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Do you pay more than 30% of your income on rent? Check out what this Queens politician wants to do
Rep. Joe Crowley pitches tax credits for struggling renters
Renters who struggle to pay the rent may have some relief in sight in the form of tax credits, under a bill set to be introduced today by Rep. Joseph Crowley.
The Rent Relief Act would provide a tax credit to renters who earn less than $125,000 and who pay more than 30 percent of their income in rent.
One possible credit would be a refundable tax credit for renters who live in non-subsidized housing. The other, available to renters who live in government-subsidized rental housing, would be a refundable tax credit equivalent to one month’s rent, according to Curbed.
“Unfortunately, the demand for rental housing continues to outpace supply, and while all signs point to higher rents in the future, wages remain stagnant,” Crowley, who represents Queens, said. “Just as the tax code has helped make home ownership more affordable, I believe Congress must provide relief to the growing number of renters who are feeling squeezed financially.”
According to a report from StreetEasy, rental prices in New York City increased twice as fast as the rest of the country between 2010 and 2017. [Curbed] — E.B. Solomont