Proposed Millionaire’s Tax to build 20,000 new Homes and apartments
Housing is too expensive in Rhode Island, and it is holding our state back. One third of Rhode Island households are paying more than one third of their income toward housing costs. We need results-focused leadership to build more homes and apartments that people can afford. Helena Buonanno Foulkes today released her housing plan designed to build more homes of all kinds, lower the cost of owning and renting, and protect tenants from being taken advantage of.
“When I talk to Rhode Islanders, they tell me how much they love living here, but I also hear that the cost of buying or renting is making it harder and harder to stay,” said Helena. “Housing in Rhode Island costs too much because we lack adequate supply, and under this governor we’re 50th in the nation in new home starts. I will be a governor who will get shovels in the ground to build tens of thousands of new homes and apartments that Rhode Islanders can afford.”
Recent reporting found that there is no community in Rhode Island where it is affordable to buy a home. The primary driver of the skyrocketing cost of housing is inadequate supply. Experts project that Rhode Island needs to add tens of thousands of new units for supply to catch up to demand. The General Assembly has done great work on housing in recent years, but what has been missing is executive leadership. Rhode Island still ranks 50th in the country in housing starts. Last year, Rhode Island added fewer than 1,000 new housing units, and the governor’s $120 million bond to address the housing crisis is expected to result in only 600 additional homes.
Given the magnitude of the housing crisis, Helena Buonanno Foulkes is proposing an “all-of-the-above” plan to build thousands of homes and apartments quickly: dedicated funding, smart investments, less red tape, and a governor focused on making Rhode Island more affordable for everyone.
The Rhode Home Program consists of:
A Millionaire’s Tax for Housing
Last summer, Congress passed and President Trump signed a budget that drastically cuts the social safety net in favor of tax breaks for the wealthiest Americans. Every millionaire in Rhode Island benefited from this ill-advised federal tax giveaway. Against this backdrop, Helena is proposing a millionaire’s tax to establish a billion-dollar fund to build 20,000 homes and apartments that Rhode Islanders can afford. Specifically, the plan calls for an additional 3% income tax on incomes of $1 million and above. Within eight years, the fund will have generated over a billion dollars, which will be used to leverage private, federal and philanthropic dollars to construct over 20,000 homes.







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