NYC rentals

Policy, real estate trends

NYC affordable housing

Photo via Wikimedia

City Comptroller Scott Stringer unveiled a plan on Monday that would allow renters in New York City to count on-time, monthly payments toward their credit score. While homeowners who punctually pay a mortgage can boost their credit, renters currently cannot count on-time payments in the same way. Those without credit or bad credit often pay higher interest rates on loans and other monthly bills, like utilities or cell phone payments. As the New York Times reported, Stringer’s office looked at a sampling of tenants who pay less than $2,000 per month and found that 76 percent of them would improve their credit scores if rent payments were reported. Stringer told the Times that his plan “could create a powerful credit history that could lift you out of poverty.”

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affordable housing, Policy

joe crowley, rent relief act, house of representatives

Photos via Wikimedia (l) and Pixbay (r)

Rep. Joeseph Crowley announced federal legislation this week that aims to create two refundable tax credits for low- and middle-income renters. For rental households across the U.S. with incomes of $125,000 or less, the Rent Relief Act would provide them with one of two tax credits, if the bill becomes law. According to the Democratic congressman, who represents part of the Bronx and Queens in New York’s 14th congressional district, roughly 111 million Americans live in rental housing, with about two-thirds of all households in New York City currently renting, twice the national average.

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