READOUT: JEC Chairman Heinrich Leads Hearing on Housing Shortage, Discusses Policy Solutions to Improve Access to Affordable Housing in New Mexico

WASHINGTON – Today, U.S. Senator Martin Heinrich (D-N.M.), Chairman of the U.S. Congress Joint Economic Committee (JEC), held a hearing exploring potential policy solutions to increase access to affordable and stable housing in New Mexico and across the country.

“There is a serious housing crisis in New Mexico and across the country – impacting people at all income levels, in nearly every community. Whether they rent or own, and whether they live in rural, suburban, or urban areas, too many Americans cannot securely afford the place they call home,” Chairman Heinrich said during his opening statement. “We need to increase the supply of safe, accessible, and affordable homes. We need to lower rental housing costs and expand affordable home ownership so that families can build wealth and live safely in their communities.” 

During the hearing, members of the Committee and witnesses discussed policy measures that could help address the crisis, including the bipartisan Affordable Housing Credit Improvement Act and Chairman Heinrich’s bill, the Delivering Essential Protection, Opportunity, and Security for Tenants Act, also known as the DEPOSIT Act.

Additionally, Chairman Heinrich proposed that policymakers look to local and state government housing efforts, including new programs in Santa Fe and Las Cruces that are working to create additional affordable housing units.

“In New Mexico, local governments are leading efforts to finance affordable housing stock. This past November, voters in Santa Fe approved a tax on home purchases that are over $1 million, to increase revenue for the city’s Affordable Housing Trust Fund. And in Las Cruces, voters approved the issuance of a $6 million general obligation bond to fund its Affordable Housing Trust Fund. This initial investment could help leverage more than $36 million in funding from state, federal, and private sources to create additional affordable housing units,” Chairman Heinrich said. “These are important steps, but we need to do more at every level of government to meet this crisis head on.”

Witnesses included Jenn Lopez, Affordable Housing Consultant and Founder and President of Project Moxie; Dr. Jenny Schuetz, Senior Fellow at Brookings Metro; Tobias Peter, Codirector of the Housing Center at the American Enterprise Institute; and Dr. Salim Furth, Senior Research Fellow and Director of the Urbanity Project at the Mercatus Center.

Last week, Joint Economic Committee Democrats released a report ahead of the hearing titled, “Rebuilding the American Dream: Policy Approaches to Increasing the Supply of Affordable Housing.”

Full video of the hearing can be found here. Heinrich’s opening statement and witness testimony as prepared can be found here.

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About Chairman Martin Heinrich  
 
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service. 

About the U.S. Congress Joint Economic Committee

The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.??