Trone Demands an Increase in Affordable Housing During Joint Economic Committee Hearing
FOR IMMEDIATE RELEASE
January 17, 2024
Trone Demands an Increase in Affordable Housing During Joint Economic Committee Hearing
Rep. Trone asks questions during a Joint Economic Committee hearing on affordable housing. Watch the clip of his remarks here.
WASHINGTON, D.C. — Today, Congressman David Trone (D-MD) underscored the urgent need for expanded affordable housing and federal action by Congress to increase its supply. The hearing came just one day after the Tax Relief for American Families and Workers Act of 2024 agreement was reached, which included an expansion of the Low-Income Housing Tax Credit. During the hearing, Trone praised the inclusion of that expanded tax credit in the agreement and discussed the need to boost housing supply across the country.
Affordable housing is a growing concern across the country with nearly half of Americans saying that the availability of affordable housing in their local community is a major problem. In 2022, individuals earning at or below the U.S. median income could only afford to own 20 percent of all homes on the market, down from about 50 percent in 2016.
This growing housing crisis particularly impacts Maryland, which is ranked seventh in the nation for the highest housing wage, which is calculated according to the amount per hour a state resident must earn working 40 hours a week to afford a two-bedroom housing unit at Fair Market Rent. Additionally, over the last fifteen years, Baltimore’s public housing stock has diminished by 40 percent and it’s estimated that more than 30,000 Marylanders experience homelessness every year.
“Housing is a basic human right, yet too many American families struggle to find homes they can afford in the short and long term. While I’m glad to see some progress on this issue with the inclusion of the expanded Low-Income Housing Tax Credit in the new tax agreement, I also know that housing affordability remains an issue we must address urgently and deliberately on the local, state, and federal levels,” said Congressman David Trone. “One in four people spend more than half of their income on rent, hindering their ability to save for emergencies or the future – that’s unacceptable. We must continue pushing to address our inadequate housing supply, as well as our exclusionary zone and land use laws, if we hope to, once again, make the American dream an attainable one.”
Congressman David Trone was elected to the House of Representatives in November 2018 to serve the 6th District of Maryland, which includes all or part of Montgomery, Frederick, Washington, Allegany, and Garrett Counties. Trone serves on the Appropriations, Budget, and Joint Economic Committees. In Congress, Trone is fighting to make progress on issues that matter to Marylanders.
Follow Congressman Trone at @RepDavidTrone for updates on Twitter, Facebook, and Instagram.
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