NAHB responds to housing bill
Sen. Elizabeth Warren (D-Mass.) has introduced legislation – the American Housing and Economic Mobility Act – designed to stimulate more affordable housing for the nation.
The $475 billion bill is designed to create housing for low-income and middle-class Americas, including the construction of new homes along with the rehabilitation of existing ones.
The current housing situation sees many possible buyers remaining on the sidelines due to affordability issues. At the same time, a lack of housing has continued to push prices up in 2018 and placed homes further out of reach for many.
The bill also includes $2 billion in support for homeowners who are still underwater on their mortgages long after the financial crash.
Warren’s bill is designed to be funded by an increase in the Estate Tax in addition to taxes on the 10,000 most wealthy Americans.
The National Association of Home Builders has responded to the bill saying that, while there are good intentions in the proposed legislation, it could ultimately hurt small businesses.
“A key component of the American Housing and Economic Mobility Act would eliminate unnecessary local land use rules that drive up construction costs and harm housing affordability,” said Randy Noel, chairman of the National Association of Home Builders (NAHB), said in a prepared statement. and a custom home builder from LaPlace, La.,
“However, funding many of the provisions within this broad-based bill by raising the estate tax could hurt many small, family-run businesses by imperiling the ability of the owners to pass on their business to future generations,” Noel said.
The $475 billion bill is designed to create housing for low-income and middle-class Americas, including the construction of new homes along with the rehabilitation of existing ones.
The current housing situation sees many possible buyers remaining on the sidelines due to affordability issues. At the same time, a lack of housing has continued to push prices up in 2018 and placed homes further out of reach for many.
The bill also includes $2 billion in support for homeowners who are still underwater on their mortgages long after the financial crash.
Warren’s bill is designed to be funded by an increase in the Estate Tax in addition to taxes on the 10,000 most wealthy Americans.
The National Association of Home Builders has responded to the bill saying that, while there are good intentions in the proposed legislation, it could ultimately hurt small businesses.
“A key component of the American Housing and Economic Mobility Act would eliminate unnecessary local land use rules that drive up construction costs and harm housing affordability,” said Randy Noel, chairman of the National Association of Home Builders (NAHB), said in a prepared statement. and a custom home builder from LaPlace, La.,
“However, funding many of the provisions within this broad-based bill by raising the estate tax could hurt many small, family-run businesses by imperiling the ability of the owners to pass on their business to future generations,” Noel said.