By Sen. Martin Heinrich
WASHINGTON D.C. — U.S. Sen. Martin Heinrich, D-N.M., cosponsored the American Homeownership Act, legislation to get housing out of the hands of corporate landlords and into the hands of New Mexico families.
Wall Street landlords have exacerbated the housing crisis in New Mexico and nationwide by buying up a large share of the housing market – artificially decreasing supply and driving up home prices.
“Mega investors have skyrocketed the cost of housing to make massive profits at the expense of New Mexico families. We’ve had enough. They need to leave our housing alone,” Heinrich said in a March 2 press release. “I’m proud to cosponsor this legislation to help make the dream of homeownership a reality for more New Mexicans. And I will keep fighting to lower costs and ensure New Mexico families can afford to put a roof over their head and food on the table.”
Recent data indicates that 7.6% of single-family homes in Albuquerque are owned by large corporate investors. And the median home price in New Mexico has increased by over $100,000 since 2019, which makes it harder for New Mexicans to achieve the American dream of owning a home.
The American Homeownership Act will end federal tax handouts for Wall Street landlords and instead reinvest those savings to increase the supply of housing and lower housing costs for New Mexico families. It will also empower law enforcement to investigate and prevent big corporate buy-ups that prevent families from becoming first-time homeowners.
The American Homeownership Act is led by U.S. Sens. Elizabeth Warren, D-Mass., and Jeff Merkley, D-Ore. Alongside Heinrich, the bill is cosponsored by Sens. Amy Klobuchar, D-Minn., Tina Smith, D-Minn., Richard Blumenthal, D-Conn., Cory Booker, D-N.J., Tammy Duckworth, D-Ill., Dick Durbin, D-Ill., Mazie Hirono, D-Hawaii, Tim Kaine, D-Va., Andy Kim, D-N.J., Edward J. Markey, D-Mass., Christopher Murphy, D-Ct., Brian Schatz, D-Hawaii, Bernie Sanders, I-Vt., Adam Schiff, D-Calif., Chris Van Hollen, D-Md., and Peter Welch, D-Vt.
The American Homeownership Act is endorsed by American Economic Liberties Project, American Federation of Teachers, Americans for Financial Reform, Communications Workers of America, Consumer Action, Grounded Solutions Network, National Community Reinvestment Coalition, National Housing Law Project, National Low Income Housing Coalition, and Private Equity Stakeholder Project.
