Solving America’s housing crisis needs real and innovative solutions that benefit regular people rather than developers and corporations. We need solutions that help those most in need and prioritize justice and fairness for all. 

 

A home is more than a house, more than a place, and much more than an investment. A home is something that can nurture relationships, families, and communities. A home is the freedom to look ahead to where we want to go. 

 

We have a three part solution to this problem: (1) removing the requirement for a 20% down payment and for private mortgage insurance (PMI), (2) introducing a tax on properties left vacant for a long period of time, and (3) introducing a tax on corporate and institutional ownership of single-family homes.

 

We will eliminate the need for a 20% down payment by creating a federally backed home loan program for first-time, bank-qualified homebuyers. In turn, this will eliminate the requirement for PMI, which doesn’t contribute to paying down your mortgage and hinders your economic freedom. This will remove a major barrier blocking Americans and families from purchasing homes. 

 

We will also introduce a vacancy tax on homeowners and investors holding vacant properties for prolonged periods of time. Owning a vacant home is holding it hostage, wrecking neighborhoods, and depriving the community of the real economic and social benefits it can provide. A vacant home does not support local businesses; a vacant home does not volunteer in town; a vacant home does not help our neighbors; a vacant home does not contribute to the local community.   

 

Today, an alarming 1/17 homes in New Jersey are corporately and institutionally owned – which includes properties owned under trusts, LLCs, and banks. We will implement a tax on corporate or institutional ownership of single-family homes. Institutional ownership of single-family homes allows corporations to raise home prices and often leads to higher rents and elevated eviction rates.

 

Not only are homes a basic need, they also represent pride and freedom. Homes should not be investment schemes and we cannot allow corporations to treat them as such.  

 

We will work to break financial barriers blocking access to housing, increase the supply of homes, and support community-led efforts to improve housing across the nation. 

 

We will fight for affordability and justice, every day of the year.