Input from all Stakeholders in Housing Reform is Vital
- July 25, 2014
Recently, Senator Mark Warner called for rapid action to reform U.S. housing in an op-ed published in The Hill. Interestingly enough, Senator Warner leaves the reader with little to be supportive of except for its close passage out of the Senate Banking Committee. Thankfully, the key players who voted against this bill in committee understand why it is not viable reform.
While I agree that real reform is an urgent matter, Sen. Warner’s version leaves out essential elements to policy that will transform one fifth of our domestic economy. The bill blatantly disregards the rule of law, refusing to repay investors. While we can set aside the legal question, there is a very tangible impact on the table: Capital will follow the rule of law and if investors cannot trust the U.S. will do good by them and the rule of law, they will choose to put their money elsewhere. This is problematic when facing our still fledging national economy and its reliance on the housing industry. Others have pointed out Crapo-Johnson’s lack of fair housing goals and its failure to provide sufficient standards for low and middle-income families.
While agreement is necessary, crafters of housing reform must ensure the inclusion of these vital components. Crapo-Johnson fails to reform our housing system and so will fail our country.