WASHINGTON—U.S. Senator Chris Murphy (D-Conn.) on Wednesday released the following statement after President Biden announced a new proposal to make renting more affordable for millions of Americans. If approved by Congress, the President’s plan would expand affordable housing, rehabilitate and revitalize old units, and withhold a federal tax benefit from large corporate landlords if they choose to increase their tenants’ rent by more than 5% per year. These policies would impact housing costs for more than 20 million rental units. 

“The number one issue I hear about no matter where I go in Connecticut is the sky high cost of housing. Across the country, out-of-state private equity firms and corporate landlords have exploited the housing shortage to buy up units and jack up rents, making it near impossible for millions of people to find an affordable, safe place to call home. The President’s proposal would crack down on corporate landlords, cap rent increases, and increase our nation’s affordable housing stock by repurposing public lands that have sat unused – and Congress should work to make it a reality. But this plan alone won’t solve our housing crisis. We need all levels of government to work together to drive down housing costs, increase construction, and ensure owning a home can be more than just a dream.”

In May, Murphy urged Congress to expand access to fund the Neighborhood Reinvestment Corporation (NeighborWorks America), a congressionally chartered national nonprofit that creates affordable housing opportunities. Murphy also cosponsored the following bills to ensure access to housing and protect tenants and homeowners:

  1. Fair Housing Improvement Act: Would expand housing protections for low-income individuals and veterans by designating source of income and veteran status as protected classes
  2. Choice in Affordable Housing Act: Would incentivize landlord participation in the Housing Choice Voucher Section 8 program through one-time incentive payments to landlords, security deposit payments, bonuses to public housing agencies employing landlord liaisons, and other amounts for recruitment
  3. Family Stability and Opportunity Vouchers Act: Would create a new type of housing voucher aimed at ending homelessness among families with children
  4. Yes In My Backyard (YIMBY) Act: Would encourage localities to eliminate discriminatory and burdensome zoning and land use policies to increase supply of affordable housing
  5. Housing Alignment and Coordination of Critical and Effective Supportive Health Services (ACCESS) Act: Would direct the Departments of Health and Human Services, Housing and Urban Development, and Treasury to issue joint guidance on connecting Medicare beneficiaries to housing-related supports and services

###