Reps. Gomez, Carey, Larson Unveil Bipartisan Legislation to Tackle Housing Affordability Crisis
Washington,
March 27, 2025
WASHINGTON, D.C. - Today, U.S. Reps. Jimmy Gomez (CA-34), Mike Carey (OH-15), and John Larson (CT-01) unveiled their bipartisan Revitalizing Downtowns and Main Streets Act of 2025. The bill incentivizes the conversion of existing vacant and underutilized commercial properties into new housing. “The housing crisis is squeezing family budgets, while empty commercial and office buildings sit unused in downtowns and in suburban and rural communities,” said Rep. Jimmy Gomez. “Our bipartisan bill converts these empty commercial buildings into homes families can afford—a smart way to fix both problems. We need a housing boom like we haven’t seen since World War II, so this legislation is a no-brainer. We’re helping people live where they work by filling vacant real estate and increasing our housing supply.” “High costs of living have driven up housing prices for working families and it is cutting into budgets during kitchen table discussions,” Rep. Carey said. “There is a solution right in front of us: add existing buildings to the housing supply. Right now, vacant commercial and office space is sitting unused, and converting these properties into housing is often so expensive it isn’t worth doing. This bipartisan bill will allow communities to expand their supply of affordable housing by upgrading existing buildings, allowing American downtowns and main streets to thrive with new investments.” “As many businesses moved to hybrid work models during the COVID-19 pandemic, downtowns in cities like Hartford saw dramatic changes, including new building vacancies,” said Rep. Larson. “The bipartisan Revitalizing Downtowns and Main Streets Act offers a new path forward by supporting the conversion of many of these unused office spaces into reliable housing options. I am thrilled to introduce this innovative solution with my colleagues to expand access to quality, affordable housing for residents and spur economic growth in our cities.” BACKGROUND: Nearly half of Americans say there isn’t enough affordable housing in their communities. The U.S. needs to build more than 4 million rental units by 2035 to meet the demand, according to Pew Research. Meanwhile, many office buildings sit empty. With about 30% of workdays now remote after the pandemic, the value of commercial real estate has dropped by an estimated $413 billion. The Revitalizing Downtowns and Main Streets Act would help turn those empty buildings into homes. It offers a federal tax credit—modeled after the successful Historic Preservation Tax Credit—to support the conversion of old office and commercial buildings into housing. The tax credit covers 20% of the cost to convert a qualified building. The bill requires that at least 20% of the new housing be reserved for working people for at least 30 years to make sure this helps people who need it most. This bill is supported by the following groups: The Real Estate Roundtable, American Hotel and Lodging Association, American Land Title Association, American Resort Development Association, American Seniors Housing Association, CCIM Institute, ICSC, Institute of Real Estate Management, Latino Hotel Association, Mortgage Bankers Association, NAIOP, the Commercial Real Estate Development Association, Nareit, National Apartment Association, National Association of Home Builders, National Association of Realtors, National Multifamily Housing Council, National Rental Home Council, Council of Development Finance Agencies, the Sheet Metal and Air Conditioning Contractors' National Association, Up for Growth Action, and International Downtowns Association. You can read the bill text here. As Chair of the first-ever Congressional Renters Caucus, Rep. Gomez has been leading efforts in Congress to address the housing crisis and protect renters nationwide. His legislative priorities include:
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