Under Booker’s plan, anyone paying more than 30 percent of their before-tax income would be eligible for a tax credit, which would cover the difference between 30 percent of their income and the fair-market rent in their neighborhood.
Booker’s campaign pointed to Columbia University research suggesting the median credit for a family benefiting from such a proposal would be $4,800.
Sen. Kamala D. Harris (D-Calif.), another Democratic hopeful, has proposed a similar measure. Other Democrats, including Sens. Elizabeth Warren (Mass.) and Kirsten Gillibrand (N.Y.), have also produced plans on housing.
Booker’s plan also calls for more funding for rural housing, zoning reforms that he says would spur more affordable housing, and greater legal protections for those facing eviction. It also includes a previously announced “baby bonds” proposal that would give every child a $1,000 bonded savings account at birth. That proposal is aimed at spurring significant savings to afford a down payment on a home.