Suozzi, Malliotakis Lead Bipartisan Bill to Build Middle Class Housing with Union Labor

Washington, D.C.— Congressman Tom Suozzi (D-NY) and Congresswoman Nicole Malliotakis (R-NY) introduced the Housing for US Act.

This bipartisan bill would call for the federal government to dedicate as much as $250 billion received from ending the conservatorship over Fannie Mae and Freddie Mac, government-sponsored enterprises that purchase mortgages from lenders, to be invested in the construction of up to 3.5 million housing units. Union labor would be contracted to build, and the units would be dedicated to middle class Americans.

After 10 years, the remaining funds would be used for deficit reduction.

“If Fannie and Freddie are released, the government could recoup $250 billion,” said Rep. Suozzi. “We should capitalize on this moment by using these funds to build homes for men, women, and families in the American middle class, and we should pay union workers to do it. It’s good for the economy, good for families, and good for America.”

“I join Rep. Suozzi in introducing bipartisan legislation that, should Fannie Mae and Freddie Mac be released from conservatorship, would assign the proceeds toward a new housing revolving loan fund to expand homeownership and rental opportunities for working- and middle-class Americans including police officers, firefighters, teachers, carpenters, and tilers who often earn too much to qualify for affordable housing but not enough to afford market rates. This is a chance to deliver critical assistance to hard working Americans,” said Rep. Malliotakis.

"Hardworking, middle-class Americans in red states and blue states alike are finding it harder than ever to access housing that is not only affordable, but within the neighborhoods they work in," said Gary LaBarbera, President of the Building and Construction Trades Council of Greater New York. "The introduction of the Housing for US Act is a unique, bipartisan collaboration that can trigger affordable housing development reserved for this population while also creating countless family-sustaining union careers that will generate key economic stimulus and boost our local communities for generations to come. Let’s free Fannie and Freddie and use the proceeds to build homes for American workers by American workers."

“We have a once-in-a-generation chance to tackle America’s housing crisis while creating good-paying, union jobs for working families,” Suozzi continued. “The housing crisis is crushing the American Dream — young people, carpenters, cops, teachers, nurses, first responders, and middle-class families are being priced out of homeownership. This isn’t a red state or blue state issue — every community is feeling it. And that’s why I’m proud to introduce this legislation with my fellow New Yorker from across the aisle. When we work together, we can get things done.”

This effort is supported by a wide coalition that includes the Firefighters Association Local 94, the Teamsters Local 282, and the National Urban League.

“Firefighters risk their lives every day in service of communities across the five boroughs of New York City—a city that they are increasingly unable to afford living in with their families. It's critically important that the housing issues faced by the rapidly disappearing middle class are addressed. Releasing Fannie and Freddie from conservatorships and using those proceeds to build middle-class housing for the working men and women of this country is one way to keep our civil servants working AND living in the city that they love. Congress Members Suozzi and Malliotakis have developed common-sense legislation that will drive the construction of millions of new homes that the middle class can afford. It's long overdue,” said Bobby Eustace, Uniformed Firefighters Association IAFF Local 94 Vice President.

“The Housing crisis is the most significant issue facing working families in New York. The rents are high, the cost of ownership is high and it’s because supply is so low. We need to build more homes that working people – Teamsters, cops, carpenters, nurses, teachers – can afford in communities where they work or where they can be close to their families. With this legislation, Congress Members Suozzi and Malliotakis have put the forgotten middle-class first, and it’s about time. Let’s sell Fannie and Freddie and use the proceeds to build middle-class, workforce housing – and end this crisis once and for all,” said Thomas Gesualdi, Teamsters Local 282 President.

“This bipartisan legislation sends a strong message that we must use the proceeds should Freddie and Fannie come out of conservatorship housing that working families can afford. We have seen the Black population plummet in New York City to its lowest levels in generations in large part because high rents and high prices are chasing families out of the communities where they were born and raised, or where they work. But it’s not just a New York issue. The housing crisis is real, it’s profound and it’s hurting working families across this country. It’s time to end this crisis by building millions of new homes for the work force that makes our country go,” said Marc Morial, National Urban League President and CEO.

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