Thread by @dianeyentel

This is, unfortunately, the 3rd time that Senator Wyden is introducing a bill to create a Middle Income Housing Tax Credit (MIHTC) and, for the 3rd time, we oppose the provision. finance.senate.gov/imo/media/doc/…

There’s a lot to like in the larger bill - expanded rental assistance, a new project based renters tax credit, and more. But a MIHTC remains a wasteful and misguided proposal.

There is no sound rationale for investing billions of dollars of scarce federal resources targeted toward the development of market-rate housing, when changes to local zoning laws would have largely the same impact.

Less than 1% of all households that pay more than half their income on rent have middle incomes; 92.5% of these households have very low- or extremely low-incomes and would not be served by this new tax cut for developers.

In fact, there are 4 times as many people who are have *no home at all* than there are middle income renters w/severe rent burdens.

Don’t create a wasteful new subsidy. Eliminate restrictive local zoning so developers can build more market rate housing. Target scarce federal $ to build apartments affordable to ELI households whom the market can’t serve w/o subsidy.