Heinrich to Wall Street: “Leave Our Housing Alone”

WASHINGTON - U.S. Senator Martin Heinrich (D-N.M.) cosponsored the American Homeownership Act, legislation to get housing out of the hands of corporate landlords and into the hands of New Mexico families.

Wall Street landlords have exacerbated the housing crisis in New Mexico and nationwide by buying up a large share of the housing market - artificially decreasing supply and driving up home prices.

"Mega investors have skyrocketed the cost of housing to make massive profits at the expense of New Mexico families. We've had enough. They need to leave our housing alone," said Heinrich. "I'm proud to cosponsor this legislation to help make the dream of homeownership a reality for more New Mexicans. And I will keep fighting to lower costs and ensure New Mexico families can afford to put a roof over their head and food on the table."

Recent data indicates that 7.6% of single-family homes in Albuquerque are owned by large corporate investors. And the median home price in New Mexico has increased by over $100,000 since 2019, which makes it harder for New Mexicans to achieve the American dream of owning a home.

The American Homeownership Act will end federal tax handouts for Wall Street landlords and instead reinvest those savings to increase the supply of housing and lower housing costs for New Mexico families. It will also empower law enforcement to investigate and prevent big corporate buy-ups that prevent families from becoming first-time homeowners.

The American Homeownership Act is led by U.S. Senators Elizabeth Warren (D-Mass.) and Jeff Merkley (D-Ore.). Alongside Heinrich, the bill is cosponsored by U.S. Senators Amy Klobuchar (D-Minn.), Tina Smith (D-Minn.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Andy Kim (D-N.J.), Edward J. Markey (D-Mass.), Christopher Murphy (D-Ct.), Brian Schatz (D-Hawaii), Bernie Sanders (I-Vt.), Adam Schiff (D-Calif.), Chris Van Hollen (D-Md.), and Peter Welch (D-Vt.).

The American Homeownership Act is endorsed by American Economic Liberties Project, American Federation of Teachers, Americans for Financial Reform, Communications Workers of America, Consumer Action, Grounded Solutions Network, National Community Reinvestment Coalition, National Housing Law Project, National Low Income Housing Coalition, and Private Equity Stakeholder Project.

A summary of the bill is here.

The full text of the bill is here.

As a member of the U.S. Senate Appropriations Committee, Heinrich has directly secured millions in investments for New Mexico renters and first-time homeowners.

In Fiscal Year 2026 (FY26) funding, Heinrich secured:

• $3.5 billion to prevent veteran homelessness, including:
  • $659 million to bolster the Supportive Services for Veteran Families Program, which will help meet the needs of veterans including help with the rising costs of household goods;
  • $703 million for case management and administration of Housing and Urban Development - Veterans Affairs Supportive Housing vouchers;
  • $277 million for the Grant and Per Diem Program, which will support transitional housing and assist veterans in achieving housing stability; and
  • $174 million for Veterans Justice Outreach and Legal Services for Veterans grants to award community-based organizations with funds to assist veterans with legal issues like accessing benefits, navigating family law, and securing safe and stable housing.

• $1.715 billion for rental assistance to help ensure Americans living in rural areas have access to safe and affordable housing.
• $1 billion in Single Family Direct Loans to help more low-income families and first-time home buyers get mortgages.

In FY24, Heinrich secured:

• $1.6 billion for rental assistance - an increase of $120 million over FY23.

• A pilot program that decoupled rental assistance from Multifamily Direct Loans, preventing thousands of low-income families from losing rental assistance.

• $1,100,000 for Santa Fe Habitat for Humanity to develop land into a mixed-income development focused on building 25 to 30 housing units for working families.

• $14,500,000, in total, for Northern New Mexico to help address the housing shortage.

In FY23 funding, Heinrich and the N.M. Congressional Delegation welcomed:

• $11,855,081 in federal funding from the U.S. Department of Housing and Urban Development (HUD) to support public housing authorities build, renovate, and modernize public housing across New Mexico.

• More than $16 million in federal funding from HUD' Continuum of Care program to support New Mexico projects that provide housing assistance and supportive services to people experiencing homelessness.

Additional background on Heinrich's work to lower housing costs, help New Mexico families become first-time homeowners, and address the homelessness crisis.

Earlier this year, Heinrich cosponsored the Humans Over Private Equity (HOPE) for Homeownership Act to kick hedge funds out of the housing market.

Last August, Heinrich reintroduced the First-Time Homebuyer Tax Credit Act, legislation that aims to support middle-class New Mexicans purchasing their first home. The bill would establish a refundable tax credit worth up to 10 percent of a home's purchase price - up to a maximum of $15,000 - for first-time homebuyers.

Last April, Heinrich and U.S. Senator Ben Ray Luján (D-N.M.) introduced the Housing for All Act, legislation that will help address the housing shortage and homelessness crises in New Mexico. If passed, the bill will invest in proven solutions to address housing shortages and provide a historic level of federal funding for programs to bolster innovative, locally developed solutions to increase the housing stock in the state and help New Mexicans experiencing homelessness.

Last March, Heinrich demanded that U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner follow the law and deliver $3.6 billion in Congressionally appropriated funding to support Continuum of Care program recipients, a vital local program aimed at curbing homelessness across the country, including in New Mexico.

Last January, Heinrich stood alongside the New Mexico Congressional Delegation in welcoming $17.1 million - a 5.3% increase from the previous year - to support New Mexico projects that provide housing assistance and supportive services to people experiencing homelessness through HUD's Continuum of Care program.

In 2024, Heinrich introduced the New Homes Tax Credit Act, legislation that will provide tax credits to incentivize new investments and additional resources for single-family home construction and renovations for working families. In Albuquerque, Santa Fe, and Las Cruces, New Mexico, for example, this added housing inventory would benefit families with annual incomes of up to $103,680, $109,800, and $78,960, respectively. Heinrich met with leaders from Santa Fe Habitat for Humanity and Homewise to announce this new legislation and see how the $1,100,000 he secured through the Appropriations process is helping Santa Fe Habitat for Humanity develop land and build housing for working families.

Additionally, at a roundtable conversation with local educators in Albuquerque, Heinrich announced his Educator Down Payment Assistance Act, legislation designed to help more educators and school staff in New Mexico purchase a home and keep teachers in the communities where they teach.

As then-Chairman of the U.S. Joint Economic Committee (JEC), Heinrich released a report on housing supply in America, which found that underbuilding, restrictive zoning policies, and home financing hurdles have caused the supply of starter homes to shrink and prices to rise. High interest rates and mangled supply chains have also contributed to increased home prices. Heinrich also chaired a JEC hearing on the report. His full opening statement can be found here.

In 2023, Heinrich introduced the Affordable Housing Credit Improvement Act, legislation to help build over 14,000 new affordable homes in New Mexico over the next decade, generating over $2.5 billion in wages and business income. The legislation will support the financing of more affordable housing by expanding and strengthening the Low-Income Housing Tax Credit, our country's most successful affordable housing program.

Heinrich also introduced the Delivering Essential Protection, Opportunity, and Security for Tenants (DEPOSIT) Act, legislation to help an estimated 12,000 New Mexican families access rental housing through the Housing Choice Voucher Program to pay security deposits and get into a rental home.

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