Does Multifamily Benefit from the $2T Federal Infrastructure Plan?
Multifamily leaders discuss President Joe Biden’s wide-ranging proposals and their impact on the industry. Apr012021
Photo by Sam Bowman via Flickr
A wide-ranging $2.3 trillion infrastructure plan released by President Joe Biden Wednesday that includes $213 billion to address affordable housing issues for low- and middle-income renters and buyers, upgrades the nation’s public housing stock and seeks to remove barriers to development received wide approval from multifamily executives who said housing has historically helped lead the country out of recession.
But some also expressed concern about how to pay for the sweeping proposals that range from $621 billion on improvements for roads, bridges, railways, ports, airports, public transit and the electric grid to $400 billion to expand home care services for the elderly and disabled and increase wages for those who care for them. Among other pr
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The intensifying debate comes as the Senate is poised to pass the measure as early as this week, sending it back to the House for possible final passage next week. With the finish line in sight, some economists are sounding the alarm, particularly after financial markets signaled unease with the possibility of inflation on the horizon.
“To say he’s taking a risk would be an understatement,” said Desmond Lachman, an economist at the right-leaning American Enterprise Institute and former deputy director at the International Monetary Fund.
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For Biden, the relief package and its key components stimulus checks, increases to child and earned income tax credits, emergency unemployment benefits could set the tone for his presidency.
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