Senate Housing Legislation Highly Disappointing: Three-Fifths of Cost of Senate Bill Goes For Tax Cuts That Will Do Little or Nothing to Address the Foreclosure Crisis
Publication Date: April 2008
Special Collection: John D. and Catherine T. MacArthur Foundation
Keywords: Economic projections; Tax code; Economic inequality; Housing preservation
On April 10, the Senate passed legislation that its supporters say will help struggling families hold on to their homes and assist the communities hit hardest by the foreclosure crisis. Measures that would help achieve these goals, however, account for less than one-fourth of the bill's cost. The remainder of the cost comes from an array of tax-cut provisions that either are unrelated to housing or are related but would do little or nothing to aid either homeowners at risk of foreclosure or hard-hit communities.