Federal tax credits for renters? Sen. Kamala Harris proposes breaks for the rent-burdened

The San Jose Mercury News reports:

California Sen. Kamala Harris on Thursday unveiled a proposal to give federal tax credits to millions of low and moderate-income households nationwide who pay more than 30 percent of their incomes on rent and utilities.

The Democratic senator’s proposal has yet to win support from Republicans and could be a heavy lift in GOP-controlled Congress, but it reflects a growing concern about how those of modest and little means are struggling to pay ever-greater shares of their income on shelter. It also comes amid a contentious ballot measure campaign to roll back California’s decades-old restrictions on rent control.



Financial experts advise against spending more than 30 percent of income on housing, but in California alone, the majority of renters — 3 million — are doing so, according to the state’s housing department. Nearly one-third of renters in the state, roughly 1.5 million households, are sending more than half of their income to their landlords, the department found.

Comrade Harris has plans for the rental economy....