Housing
Opening Doors to Homeownership
Let's make the dream of owning a home accessible to those taking their first steps into the housing market. Even for those that manage to thwart off student and medical debt, the dramatic increase in cost of living, low wages, high rents, and soaring house prices have made it nearly, if not entirely, impossible for Massachusetts residents to save enough for a down payment on a home they can call their own. Ever escalating mortgage rates, inflation, credit card and student debt all contribute to lead hard working Americans toward a doom spiral. In economics, 'a doom loop describes a situation in which one financially negative situation catalyzes another negative condition, which in turn creates a third negative condition or reinforces the first, resulting in a downward spiral with no way out.' Consequently, becoming a homeowner is nothing but an unachievable dream for far too many. Massachusetts residents, like myself, expected more from their elected representatives, and it's disheartening to see that they have failed to deliver. Let's make the dream of owning a home accessible to those taking their first steps into the housing market. As your representative, I will work tirelessly to promote and support legislative measures that lower the barrier to entry for first-time single-family homebuyers by introducing and reinforcing programs such as Down Payment Assistance and Neighborhood Homes Tax Credit. I believe in equity and fairness, not rich getting richer, promoting equal opportunities for all, regardless of background or wealth. Affordable housing isn't just a policy--it's a promise to create stable futures and generational wealth for our communities. Together, let's make homeownership a reality!
The Problem Explained
This Vox Money clip is a concise, yet admittedly incomplete, explanation of what's going on with the housing market. Having a low supply of available homes, more than 6 times a household's median income combined is only a part of the problem. First time homebuyers struggle to break into the housing market due to competition from corporations buying up single family homes, record high inflation and interest rates, as well as a "slow functioning" legislature that has failed to address the shortage of homes to meet demand over a decades long period. Lack of affordable housing not only forces people to choose other states to build their careers and grow their families, but it also takes away the basic option to choose from those who are already here or decided to stay. Life Cycle Housing is a housing approach that aims to offer a wide variety of housing options in every neighborhood, and availability of affordable housing is of utmost importance to this balance. It recognizes that our housing needs change at different stages of life. For instance, a young college-aged person might require a different type of housing than a household with several children or a retired couple. By providing diverse affordable housing choices, Life Cycle Housing ensures that each stage of life is supported within the community.
The clip from GBH news highlights these issues more thoroughly and how Maura Healey, the governor of Massachusetts, plans to approach the housing crisis. The clip also highlights the fact that solutions and other attempts to mitigate the crisis are available and outlined, waiting on only the "slow" state legislature to act on. As your representative, I will prioritize affordable housing and education measures above all, because frankly, it's well past due time that someone does.
Proposed Actionable Steps
To address the housing crisis,
Local governments should address outdated zoning policies and reform them based on today’s needs.
Encourage and incentivize construction of higher density housing and accessory dwelling units (in-law apartments) to ease the housing demand by increasing supply.
Increase access to mortgage financing, through lower interest rates and down payment assistance for first time single-family homebuyers to give them the edge over corporations.