So, a pair of bipartisan New Yorkers walk into the House and ask the federal government for $250 billion.
Yes, it’s an Act — specifically the Housing for US Act, which was introduced in Washington, D.C., by Rep. Tom Suozzi, D-N.Y., and Rep. Nicole Malliotakis, R-N.Y.
The bill calls for the federal government to dedicate eventual proceeds from ending the conservatorship of government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac — as much as $250 billion — to be invested in the construction of up to 3.5 million housing units, according to statements issued by Malliotakis and Suozzi.
“If Fannie and Freddie are released, the government could recoup $250 billion,” Suozzi commented. “We should capitalize on this moment by using these funds to build homes for men, women, and families in the American middle class, and we should pay union workers to do it. It’s good for the economy, good for families and good for America.”
Malliotakis stated the bill would serve to assign the proceeds toward a new housing revolving loan fund “to expand homeownership and rental opportunities for working- and middle-class Americans including police officers, firefighters, teachers, carpenters and tilers who often earn too much to qualify for affordable housing but not enough to afford market rates. This is a chance to deliver critical assistance to hardworking Americans.”
This effort is supported by a wide coalition that includes the Firefighters Association Local 94, the Teamsters Local 282 and the National Urban League.
National Urban League President and CEO Marc Morial said the legislation sends a strong message that should Freddie and Fannie come out of conservatorship, the proceeds must be used for housing that working families can afford.
“We have seen the Black population plummet in New York City to its lowest levels in generations in large part because high rents and high prices are chasing families out of the communities where they were born and raised, or where they work,” Morial commented. “But it’s not just a New York issue. The housing crisis is real, it’s profound and it’s hurting working families across this country. It’s time to end this crisis by building millions of new homes for the work force that makes our country go.”
