Vermont’s lone House Rep. Becca Balint has introduced a new bill that aims to invest $500 billion to help create affordable housing.
The legislation, dubbed the Community Housing Act, would also prevent landlords from price-fixing–colluding with competitors to raise the price of rentals. It would also remove zoning barriers that push back against construction and give renters the financial support they need to avoid eviction.
According to the bill, the average rent in the U.S. has increased by 24% from 2020 to 2023. The bill also points out that soaring housing costs have led many low- and moderate-income borrowers to spend between 30% to 50% of their income on mortgage payments.
This conversation has been edited and condensed for clarity.
Mitch Wertlieb: Rep. Balint, let's start with this bill. Thumbnail sketch here, what are the key measures in it?
Rep. Becca Balint: We're looking at $500 billion of investment. Vermont is struggling, as you know, with a housing crisis, but that is also true across the country. We are short of nearly 4 million homes for people. And this, of course, is impacting individuals and families, but it's also impacting the the economy both locally and nationally. So massive investment, strong perpetual affordability protections, because that's something that I've learned in my work. I'm looking at fairness for rural renters. ... We know there's a national crisis with hedge funds and other corporate investors at the national level, buying up millions of homes here in the United States, making the costs out of reach for regular folks, and constantly looking at paving more pathways to home ownership so that folks can build up equity. So those are the broad strokes.
We spent a lot of time looking at our shared-equity models in Vermont and how the community land trusts in Vermont have worked to get people into housing. So it's a down payment on the kind of investment we need at the federal level. And I also wanted to say I'm informed in my opinions about this issue not just as a legislator, and now as a member of Congress, but as a teacher who saw firsthand what happens with kids and their ability to learn when they don't have stable, secure housing. And I certainly see that as a mom, we talk a lot at my kitchen table with our kids. I've got two teens, and they are giving voice to something I hear across the state, which is parents and kids are worried that they're not going to be able to find housing in Vermont that they can afford.
Mitch Wertlieb: Rep. Balint, where would that money come from?
Rep. Becca Balint: We're looking at having an investment that is commensurate with the problem. ... I was just in a budget meeting. For those of you who don't know, I serve on the Budget Committee and the Judiciary Committee. This morning, we're meeting with the Congressional Budget Office to look at when was the last time we've had such a robust investment in housing, and the member from the CBO that was with us couldn't remember a time when we have made this a priority. ... What I'm looking at is not creating things whole cloth. We're looking at mechanisms that we have—we have a few things in here that are new, but mostly it's saying we've got the mechanisms. We should be investing, not just in the people and these families, but also in the economy as a whole. And we've had the most significant recovery since the pandemic. As you can see, as you look around the world, the U.S. has had the strongest recovery since the pandemic, we learned a lot of lessons about housing from the pandemic, and I want those to continue.
Mitch Wertlieb: I'm curious about how the money would get to people if, let's say in your perfect world, the bill passes. But you know, evictions can be on a tight deadline for a lot of people, how would the bill ensure that the money gets to the people who need it before they get evicted?
Rep. Becca Balint: One of the things that I know a lot of Vermonters are familiar with is the Emergency Rental Assistance Program, which was very successful during the pandemic. So, we are looking to make a huge investment in the ERAP to make it permanent. Because as you say, people need that emergency assistance right away. And we know the cost to individuals and families, but also ... for landlords as well. It costs money when you don't have somebody in that unit. So you'll be able to give that money directly to folks who are in danger of losing their housing, so they can stay housed.
Broadcast at noon Wednesday, Feb. 14, 2024; rebroadcast at 7 p.m.
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