Connecticut lawmakers are looking for new ways to make living in the state more affordable.
State Senate Republicans and Democrats recently shared their legislative agendas.
Democratic state senators are focusing on affordability. Several of their proposed bills prioritize the need to lower housing costs, according to State Sen. Martin Looney, who represents New Haven and Hamden.
“Many people in this state are paying well over 30% of their income in rental costs, foreclosing them from ever being able to either rent comfortably or ever save for the purchase of a home,” Looney said. “The downpayment is a holy grail off in the future that they are not getting any closer to reaching.”
Democrats are proposing a bill that includes a rental tax credit. While the amount per credit is still being determined by the state Department of Fiscal Analysis, as much as $395 million may be put toward the program.
“While Washington Republicans prioritize billionaires over working people, Connecticut is stepping up to provide real relief,” State Sen. Majority Leader Bob Duff, who represents Norwalk and Darien, said. “Whether it’s eliminating the sales tax on back-to-school clothes and supplies or making sure families aren’t facing unnecessary taxes when they buy groceries.”
“Grocery prices, prices for clothes, energy costs, have all gone up in the last year. This is why legislatures all across the country have affordability agendas this year, and it’s not a coincidence,” Duff said.
Another proposed bill is aimed at limiting the influence of private equity companies in certain sectors. If passed in the state legislature, the bill would put a cap on the involvement of corporate landlords in Connecticut housing.
Studies find private equity homeowners price out first-time homebuyers and tend to cause drastic rent increases, according to Senate Democrats.
In a statement, Democratic lawmakers said the legislation would “limit private equity’s ability to acquire swaths of the housing market by preventing private equity companies from making offers on one- and two-family homes for the first 75 days after listing or face a $250,000 fine.”
State Senate Republicans are pushing for more guidelines in place for companies and organizations that work with and receive state funding, across sectors.
Included in the Republican plan is a review of how the state spends housing program dollars.
The plan calls for the state Department of Housing to run its projects and project terms by the State Bond Commission prior to granting awards.
It also would require the Connecticut Housing Finance Authority to report dollars used for housing projects and the process and “scorecard” for each project that led to an award.
The overarching theme of the Republican push is for more fiscal and business transparency from government entities, according to State Sen. Paul Cicarella, a Republican who represents parts of central Connecticut, from Durham to North Haven.
“These are practical, common-sense reforms,” Cicarella said. “They put real safeguards in place to ensure taxpayer dollars are spent responsibly, transparently, and with proper oversight. Connecticut residents deserve a government they can trust, and that means closing the ‘Candy Store’ and restoring accountability.”
