For decades, U.S. housing policy has forgotten the American middle class.
Instead, it has prioritized either luxury development for the wealthiest or low-income housing for the poorest, while ignoring the needs of working-class families.
Firefighters, cops, carpenters, teachers, nurses, and countless other essential workers struggle to find housing they can afford.
It’s time for a change.
A BROKEN HOUSING SYSTEM
Middle-income Americans make up a vast majority of the American workforce, yet the government has stopped helping build housing for them. In New York state, for example, a paltry 4% of subsidized housing in the last decade was built with the working middle-class in mind.
These American workers power cities in New York and North Carolina, from Pennsylvania to California but they can not afford to live anywhere close to their jobs. They can not afford the luxury housing built for the top 10 percent of earners, and make too much to qualify among the bottom 25 percent of earners who can get into affordable housing when those units are available. The middle 65% -- who build these buildings, keep streets safe and clean and educate the next generation – are left without options beyond long commutes or living with their parents.
Rising rents, skyrocketing home prices, and a dearth of available units have made it impossible for many hardworking Americans to live near their jobs. This full-scale housing crisis has impacted every pocket of America – from the biggest cities to rural communities. We need more housing for the working middle-class, period.
We can also make sure these homes are built by U.S. workers – citizens and people here legally – so we create thousands of good jobs in the process. All we need is for President Trump to take action now.
America has a once-in-a-generation opportunity to fix this crisis. More than 15 years ago, Fannie Mae and Freddie Mac were put into conservatorship with the understanding that it would end one day.
Since then, Fannie and Freddie have undergone robust reforms, yielding a tremendous return on the federal government’s investment.
Now, it’s time for them to be released.
By ending the financial crisis-era conservatorships of Fannie Mae and Freddie Mac (the GSEs) and selling the government’s remaining equity stake, we can unlock $150 billion to:
Build more than 2 million new homes for the middle class over the next seven years.
Lower housing prices and rents by increasing supply.
Invest in the middle-class families who keep our nation running.
ESTABLISH A TRUST
The Treasury Department can establish a trust and place the securities into the trust which then will allow a trustee to oversee the proceeds from the sale of securities.
FUND DISTRIBUTION
The funds will be distributed as a revolving loan fund to build housing for the working middle class, whether it’s rental, ownership, or a hybrid of both— and still use the money to reduce the federal deficit. The Trump administration has full authority to execute this without Congressional approvals.
BUILD HOUSING
The revolving loan fund will allow states the flexibility to build for their needs, it will be American housing built by the hardworking American middle class.
TAKE ACTION TODAY
The time is now to ensure that every American can live the American Dream.
MAKE MIDDLE-CLASS HOUSING GREAT AGAIN
Housing For Us is a nonpartisan coalition of organizations, including labor unions, committed to advocating for the construction of workforce housing for America’s middle class. This includes essential workers such as teachers, nurses, police officers, firefighters, construction workers, and other critical professionals who deserve affordable housing options in the communities where they live and work.
FOR AMERICANS, BY AMERICANS.
With the support of stakeholders across the political spectrum, Housing For Us is working to ensure that conservatorships are ended and the value of the government’s GSE securities is used to benefit millions of hardworking Americans who need real, new home construction.