John

The housing crisis in America has reached a breaking point. Rents are skyrocketing, pushing families to the brink of homelessness, while corporate landlords are raking in record profits. But here's the shocking truth: your tax dollars are helping them do it.

Our current tax system rewards large corporate landlords with generous breaks, even as they aggressively raise rents and it’s fueling the affordability crisis while lining the pockets of wealthy investors at the expense of hardworking renters.

Nearly half of all U.S. renters can't afford their rent based on the standard 30% affordability threshold. Even worse, 12 million renters are paying over half their income just to keep a roof over their heads but in early 2024, the six largest publicly-traded apartment companies saw their combined net incomes climb by nearly $300 million.

President Biden has proposed a solution that could help turn the tide. He's calling on Congress to repeal tax breaks for corporate landlords who raise rents by more than 5% per year. This includes ending the depreciation write-off that has long padded the pockets of these corporate profiteers.

Tell your Representative and Senators to pull tax breaks from any corporate landlord who raises rent by more than 5% per year.

Biden's plan is smart and strategic. It zeros in on the big players – those who control 50 or more rental units. This isn't about your neighbor renting out their spare apartment, it's about large-scale landlords who collectively control half of America's rental homes.

The plan also safeguards new development. By exempting new construction and major renovations, it ensures we're not putting the brakes on much-needed housing creation. We need more homes, not fewer.

But here's where it gets really interesting: this proposal takes aim at some of the most notorious actors in today's housing market – private equity firms. These are the companies that swoop into neighborhoods, buy up properties en masse, and then squeeze tenants for every penny.

By cutting off the tax breaks that have been fueling this predatory behavior, we can start to turn the tide. But make no mistake – this won't happen on its own. The corporate landlord lobby is powerful, and they won't give up their sweetheart deal without a fight. That's where you come in.

We need you to raise your voice. Tell your representatives in Congress: that it's time to stop subsidizing the companies that are making housing unaffordable for millions of Americans.

Let’s stop corporate landlords from pricing people out of their homes.

- Amanda

Amanda Ford, Director
Democracy for America
Advocacy Fund