Mike Bloomberg 2020

Housing Affordability and Homelessness

Rents have outpaced incomes all across the country in the past 20 years, burdening many Americans with unaffordable housing costs. Homelessness has risen every year under Trump. Each night, nearly 600,000 Americans sleep in the street or in a temporary shelter – and one-third of them are families with young children. Mike will put affordable housing within reach of all Americans, treat homelessness as a national emergency, and work to cut homelessness in half by 2025.

Mike’s Plan:

  • Double annual federal spending on homelessness
  • Guarantee rental assistance to extremely low-income Americans
  • Create hundreds of thousands of new affordable housing units
  • Help renters become homeowners
  • Use regulation and incentives to curb housing discrimination

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Mike’s Plan:

Double annual federal spending on homelessness

Mike will make homelessness a national priority – and double federal spending on homelessness from under $3 billion to $6 billion annually. He will increase federal support for rapid rehousing strategies and provide housing search support and short-term rental assistance to stop homelessness before it starts.

Guarantee rental assistance for the lowest-income Americans

Mike will guarantee housing vouchers to all Americans at or below 30% of the area median income. He will help families stay in their homes by funding emergency financial assistance, expanding federal grants to cities that implement effective eviction prevention programs, and creating pilot programs for tenant counseling and legal-advice services. He will raise the Earned Income Tax Credit (EITC) and increase the Child Tax Credit for low-income Americans, families, and hard-pressed areas.

Mike will deploy immediate and unprecedented federal resources to tackle the homelessness crisis in America.

Create hundreds of thousands of new affordable housing units

Mike will increase the supply of affordable housing units nationally – lowering costs for middle and low-income residents. He will expand the Low-Income Housing Tax Credit and enhance its value. He will prioritize new transportation funding for areas that have undertaken progressive zoning reform and reward municipalities that support affordable housing development in neighborhoods with good schools, transportation, and economic opportunity. He will help bring public housing back into good condition by streamlining the allocation of HUD’s RAD program and increasing funding for the National Housing Trust Fund.

As mayor of New York City, Mike launched the most ambitious affordable housing initiative in history
As mayor of New York City, Mike launched the most ambitious affordable housing initiative in history.

Help renters become homeowners

Mike will pilot targeted assistance to help people afford down payments for new homes, provide federal matching funds to offer all residents of the 100 Communities down-payment assistance, and broaden access to basic financial services. Mike will address inequities in wealth and home ownership, and enforce laws designed to ensure that developers, landlords, and lenders act fairly.

Use regulation and incentives to curb housing discrimination

Mike’s plan will recruit more landlords into the voucher system and reduce bureaucratic processes. It will use regulation and incentives to curb discrimination by landlords, so that tenants are protected regardless of income source, sexual orientation, or immigration status.

Learn more about Mike’s Affordable Housing policy

Mike Announces His Plan for Affordable Housing

Mike’s Record:

As mayor of New York City, Mike launched the nation’s most ambitious plan to expand affordable housing. The New Housing Marketplace Plan was the largest affordable housing program in the country, building or preserving 175,000 units. This plan led to a $23.6 billion investment in affordable housing across the city.

As a philanthropist, Mike supported ambitious efforts to tackle the housing affordability crisis in cities through programs including the American Cities Initiative, a $200 million initiative to empower city leaders to tackle their most pressing problems like housing affordability and homelessness. He also supported What Works Cities and U.S. Mayors Challenge to provide technical support and funding to help cities like Detroit, Newark, and Austin make housing more affordable for all residents.

Mike Bloomberg travels to Stockton, California to meet with Stockton Mayor Michael Tubbs and unveils proposals focused on affordability and economic opportunity for all Americans on December 11, 2019.
Mike Bloomberg travels to Stockton, California to meet with Stockton Mayor Michael Tubbs and unveils proposals focused on affordability and economic opportunity for all Americans on December 11, 2019.
Learn More About Mike's Plans