As it is, the scarce supply of affordable apartments forces the working poor to spend excessively on housing, endure long commutes to work from less expensive communities or go homeless.
The federal government also spends billions of dollars annually on rental subsidies for lower-income Americans, and they’re an important part of the solution. But they don’t increase the supply of low-cost apartments; that’s what the tax credit is for.
And for states such as California, where the supply is far too low, the tax credit is invaluable.
Lawmakers shouldn’t discard it in their quest for a better tax code.
— Los Angeles Times