Democrat presidential candidate Joe Biden is touting Wall Street’s support for his $640 billion housing plan that would force low-income, multi-family housing developments into America’s suburban communities.
During a visit to Kenosha, Wisconsin — where the Black Lives Matter organization and members of Antifa have led riots for weeks — Biden told supporters that Wall Street supports his housing plan because it “will increase the GDP.”
“And by the way, it’s not a waste of money. Even the folks on Wall Street point out that will increase the GDP, make it grow,” Biden said of the plan. “People will do better, people will do better.”
Biden’s housing plan, as Breitbart News has noted, would implement an unprecedented expansion of Section 8 housing vouchers while requiring that local communities abolish strict zoning laws in order to become eligible for certain federal grants.
The plan provides a $300 million investment “to give states and localities the technical assistance and planning support they need to eliminate exclusionary zoning policies and other local regulations that contribute to sprawl.”
Communities unwilling to eliminate their zoning laws to allow multi-family, mixed-income housing development in their neighborhoods would be shut out of federal grants under Biden’s plan:
Exclusionary zoning has for decades been strategically used to keep people of color and low-income families out of certain communities. As President, Biden will enact legislation requiring any state receiving federal dollars … to develop a strategy for inclusionary zoning, as proposed in the HOME Act of 2019 by Majority Whip Clyburn and Senator Cory Booker. [Emphasis added]
Former New York Lieutenant Governor Betsy McCaughey (R), has called Biden’s housing plan “disastrous” for suburban families who would see rapid dense-housing developments pop up in their communities.
“Biden’s plan is to force suburban towns with single-family homes and minimum lot sizes to build high-density affordable housing smack in the middle of their leafy neighborhoods — local preferences and local control be damned,” McCaughey wrote in July.
The plan is coupled with Biden’s expansion of illegal and legal immigration, producing a model for packed suburbs with record population growth, denser living spaces, and potentially a migration from cities to smaller, middle-class communities.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.