Bill Overview
Title: Housing Market Transparency Act
Description: This bill requires the Department of Housing and Urban Development (HUD) to collect and report certain information about buildings that receive low-income housing tax credits, including relevant development costs, ownership information, habitability standards, and related data. State agencies that administer the credit must also report such information to HUD.
Sponsors: Sen. Warnock, Raphael G. [D-GA]
Target Audience
Population: People living in low-income housing, developers and owners of such properties, and agencies managing housing programs
Estimated Size: 15000000
- The bill affects buildings that receive low-income housing tax credits, implying it primarily impacts those living in low-income housing or relying on these programs.
- Tenant welfare can be improved by increased transparency in development costs and habitability standards.
- Developers and owners of low-income housing properties will also be impacted as they have to comply with new reporting requirements.
- State housing agencies will be required to gather and furnish data, indicating an impact on these institutions and their operations.
- Transparency in the housing market might indirectly benefit all citizens by improving overall housing data.
Reasoning
- The policy primarily impacts those in low-income housing by improving visibility into how these housing projects are managed, which could elevate tenant welfare through enhanced habitability standards. It also requires administrative effort from developers, owners, and state housing agencies, which could lead to better compliance but with potential costs for adaptation.
- People living in low-income housing are a substantial portion of the target group. The policy might improve their living conditions and understanding of housing management, their wellbeing effect could be immediate and ongoing.
- Developers and property owners could experience increased administrative and compliance costs but also possible long-term benefits from the increased market transparency leading to streamlined processes.
- State housing agencies must adjust to the increased administrative workload, but this could lead to better state-level housing data management.
- General community might benefit indirectly from improved housing market data transparency as it benefits long-term urban planning.
Simulated Interviews
Restaurant Worker (Chicago, IL)
Age: 32 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 8/20
Statement of Opinion:
- I hope this policy will mean better living conditions and more accountability from landlords.
- If transparency can drive improvements, that would be very beneficial for my family.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 4 |
| Year 20 | 8 | 4 |
Real Estate Developer (Los Angeles, CA)
Age: 45 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 5/20
Statement of Opinion:
- The additional reporting might be cumbersome initially, but it can streamline future processes.
- Transparency could increase trust, allowing for better investment in the sector.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 7 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 5 |
Housing Advocate (New York, NY)
Age: 28 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- Increased transparency is crucial for accountability and tenant rights.
- This policy helps shine a light on where improvements can be made.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 5 |
| Year 5 | 9 | 5 |
| Year 10 | 8 | 5 |
| Year 20 | 9 | 5 |
Retired (Detroit, MI)
Age: 60 | Gender: male
Wellbeing Before Policy: 4
Duration of Impact: 10.0 years
Commonness: 7/20
Statement of Opinion:
- I want to see improvements in how buildings are maintained and operated.
- Transparency should help, but I'm skeptical of actual change.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 5 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 6 | 4 |
| Year 10 | 6 | 3 |
| Year 20 | 7 | 3 |
State Housing Official (Dallas, TX)
Age: 37 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- This policy will require more resources for reporting, but it could improve program management.
- There's potential for better decision-making with clearer data.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 5 |
Recent Graduate (Miami, FL)
Age: 24 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 3.0 years
Commonness: 10/20
Statement of Opinion:
- I would like to see my landlord held accountable through transparency.
- This could help new renters like me know more about where they live.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 7 | 5 |
Property Owner (Atlanta, GA)
Age: 50 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 6/20
Statement of Opinion:
- Increased transparency might help, but the cost of implementing these changes could be high.
- It could potentially drive owners out of business if not balanced.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 7 |
| Year 2 | 6 | 7 |
| Year 3 | 6 | 7 |
| Year 5 | 7 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 6 |
Urban Planner (Seattle, WA)
Age: 42 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 4.0 years
Commonness: 3/20
Statement of Opinion:
- More data can lead to better housing plans and policies.
- This could indirectly benefit many people through better housing strategy.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 6 |
Volunteer (Houston, TX)
Age: 66 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 4/20
Statement of Opinion:
- Better data can guide charity efforts more effectively.
- I hope it leads to better housing conditions for the vulnerable.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 8 | 5 |
Software Developer (San Francisco, CA)
Age: 35 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 2/20
Statement of Opinion:
- Policies that improve data transparency can lead to tech solutions improving urban living.
- This is a good step towards using data-driven insights for societal improvement.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 7 |
Cost Estimates
Year 1: $80000000 (Low: $50000000, High: $100000000)
Year 2: $78000000 (Low: $40000000, High: $110000000)
Year 3: $76000000 (Low: $35000000, High: $100000000)
Year 5: $74000000 (Low: $30000000, High: $90000000)
Year 10: $70000000 (Low: $20000000, High: $80000000)
Year 100: $50000000 (Low: $10000000, High: $70000000)
Key Considerations
- The initial setup costs for IT systems and training might be substantial in the first few years but are expected to decrease subsequently.
- Savings from potential fraud prevention or resource optimization might take a few years to materialize and align with the learning curve of involved agencies.
- Market response to increased transparency will dictate long-term economic impacts.