As Twitchy reported, the folks over at NowThis News shot a nice 2020 campaign video for Sen. Kamala Harris, in which she explained her Rent Relief Act, which would “give back” money to families spending more than 30 percent of their income on rent and utilities.
Harris must think the amount families will be getting back won’t be “crumbs” like with raises or bonus payouts, but real money, and she wants to know how families are going to spend all of that cash.
Under the Rent Relief Act, anyone who spends more than 30% of their income on rent would be eligible for a federal tax credit. What would you do with that extra money in your pocket?
— Kamala Harris (@KamalaHarris) July 28, 2018
https://twitter.com/theboytimi/status/1024113355815092224
I would donate it to the campaign of politician who understands how stupid of an idea this is https://t.co/Nml0a7KdqF
— Austin Carsh (@Subartoo98) July 30, 2018
OK, we get that this is supposed to appeal to working-class families, but wouldn’t millionaires start renting luxury vacation homes instead of buying them so they’d be eligible for the tax credit too? It can’t be, because that would mean that a Democrat was potentially suggesting a tax cut for the rich.
It’s all pandering anyway, and we’re all pretty sure how it’s going to go. What will you do with all that money?
Buy straws
— kerry ⭐⭐⭐ (@K1erry) July 29, 2018
C’mon, be serious.
https://twitter.com/TPCarney/status/1023608308635193344
Probably spend it on my newly increased rent. https://t.co/D5ptjqwCDk
— Freek van Ostrand (@sullenfish) July 30, 2018
Pay more in rent, because without more housing it all gets captured by property owners https://t.co/0bfUl30dxm
— Market Urbanism (@MarketUrbanism) July 30, 2018
This tweet is a joke right? How about the extra money be spent on, let’s see RENT!!! Or how about just learn how to manage money and we would not need a relief act.
— Jim Cronin (@croninjm) July 29, 2018
Does anyone with a basic grasp on economics want to explain to her what this will do to rent prices? https://t.co/39vWNZwWiL
— Teddy Broosevelt (@Room353) July 30, 2018
I’d buy rental properties in low-income areas and double the rents. https://t.co/kZVYXJLyOX
— Ben Hunt (@EpsilonTheory) July 30, 2018
As a landlord, I know this policy would increase demand and therefore increase rents, increasing my cash flow, but not really helping renters.
I would probably use the money to buy another rental property. https://t.co/ImxGy0CK6Z— PoliMath (@politicalmath) July 29, 2018
I'd buy some new shoes probably, but let's note that I'd be getting the extra cash mainly because I'm a landlord https://t.co/BXKyv7XdIn
— Jodi Beggs (@jodiecongirl) July 31, 2018
Landlords: oh please oh please oh please https://t.co/mKBKbhIIzk
— Robert P. Murphy (@BobMurphyEcon) July 30, 2018
that harris and her team thought this was a smart idea has been perplexing me all day. the messaging on it, too. the only folks this would really be "extra money" for are the landlords. this could easily be a parody of the democratic party in 2018 https://t.co/Jo3P4yzWWC
— Brian Sonenstein (@bsonenstein) July 30, 2018
Are you not concerned that a law like this would cause upward pressure on already high rent, since the incremental cost would effectively be subsidized by tax credits?
— Brian Kibler (@bmkibler) July 28, 2018
So I get incentivised to spend more than I can afford through the expense of a taxpayer. Housing demand artificially increases. Prices go up for everyone making it less affordable. Smart. https://t.co/CZwLxo4HVr
— Dan O'Connor (@oconnordan58) July 30, 2018
Landlords are just going to see that tax credit as a licence to accelerate rents. A tax credit without rent control isn't going to really help anyone. https://t.co/mrXKNoRzYL
— Karl Kani Kick It (@ReverendDrDash) July 30, 2018
Incentivizing people to spend more than they can afford on rent with promises that the government will make it up with a tax credit is a terrible idea.
— John Hawkins (@johnhawkinsrwn) July 29, 2018
Especially if landlords raise rents. Then renters don’t even benefit. Just an unnecessary handout to landlords from th taxpayers.
— Greg Johnson (@GregoryNylund) July 30, 2018
"What we're going to do is take money from your right pocket and we're going to put it into your left pocket. Then you'll have money in both of your pockets all your problems will be solved. You'll be rich!" https://t.co/QfFay555Br
— Derek Hunter (@derekahunter) July 30, 2018
Kamala is going to let me get into a house that I can't afford to rent, then make you suckers pay for it! Haha! https://t.co/kogSJxAMCg
— Osprey Tweek (@DevilDog6326) July 31, 2018
I should definitely be able to live in an LA townhouse. The taxpayers owe me this lifestyle.
— Pat Bateman (@PatmfBateman) July 29, 2018
Spend it on government-subsidized health insurance premiums? https://t.co/jad8fnMTEo
— Stuart Zechman (@stuart_zechman) July 31, 2018
We’ve seen this played out already with college tuition. How many times do you have to do something to see it doesn’t work? It does the exact opposite.
— Chica'sBailBonds (@irinamoises) July 29, 2018
So people who live in low cost, low rent states will have to subsidize your over taxed and hyper regulated California housing market. Sounds fair to me.
— Paul Geren (@KeysRetired) July 29, 2018
Please buy an economics text book. I think the effects of this are covered in the first few chapters of any high school text
— El Gran Chihuahua (@Elgranchihuahua) July 29, 2018
Rewarding people for making financially irresponsible decisions is probably not great economic policy. https://t.co/4KeEP074q7
— Jeff O'Brien (@that_dude_JOB) July 30, 2018
https://twitter.com/wade_zhou/status/1023693753171824641
https://twitter.com/isaacthings/status/1024049367315927041
this is bad policy. stop. https://t.co/fsmZNJAup5
— Atrios (@Atrios) July 30, 2018
Related:
Kamala Harris's bill would "give back" money to families paying more than 30 percent of their income on rent https://t.co/mglSK0KYsq
— Twitchy Team (@TwitchyTeam) July 27, 2018
Join the conversation as a VIP Member