In response to the increasingly severe housing cost and homelessness crisis, Federal Senator Adam Schiff introduced the Housing BOOM Act on December 5th, aiming to make historic investments in nationwide housing construction to expand affordable housing supply, strengthen tenant protections, and provide long-term support for the homeless.
On that day, a press conference was held at the Sophie Maxwell Building in San Francisco, hosted by San Francisco Mayor Daniel Lurie. Senator Schiff, Federal Congresswoman Lateefah Simon, and Enrique Landa, managing partner of Fifth Space development, were present to speak.
According to a press release from Senator Schiff’s office, housing costs in the United States have been rapidly rising in recent years. A 2024 census survey showed that 20 million households in the U.S. spend over 30% of their income on housing. The National Low Income Housing Coalition (NLIHC) stated that there is a shortage of 7.1 million affordable rental homes for low-income individuals in America.
The situation is particularly dire in California, where housing prices and rents are among the highest in the nation, and the homeless population is disproportionately high.
Senator Adam Schiff emphasized the need for a new wave of housing construction in the U.S., similar to the construction of millions of homes for veterans after World War II, to provide genuinely affordable housing for families at all income levels.
He stated, “We need to build more housing across California that is affordable to a variety of households, including working families, middle and low-income families. Currently, in many parts of California, the only affordable housing available is luxury housing, which is far from sufficient.”
He stressed, “The problem now is that people may have jobs but still struggle to make ends meet and cannot afford to buy a home.”
He mentioned that the Housing BOOM Act will double the Low-Income Housing Tax Credit (LIHTC) and invest significantly in building affordable housing for low-income families and workforce housing for middle-income workers, allowing professionals like police officers, firefighters, teachers, and construction workers to live in the communities they serve.
San Francisco Mayor Daniel Lurie stated that this legislation is especially crucial for San Francisco. “In San Francisco, we are acutely aware of the affordable housing crisis. We need to build more housing for workers and families so they can stay in the city they call home,” Lurie said.
Lurie mentioned that the Housing BOOM Act focuses on building affordable housing, increasing resources for disadvantaged community programs, and repurposing underutilized spaces for housing and essential service locations. He said that the investment the act brings to San Francisco is significant.
He revealed that discussions have been held with Senator Schiff to strengthen the act, and San Francisco is also taking steps to advance housing construction on its own.
For instance, the “Family Zoning Plan” passed this week to provide more housing opportunities for teachers, emergency personnel, and the next generation.
Federal Congresswoman Lateefah Simon stated that the Housing BOOM Act will not only bring housing but also rebuild the vitality of cities. She said, “In San Francisco, we will see a new wave of construction… This is exactly what our city needs for development.”
Enrique Landa, managing partner of Fifth Space development, introduced that the Sophie Maxwell Building where the press conference took place, is the first workforce housing project built with private financing in many years in San Francisco, relying on debt tools opened during the 2008 financial crisis.
He mentioned that it was a very challenging process that took 17 years, involving five banks, six law firms, three consulting companies, and a non-profit organization. “But it is this determination that makes us believe that we need to build housing for everyone to make the city function.”
He emphasized the need for more policy tools to enable developers to continue participating in affordable housing construction and expressed gratitude for the efforts of Senator Adam Schiff.
According to a press release from Senator Schiff’s office, key measures of the act include expanding the Low-Income Housing Tax Credit, providing $150 billion in loans and grants annually for affordable housing and workforce housing construction, investing over $50 billion annually in long-term housing and support services for the homeless, expanding basic rental assistance to help low-income families and veterans secure stable housing, prohibiting income source discrimination against tenants, establishing HUD’s Language Support Program to improve housing service access for those with limited English proficiency, and converting underutilized hotels and public buildings into housing.