Rents in California have skyrocketed over the past decade, thanks to the innumerable restrictions, taxes, and fees that the state imposes on new housing development.
While doing little to address the root of the housing crunch-namely restrictions on supply-Harris' bill is undoubtably good politics in a state where 58 percent of renters pay more than a third of their income in rent.
"Senator Harris' legislation would help protect millions of families from losing their homes, by expanding benefits and opportunities for people who pay rent every month," declares Los Angeles Mayor Eric Garcetti, who wholeheartedly endorsed development fees in Los Angeles that add between $5,616 and $10,530 to the costs of building an average-sized one-bedroom apartment.
"We would be asking the whole United States to subsidize the bad behavior of some locales that are artificially pushing up rents by not allowing more building to happen," says Fisher.
The Rent Relief Act would give tax credits for people earning as much as $100,000 a year and renting out apartments that cost up to 150 percent of an area's median fair market rent.
The costs of utilities would be included in rent costs.
Harris' bill has little chance of passing a Republican-controlled Congress loathe to spend billions on the rents of liberal voters in big, blue cities.
http://reason.com/blog/2018/07/20/new-kamala-harris-bill-asks-federal-taxp
While doing little to address the root of the housing crunch-namely restrictions on supply-Harris' bill is undoubtably good politics in a state where 58 percent of renters pay more than a third of their income in rent.
"Senator Harris' legislation would help protect millions of families from losing their homes, by expanding benefits and opportunities for people who pay rent every month," declares Los Angeles Mayor Eric Garcetti, who wholeheartedly endorsed development fees in Los Angeles that add between $5,616 and $10,530 to the costs of building an average-sized one-bedroom apartment.
"We would be asking the whole United States to subsidize the bad behavior of some locales that are artificially pushing up rents by not allowing more building to happen," says Fisher.
The Rent Relief Act would give tax credits for people earning as much as $100,000 a year and renting out apartments that cost up to 150 percent of an area's median fair market rent.
The costs of utilities would be included in rent costs.
Harris' bill has little chance of passing a Republican-controlled Congress loathe to spend billions on the rents of liberal voters in big, blue cities.
http://reason.com/blog/2018/07/20/new-kamala-harris-bill-asks-federal-taxp
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