Democrats want Biden to address housing costs before his term ends.
Dear readers,
As the housing crisis continues to worsen, with prices skyrocketing and rental costs becoming increasingly burdensome for many Americans, a group of thirty-two Democratic lawmakers is urging President Joe Biden to take decisive action to address these pressing issues. Led by Sen. Elizabeth Warren and Rep. Jamaal Bowman, this group is calling on the Biden administration to use its executive powers to rein in housing costs and protect consumers from price gouging and unfair practices.
The Biden administration has already made some efforts to tackle the housing affordability crisis, such as requesting Congress to pass legislation against price gouging, providing grants for the construction of deeply affordable housing, and identifying surplus public lands for housing development. However, the lawmakers believe that more needs to be done, and they are calling on President Biden to take further action in the remaining months of his term.
One of the key proposals put forth by the group is to require the Federal Housing Finance Agency to ensure that loans for apartment and multifamily units backed by Fannie Mae and Freddie Mac include protections against price gouging and discrimination based on tenants’ sources of income. This measure aims to safeguard tenants from exploitation and ensure that they are not unfairly burdened by arbitrary charges.
In addition, the group is urging the Federal Trade Commission and the Consumer Finance Protection Bureau to crack down on “junk fees” that are often added to rental costs without valid justification. These hidden fees can add up to thousands of dollars for renters and homeowners, pushing them further into financial hardship and potentially increasing the risk of eviction.
Furthermore, the lawmakers are calling for an investigation into the rising costs of obtaining credit scores, which have surged by up to 400% in recent years. They are urging the Department of Justice to look into potential antitrust violations by credit scoring firms like FICO and recommending measures to cap fees and improve consumer access to credit information.
Another critical issue raised by the lawmakers is the underutilization of federal properties for housing homeless individuals and families. Despite a law requiring agencies to make surplus government property available for such purposes, only a few properties have been leased in recent years. The group is advocating for relaxed financial conditions to encourage more housing providers to participate in this program and address the growing homelessness crisis.
Overall, the message from these Democratic lawmakers is clear: the Biden administration must take bold and decisive action to rein in housing costs, protect consumers from unfair practices, and ensure that all Americans have access to safe, affordable housing. As the housing affordability crisis continues to escalate, it is crucial that our leaders prioritize these issues and work towards meaningful solutions that benefit the most vulnerable members of our society.
Thank you for reading,
The Boston Post News team
