Senator Mark Warner Convenes Summit, Advocates for More Affordable Housing in Virginia

RICHMOND – U.S. Senator Mark Warner (D-VA) recently underscored his commitment to addressing the escalating housing affordability crisis, stating his dedication to supporting the construction of more affordable homes. In a tweet, Senator Warner remarked, > "Great day in the Richmond area talking about one of my biggest obsessions: lowering your housing costs. This crisis is crushing families. I’m doing everything I can to support the construction of more affordable homes." This statement followed his participation in a significant housing summit in the region.

The housing crisis in Virginia has become a critical concern, with a 2020 legislative study revealing that nearly one-third of households in the Commonwealth allocate over 30% of their income to housing costs. This challenge is exacerbated by a housing supply that has not kept pace with population growth, leading to a severe shortage of affordable options statewide.

Senator Warner recently convened the "Keys to Housing Affordability Summit" in Richmond, bringing together local elected officials, housing and economic development leaders, and nonprofit partners. The summit served as a platform to discuss innovative solutions and chart a comprehensive path forward for addressing both Virginia's and the nation's housing challenges through his "Road to Housing" legislative agenda.

Among the key legislative proposals championed by Senator Warner is the "Yes In God’s Backyard Act" (YIGBY Act), introduced earlier in September. This bipartisan measure aims to unlock underutilized properties by providing resources and incentives for faith-based organizations and institutions of higher education to develop or preserve affordable rental housing on land they already own. The initiative seeks to bypass bureaucratic barriers and streamline the creation of new housing units.

Senator Warner emphasizes an "all-the-above" approach to tackle the housing crisis, which includes a range of legislative efforts designed to boost housing supply, enhance affordability, and expand homeownership opportunities. These proposals aim to address various facets of the issue, from increasing tax credits for affordable housing projects to incentivizing the conversion of vacant commercial buildings into residential units.