Bernie Sanders proposes a 25 percent 'House Flipping tax' in new housing plan
Sen. Bernie Sanders (I-Vt.) unveiled a new plan to tackle America's affordable housing crisis Wednesday, just one day after President Trump made headlines when he criticized the problem of homelessness in California.
Sanders, who hopes to challenge Trump in 2020 as the Democratic presidential nominee, laid out a series of ideas to rehabilitate America's public housing, make rent more affordable, strengthen tenant rights, end homelessness, and make it easier for people to purchase a home. He also carved out a section dedicated to combating gentrification.
"While we expand and build new housing, we must ensure that current tenants and homeowners are not forced out of their homes or neighborhoods," the plan reads. "We must also ensure that wealthy and exclusionary neighborhoods do no not prevent new development, forcing gentrification and displacement in low-income and minority areas."
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Some of the ways Sanders would go about this, if elected, include supporting new zoning ordinances that encourage "racial, economic, and disability integration that makes housing more affordable." But there are also more specific proposals aimed at speculators within the plan. That includes a 25 percent "House Flipping tax" that would be levied against people who sell a non-owner occupied property at a profit within five years of purchase, and a 2 percent "Empty Homes tax" on the property value of vacant, owned homes in the hopes of bringing more units into the market and discouraging speculative real estate investments. Read the full plan here.
-
5 calamitous cartoons about the Washington Post layoffsCartoons Artists take on a new chapter in journalism, democracy in darkness, and more
-
Political cartoons for February 14Cartoons Saturday's political cartoons include a Valentine's grift, Hillary on the hook, and more
-
Tourangelle-style pork with prunes recipeThe Week Recommends This traditional, rustic dish is a French classic
-
Judge blocks Hegseth from punishing Kelly over videoSpeed Read Defense Secretary Pete Hegseth pushed for the senator to be demoted over a video in which he reminds military officials they should refuse illegal orders
-
Trump’s EPA kills legal basis for federal climate policySpeed Read The government’s authority to regulate several planet-warming pollutants has been repealed
-
House votes to end Trump’s Canada tariffsSpeed Read Six Republicans joined with Democrats to repeal the president’s tariffs
-
Bondi, Democrats clash over Epstein in hearingSpeed Read Attorney General Pam Bondi ignored survivors of convicted sex offender Jeffrey Epstein and demanded that Democrats apologize to Trump
-
El Paso airspace closure tied to FAA-Pentagon standoffSpeed Read The closure in the Texas border city stemmed from disagreements between the Federal Aviation Administration and Pentagon officials over drone-related tests
-
Judge blocks Trump suit for Michigan voter rollsSpeed Read A Trump-appointed federal judge rejected the administration’s demand for voters’ personal data
-
US to send 200 troops to Nigeria to train armySpeed Read Trump has accused the West African government of failing to protect Christians from terrorist attacks
-
Grand jury rejects charging 6 Democrats for ‘orders’ videoSpeed Read The jury refused to indict Democratic lawmakers for a video in which they urged military members to resist illegal orders
