On Tuesday, Assembly Republicans authored and passed a comprehensive package of bills to increase the supply and lower the cost of housing with the goal of getting more first-time buyers into homes. This issue is important as Wisconsin is in the midst of a housing crisis: The price for a median home in Wisconsin in 2015 was $160,500. Today, the same home costs $338,000. If the 2015 home price was adjusted for inflation, it should be $222,492, which is a 38% increase. Instead, it has increased by more than 110%, making it nearly impossible for working class families to afford a median home.

The Assembly passed a number of bills on Tuesday, all aimed at reversing this housing crisis. One of the bills, AB 451, creates Tax Increment Districts (TIDs) that utilizes an already successful tool to direct newly generated tax revenue back to the subdivision's infrastructure. These new TIDs will lower the cost of housing for buyers and incentivize development.

The Assembly also improved transparency and certainty in the planning and building process. AB 452 improves the relationship between local governments and developers. This legislation provides certainty for developers as they work towards receiving approval for developments. The last thing we want is for developers to invest significant resources into a project, only to have their plans rejected – this raises costs for the homebuyer. AB 452 reforms this process so developers can receive feedback early in the process and requires developers to construct infrastructure only once their project has been cleared to proceed.

Assembly Republicans are taking serious measures to reverse the housing crisis. According to a Forward Analytics Study, Wisconsin is facing a housing shortage. The study estimates Wisconsin will need 140,000 new housing units by 2030, with the possibility of the number climbing to 200,000. Wisconsin is currently producing 11,700 houses per year since 2020, which is far below what we need to meet the demand. This low supply of housing isn't the only issue. Affordability is also out of reach for most families. Currently, families need to make over $170,000 to afford a new home, while the current median household income in our state is $71,000. Also, for every $1,000 the price of a home increases, 106,000 US households are priced out. This package of bills includes common-sense solutions to get more families in homes and increase the supply of affordable homes for everyday Wisconsinites.

To watch the full floor session from Tuesday, please click here.