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1. Increasing Supply to Meet Demand
As mentioned on the Who I Am page, I have studied this issue extensively. We all know housing has become too expensive. However, most economists agree that rent control makes the problem worse. Setting caps on rent causes developers to build less, which means while demand increases supply is stagnant, which leads to higher rents. For those who do build new developments and are subject to rent control on the new developments, studies have found that the quality of these developments significantly decrease. So what can be done?
A market economy means prices stabilize when supply and demand meet. We must do everything we can to incentivize increased development. Here's some actions I'll take:
Targeted tax breaks to incentivize development of underutilized or vacant properties, especially if there’s public space or environmental elements.
Work with localities to improve zoning regulations to increase density in urban and suburban cores, and to reduce further encroachment on rural farms and forests through less dense urban sprawl.
2. Innovative Solutions to End Chronic Homelessness
Dumping funding into traditional shelters and soup kitchens has not solved our homelessness problem. While shelters and soup kitchens serve an emergency need, we need to be investing more into transitional housing to end the cycle of homelessness. While this system may cost more in the short term, moving people out of homelessness and into stability costs less on our communities over time.
Increasing our investments in rent-to-own tiny home communities and other forms of transitional housing, we'd not only be providing long-term solutions for people to get back on their feet, but would be connecting them to job training, counseling, substance abuse treatment, and more.
3. Making AMI Reflect Local Realities
Currently, developers can receive tax incentives if they agree to make their rents “market rate.” Market rate is based on the Area Median Income (AMI), which is typically calculated on a county-wide basis. This means that income n wealthier parts of the county contribute to a higher average income, which in turn leads to higher allowable rents in lower income areas.
I will advocate for the calculation to be based on the average income of the locality where the development is located, not on a county-wide average.
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