Baldwin’s bill vital to build vibrant, stable city neighborhoods
Sen. Tammy Baldwin’s federal legislation to retard the wholesale buying of the city’s housing stock is desperately needed (“Baldwin aims to protect housing stock,” Feb. 2).
Over the past decade, out of state investors have led a buying frenzy to purchase Milwaukee’s affordable housing stock. Out of state investors have weaponized the United States tax laws to take control of the city housing stock.
Why is Baldwin’s bill so important? Milwaukee’s coveted neighborhoods were historically anchored by homeowners who brought homes and raised their families. But more importantly, they anchored block clubs — homeowners have higher voter participation than renters and they enliven community institutions.
The decline in Milwaukee neighborhoods is directly tied to loss of homeowners and then outsiders turning these neighborhoods into modern day “Pottersvilles.” Investors crowd out citizens who wish to buy in their community and are responsible for driving up home prices, destroying the long history of Milwaukee being one of the most affordable cities in the nation.
Out of state investors are over-represented in evictions. They may soon use the control they have on the Milwaukee housing market to influence housing policy and local elections. In fact, the city should pass a registry — as the city of Madison has done — to identify who owns the local real estate and keep up with how they are maintaining the homes.
Baldwin’s legislation is vital for the city to have any hope to returning to stable and vibrant neighborhoods.
Wyman Winston, former executive director, Wisconsin Housing & Economic Development Authority