Squad member Jamaal Bowman demands rents be capped to fight ‘plantation capitalism’ as he helps AOC announce its Green New Deal for housing he calls a ‘form of reparations’

Progressives led by Rep. Alexandria Ocasio-Cortez are relaunching a “Green New Deal” for public housing to address “environmental injustices” in low-income housing.

The proposal would invest up to $234 billion in public housing over 10 years and repeal the Faircloth Amendment.

The Faircloth Amendment prevents any net increase in the number of public housing units above 1999 levels – 1.8 million.

The proposal ‘would reduce social housing to zero CO2 emissions while creating 280,000 jobs. In the era of government-neglected demolition and privatization of our public housing stock,” Ocasio-Cortez said.

“A broken policy is relying solely on the market and solely on billionaires to produce and extort ordinary people out of every dime they have to charge the highest rent,” the congressman added at a news conference Thursday. ‘Another world is not only possible, another world is coming today.’

“We are going to stand up and transform our energy system and create sustainable homes that are not based on fossil fuels,” said Sen. Bernie Sanders, I-Vt.

‘Housing is a human right. The rent is too damn high, y’all,” said Rep. Jamaal Bowman, D-N.Y., who grew up in public housing in New York City.

“It’s plantation capitalism when someone pays 40, 50, 60 percent of their salary in rent,” Bowman said. “That’s plantation capitalism.”

“Rent should be limited to 20 percent of salary,” he said at the time. “The Green New Deal for public housing is a form of reparations for marginalized communities.”

Sen. Peter Welch, D-Vt., blamed investors for taking away the housing inventory

“You know who’s buying up all the houses in the suburbs? Hedge funds, yes, they don’t live there.’

Democrats have already attempted to ban hedge funds from buying houses.

‘Housing is a human right. The rent is too damn high, y’all,” said Rep. Jamaal Bowman, D-N.Y., who grew up in public housing in New York City

A recent report from the Urban Institute, a left-leaning think tank, found that as of June 2022, approximately 574,000 single-family homes nationwide were owned by large institutional investors who own at least 100 properties.

But another group, the National Rental Home Council, says the numbers need more context. They note that of the 145 million homes nationwide, such investors own just 0.4 percent.

“We are going to stand up and transform our energy system and create sustainable homes that are not based on fossil fuels,” said Sen. Bernie Sanders, I-Vt. “We are all going to provide quality, affordable housing for millions of Americans. And at the same time, we’re going to create good-paying union jobs.”

The latest version of the bill provides more money to address the public housing backlog and for clean energy home improvements.

The bill does not address the skyrocketing housing costs for those who do not qualify for public housing – or for those who aspire to own their own home. It will die with almost certain defeat in any kind of divided Congress.

But progressives hope to shift the Overton window — at least with what is accepted within their own party.

“I want to send this message very clearly, not only to the entire Congress, but also to the leadership of the Democratic Party,” Ocasio-Cortez said. “There are a lot of different issues that need to be addressed, social housing mortgages, interest rates, but any real housing policy has to include a direct commitment to public housing, period.”