It is no secret that the United States is in a housing crisis. And it's not just in New York City and Los Angeles, areas that are famous for their steep rents. As rental inflation increases, average home prices across the country also increased by a whopping 15.5% since last year. Meaningwhile, working people's wages have stayed the same — making both renting and owning a home increasingly difficult. Housing is a human right, yet the overwhelming majority of Americans are struggling to make rent or mortgage payments. To put it simply: the housing market in the United States is unsustainable, and something needs to change.
Wall Street is taking clear advantage of the crisis. Journalists have found that predatory companies like Zillow are buying up starter homes and immediately flipping them, ramping up the prices in order to make a profit. Even upper-middle class buyers are being priced out of their first-time home purchases. To tackle this extremely expensive, competitive housing market, the Biden Administration has unveiled the Housing Supply Action Plan, which would increase the supply of housing available. Biden's actions are a step in the right direction, but we must urge Congress to act, too. Members of Congress are elected to pass legislation to fix problems just like this one — so why haven't they done anything yet? It's time we put pressure on our elected officials to do their jobs and pass affordable housing legislation immediately! Sign the petition to add your name.
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