Biden Win a 'Turning Point' For Affordable Housing

The Biden campaign platform not only addressed an array of pressing housing issues but emphasizes racial and economic equity and proposes policy levers not traditionally associated with the federal government such as challenging discriminatory local regulations, experts said. Proposals include building millions of sustainable new homes, expanding a tax credit aimed at spurring the construction of affordable units and bolstering a key form of federal assistance to expand access to subsidized housing. No state has adequate affordable rental housing, adding up to a shortage of seven million units nationally, according to tracking by the National Low Income Housing Coalition. Affordable housing measures passed in San Francisco, Charlotte and Raleigh, North Carolina, Austin, Texas and elsewhere. Voters in Denver approved a 0.25% increase to the local sales tax to create a permanent funding stream for housing and homeless services, estimated to reap about $40 million a year. It passed with 63% of the vote, including support from the business community. "It's hugely significant in that it's a dedicated funding source, and I think it has the potential to make a big impact," said Annie Bacci, an associate director with the Corporation for Supportive Housing, a nonprofit that backed the Denver initiative.