Central Brooklyn, and America for that matter is at a tipping point when it comes to affordable housing. Residents all over New York City have seen skyrocketing rent increases over the past few years; in some neighborhoods rents have gone up nearly 30%. Hardworking families in Central Brooklyn shouldn’t have to bear the brunt of this burden because corporate developers put profits over people.
Isiah believes safe and affordable housing is a human right. When elected to Congress, Isiah plans to get to work on day one in order to bring relief to residents of the 9th Congressional district who have been impacted by rising rent cost by:
Eliminate Area Median Income (AMI):
When developers build in less affluent neighborhoods the baseline calculation for affordability is significantly higher than it should be. The income of people in Westchester shouldn’t be able to influence and increase the AMI, which dramatically raises rent prices for neighborhoods in Central Brooklyn.
Institute a pied-à-terre tax on luxury homes:
Apply an annual surcharge of 0.5% on non-primary homes worth more than $5 million, but less than 6 million dollars.
Properties valued at $6 million dollars and above would be subject to a fee and tax, increasing to match the value.
Properties valued at $25 million and over would receive a $370,000 fee and a 4 percent annual surcharge.
According to estimates from the Fiscal Policy Institute, New York City could generate over $660 million in tax revenue annually through less than 2 percent of non-primary residences across the boroughs.
Repeal The Urstadt Law:
Named after Charles Urstadt, former Governor Nelson Rockefeller’s housing commissioner, was enacted in 1971 as part of Rockefeller’s vacancy-decontrol legislation. It specifically barred New York City from adopting rent limitations that are “more stringent or restrictive than those presently in effect”, and is one of the key causes behind the affordable housing crisis facing our city.
Sustainable Housing within the Housing Market:
Limit the number of Air B&B properties that are allowed to operate in New York City and other areas of the country that are experiencing rising rent cost.
Increase funding to HUD in order to provide for more housing vouchers in densely populated urban areas such as Central Brooklyn.
Create an investigatory arm of HUD with the power to go after speculators in the real estate market.
Establish a federally funded Co-operative program for densely populated urban areas like New York City that provides affordable rental and cooperative housing to moderate and middle-income families.
Provide federal funds for more Community Land Trusts (CLTs)
Establish a federal commission to look at the decade’s old, racist practice of “Red Lining”
Redraw communities’ line to be more reflective and inclusive of our diverse population
Protecting, expanding and monitoring the implementation of the National Housing Trust Fund.
Increase Federal funding for the New York City Housing Authority (NYCHA) in order to ensure that the largest public housing program in the country can meet the housing needs of its city’s nearly half-million residents.
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