A New and Balanced housing policy
will strengthen our economy!
Two fundamental behavioral criteria drive our perspective as they relate to formulating policy:
Changes in demographics are unambiguous and they have the most predictable consequences.*
The key to the future is the predictable things people do – and for the most part politicians react on a lag.**
*Peter Drucker, "Managing in the NEXT Society" 1996-2002
**Harry Dent, "The Demographic Cliff" 2014.
It is critical to the housing sector and policy advocates in Washington D.C. to continue promoting homeownership. This can be very constructive if done responsibly and in a balanced manner. Both sides need to accept the fact that Reners have the same needs and aspirations as homeowners. Unfortunately, their needs have been ignored to the detriment of all Americans. Dramatic changes in technology are impacting the housing industry. At the same time, huge changes in our social and economic profile are and will continue to drive significant changes in the way Americans conduct their lives and strive for financial security.
Much of the 2008 financial crash is directly related to the housing bubble which was only one component of the larger 'credit bubble.' As we advocate for issues that benefit all renters and bring balance to the housing and housing finance debate, we'll work with all interested parties to promote and adopt policies that create new opportunities for renters and future homeowners.
So, how did we get here? And, why are we facing the worst rental housing crisis in American history according to the Secretary of Housing and Urban Development?
Washington's continued fixation on "HOMEOWNERSHIP" is not new. The problems run DEEP:
It all began over ONE HUNDRED YEARS AGO...
AND, CONTINUES TO THIS DAY...
Ratification of the 16th Amendment in 1913 nullified a 1894 Supreme Court decision ruling tax on income unconstitutional.
Homes were bought with cash until the Federal Home Loan Bank created the 30 year mortgage.
From the Great Depression until Reagan's 1986 Tax Reform Act all consumer loans & credit card interest was tax deductible.
The only major tax deduction to survive the 1986 TRA was the Mortgage Interest Deduction (MID).
From 1986 thru the passage of the Financial Modernization Act of 1999 the 'Homeowner's Lobby influence grew.
Thereafter, political momentum highlighted by major federal progams such as the Clinton Homeownership Strategy Partnership with Fannie Mae and the Bush American Dream Downpayment Initiative among many others laid the foundation for the 2008 housing collapse.
While many studies describe the double taxation Renters endured during this period, we believe there's a triple tax when the consumer loan and credit card interest tax deduction was repealed in 1986.
Of our three (3) major policy initiatives and legislative prioities. One of the most promising that will deliver financial relief for millions of Renters is The Renter Tax Credit or Rebate. On behalf of ALL Americans, homebuyers, homeowners and renters support our legislation and lobbying efforts to reverse the 1986 Tax Reform Act. Help us and all Americans by brining back the Consumer Credit Interest Deduction.
Help us expand the housing debate and deliver our message to Congress and the public. America's housing crisis will not be solved without dedicated and committed organizations like TRL willing to challenge the Status-Quo.
CRC Cover Letter
Send this cover letter to your Congressman and let him or her know you support The Renter's Lobby. Tell Members of Congress that you want them to reverse tax discrimination against residential renters! And, tell them you want to repeal the Tax Reform Act (TRA) of 1986 that took away your consumer loan & credit card interest tax deductions! Tell them to join the Congressional Renter's Caucus.
Send this letter to your Landlord, Financial Services Company or Property Management Group and let them know you want their support to secure financial relief by returning your hard earned income in the form of tax credits and consumer credit card interest costs.
The American Renter's Sentiment Survey
Please complete this important survey so we can measure responses in the new Congress: