Opinion | Bernie Sanders' massive affordable housing plan would change the lives of millions of poor Americans, but also squeeze the middle class. By FairweatherPhD.
Many 2020 presidential candidates proposed housing policies that would partially address the affordability crisis, but Sen. Bernie Sanders has introduced the most aggressive:Sanders' most ambitious housing idea is for the federal government to spend $2.5 trillion to build 10 million permanently affordable housing units—enough new housing units to double Texas' entire stock of.
But there is a large potential downside: It could also drive up competition and costs for private home construction and make market-rate housing even more expensive. That means middle-class Americans, who are also stretched on their housing budgets, could face higher rents and be priced even further out of homeownership.
That's because permanently affordable housing—the kind that Sanders wants to build—is for people who currently cannot afford a typical home and often have no option but to live in. These low-income Americans are not weighing how much money to spend on housing, they are either priced out of the housing market entirely, or are spending as much money as they possibly can on housing.
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