Democratic Rep. Ilhan Omar of Minnesota has introduced a bill co-sponsored by the other members of the far-left freshman “squad” that would severely restrict personal property rights.
The Rent and Mortgage Cancellation Act, introduced April 17, would cancel all rent and mortgage payments for the remainder of the coronavirus pandemic.
“The bill would constitute a full payment forgiveness, with no accumulation of debt for renters or homeowners and no negative impact on their credit rating or rental history,” according to a news release distributed by Omar’s office.
The benefit would apply to anyone, regardless of income.
The legislation provides a relief fund to compensate landlords. But at at cost.
For one, it would force landlords to give up their right to annually adjust their rental rate to compensate for increases in property taxes, insurance or other variable costs.
It also would regulate who can purchase real estate and what owners can do with their property, capping potential income.
It essentially seeks to shift ownership of rental properties from private hands to the government, forcing landlords to give tenants a 10% equity stake in their property.
The bill would establish a fund “to fully finance the purchase of private rental properties by non-profits, public housing authorities, cooperatives, community land trusts, and states or local governments — in order to increase the availability of affordable housing during this downturn.”
Lenders who want to be compensated for the loss of revenue would be required to give yearly reports to the government of detailed lending data delineated by race, ethnicity, ZIP code, age, credit score, interest rates and other loan pricing features.
Annually, they would have to submit detailed data on their office locations, outreach practices and referral systems.
Squad members Reps. Alexandria Ocasio-Cortez of New York, Rashida Tlaib of Michigan and Ayanna Pressley of Massachusetts are sponsors along with three other members of the progressive wing of the House.
