Fusion.net, December 30, 2015: Here’s a bold proposal to make renting more affordable
“Today, the main way the government incentivizes the private market to provide low-income housing is through a program called the Low Income Housing Tax Credit. The program provides landlords with tax credits, as long as they maintain affordable units for 30 years. It may seem like a sweet deal, but affordable housing supply has not kept up with demand, leaving renters to plow substantial portions of their income into housing costs. Those who eventually want to buy a home find it difficult to save for a down payment, and all the time they’re paying rent, they’re losing out on the tax breaks offered to homeowners. Here’s where the idea of a new renter tax credit comes in. This credit would also go to landlords, those who rent units to low-income or very low-income renters and ensure that they are not paying more than 30% of their income in rent.”