Cory Booker Wants To Keep Your Rent Prices Under Control — Here’s His Plan
On Wednesday, the senator of New Jersey released a new proposal that, according to his campaign, would make housing more affordable for tens of millions of Americans. Cory Booker’s tax credit for renters would cap how much Americans pay on rent every year, and it would be open to people of all income levels.
“Access to safe, affordable housing can be transformative in the trajectory of people’s lives,” the Democratic presidential candidate said in a statement. “Making sure all Americans have the right to good housing is very personal to me. I’m determined to tear down the barriers that stand in the way of every American being able to do for their families what my parents did for mine.”
Under the proposal, no American would spend more than 30% of their income on rent payments. Booker would accomplish this not by placing limits on rents but, rather, by making all renters eligible for a tax credit that, if they did initially spend more than 30% of their income on rent during the year, would make up the difference. Renters of all incomes would qualify for the credit, which would be funded, in part, by reinstating some of the taxes on high-income earners that Republicans repealed in 2017.
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