads. And in almost every community in America—rural, suburban, urban—we’re in the middle of an affordable housing crisis,” he said during a conference call with reporters.
All over the country, housing construction has failed to keep up with population growth, and Athens is no different. Statewide, the estimated shortage is 200,000 units. Locally, extremely low vacancy rates fueled by UGA’s growth and new jobs have driven up rents.
“The only way to dig our country out of this housing crisis is to build more housing so everyone has a place to call home,” Warnock said. “My bill will make bold investments in our country’s housing and encourage local innovation to lower housing costs even more—and it’s all paid for by getting America’s wealthiest families to chip in.”

WRBL: Sen. Warnock: New housing acts could positively impact local families

August 1, 2024

Georgia Senator Raphael Warnock introduced legislation this week which addresses the housing and affordability crisis. One of the acts aims to reduce rent costs for lower-income and middle-class families; the other could impact those in military housing.
This act will bring the cost of rent for lower-income and middle-class families down 10%, saving the average family $140 per month. “The return on investment will be seen in our growing communities,” said Warnock. “The creation of thousands of construction jobs and businesses and families that are safe and secure and affordable houses they can turn into homes.”
Warnock said affordable and accessible housing is not a partisan issue but “a human dignity issue.” He said, “It’s about whether or not you think young children ought to have a place to lay their head at night.”
The senator also spoke to bipartisan legislation introduced alongside Senator Ted Cruz of Texas. It would require the Department of Defense to publicly release reports on privatized family housing on military installations. The Military Housing Performance Insight Act aims to increase transparency, support oversight efforts and address longstanding issues concerning military housing quality and safety.
Warnock said this legislation is to hold companies providing military housing accountable. He added successful solutions often come from a combination of the public- and private sectors.
The Georgia senator explained the government can play an overseeing role, working with companies providing housing to servicemembers. “We can also give service members the tools that they need to help us to understand what’s happening with the housing that we’re providing,” Warnock said.
Warnock is certain the American Housing and Economic Mobility Act and Military Housing Performance Insight Act will alter the course of the housing crisis currently impacting U.S. residents.

WTVM: New bill aims to tackle Georgia’s affordable housing crisis

August 1, 2024

In a nutshell, the demand for affordable housing far exceeds the current supply. This bill aims to increase the availability of affordable housing across the entire state of Georgia. “We aim to create some three million new units of housing. Both through new construction and renovation,” said US Senator Raphael Warnock.’
The bill proposes a $10 billion competitive grant program designed to incentivize communities to renovate or rebuild older vacant units, whether houses or apartments. Robert Scott, director of Community Reinvestment, supports this initiative, believing it to be a beneficial idea. “I absolutely think this would be of help, especially in situations like in the city of Columbus, where the demand has far exceeded the supply,” said Scott. “Any investment of dollars towards this sociological problem would be welcomed.”
The program aims to reduce rent for low- and middle-income families by approximately 10%. Senator Warnock believes that there are sufficient housing options available; the key is to renovate older houses and apartments to make them livable, rather than leaving them vacant. “Often, in some of these locations, we’ve got some old covenants that harken back to another era that have not kept pace with the world as we live in it today,” said Warnock.

Atlanta Journal-Constitution: Warnock reboots $550 billion bill to tackle housing crisis

August 1, 2024

Sen. Raphael Warnock of Georgia said Thursday he is reintroducing legislation to invest hundreds of billions of dollars in affordable homes, as well as a new bill to improve military housing.
Warnock said housing affordability and availability touched “all corners of our state,” including his hometown of Savannah, where he grew up in Kayton Homes public housing. “Despite working harder, Georgians are struggling more than ever to put a roof over their families’ heads. And in almost every community in America — rural, suburban, urban — we’re in the middle of an affordable housing crisis,” he said.
“The only way to dig our country out of this housing crisis is to build more housing so everyone has a place to call home,” Warren said in a statement. “My bill will make bold investments in our country’s housing and encourage local innovation to lower housing costs even more — and it’s all paid for by getting America’s wealthiest families to chip in.”
The bill would commit close to $550 billion to housing, with $445 billion going toward the federal government’s Housing Trust Fund to build, renovate and maintain two million homes for low-income families.
In addition, Warnock introduced the bipartisan bill to address conditions in military housing with Sen. Ted Cruz of Texas. The Military Housing Performance Insight Act, would increase transparency and oversight by requiring the Department of Defense to make public reports on privatized housing at military bases.
Warnock’s office said that even though Congressional hearings exposed unsafe conditions of military housing in 2019, there are still problems with military housing across Georgia and elsewhere.
“Our service members and their families deserve safe, quality housing. By making these reports publicly accessible, we can better empower military families and communities to advocate for their needs effectively,” Warnock said.

AJC Politically Georgia: Warnock on Housing

August 2, 2024

U.S. Sen. Raphael Warnock, D-Ga., is co-sponsoring legislation aimed at creating affordable housing for middle- and low-income Americans and improving military housing.
As our AJC colleague Matt Reynolds writes, almost a quarter of renter households in Georgia are low income and there is an estimated shortfall of 200,000 affordable rental homes available for those families, according to officials.
Warnock’s bill commits $550 billion to housing and would be funded by raising taxes on the wealthy and reverting to estate tax thresholds in place toward the end of the George W. Bush administration in the late 2000s.
An independent analysis by Moody’s Analytics said the new housing would bring down rents for lower-income and middle-income families by 10%. The senators said that would save families an average of $140 a month.

Georgia Public Broadcasting: Warnock to introduce Senate bill calling for 3 million new housing units, increase to estate tax

August 2, 2024

The American Housing and Economic Mobility Act of 2024, which [Senator Warnock] plans to introduce as a lead sponsor alongside Massachusetts U.S. Sen. Elizabeth Warren, would spend over $500 billion over 10 years to build nearly 3 million new housing units in the U.S., as the nation faces a housing shortage, rising rents and high home prices.
According to a summary of the bill provided by Warnock’s office, it would also limit the role of corporate landlords in the housing market and create incentives for local governments to eliminate “unnecessary” land use restrictions, among other measures.
“In every corner of Georgia, the No. 1 issue I hear about most often is how we are going to address the housing affordability and availability crisis,” Warnock said during a news conference. “I hear it around every corner. And the problem today is perfectly clear: More Americans are working more hours only to see their cost of living go up and financial security go down.”
According to an independent analysis by the financial research firm Moody’s, the law would bring down rents by 10% on average for lower- and middle-income families.
When asked by GPB about its chance of passing, Warnock said, “My opinion is that affordable housing [and] accessible housing is not a partisan issue, certainly not a Democrat or Republican issue. It’s a human dignity issue. It’s about whether or not you think young children ought to have a place to lay their head at night.”

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