For Immediate Release: July 31, 2018
New York, New York - U.S. Senate candidate Chele Farley (R, C, Reform) today announced the rollout of her Renter Fairness, Affordability and Opportunity Plan. By enacting an itemized deduction on monthly rent for those filing federal tax returns, the plan addresses the housing affordability crisis and provides an enhanced opportunity to buy a home and accumulate wealth.
“There are more Americans renting than any time in the past 50 years and too many young families simply can’t afford New York’s high taxes and high cost of living, in particular the cost of housing. My plan will create long-overdue tax equity for renters, address the affordability crisis and help stem the tide of young people exiting our state,” said Farley.
The proposed federal tax deduction would be capped at $3,000 per month, $36,000 annually on renter-occupied units, including apartments and single-family houses, and cannot be combined with an existing deduction for homeowners.
New York’s high cost of living and shortage of affordable housing has had profound consequences for families and businesses in the Empire State. Since 2010, over one million New Yorkers have left the state. On Long Island, according to Newsday’s Long Island Index, over 40 percent of millennials between the ages of 18 and 34 are living with parents, in-laws or other family members.
“My plan will help get so many millennials, stuck in their parents’ basement, into their own apartments,” said Farley.
Molly Braswell, a young renter in downtown Manhattan, who joined Farley at the announcement event said, “This plan is fair, it will make it more affordable to live closer to my job and I can use the extra money to pay off my college loans at a faster rate. In the long term, it will allow me to save more and become a homeowner down the road.”
According to the National Association of Realtors, more than half of renters consider homeownership a top personal priority, but lack the necessary wealth to achieve their goal.
Concluded Farley “For too long, New Yorkers have been sending more to Washington then we get back, $48 billion this year alone. My plan will bring back those dollars and address the issue of affordability - strengthening our economy and our families.”
Chele Farley is an outsider with over 25 years of experience in the private sector. She is the Republican, Conservative and Reform Party candidate for U.S. Senate. Farley lives in New York City with her husband Richard and their three sons. For more information about U.S. Senate candidate Chele Farley, please visit www.CheleFarleyforSenate.com.