The Federal Yes In My Backyard Act Passes Key House Committee
Housing affordability continues to be a problem, and one we believe demands policymakers’ attention. On May 18, the House Financial Services Committee passed the Yes In My Backyard (YIMBY) Act (House Resolution 3507), which aims to eliminate discriminatory land use policies and remove barriers to building affordable housing in the United States. The YIMBY Act would require Community Development Block Grant (CDBG) recipients to report periodically on the extent to which they are:
- Removing discriminatory land use policies, and
- Promoting inclusive and affordable housing.
The YIMBY Act would increase transparency and should encourage more considerate and inclusive development practices.
Next steps for the Federal YIMBY Act
The House Financial Services Committee also passed the bill and it now is with the full House of Representatives for consideration. As a reminder, a bill must be passed by both the House and Senate in identical form and then be signed by the president for it to become law. A version of the YIMBY Act passed the House without opposition back in 2020 but subsequently stalled in the Senate.
Everyone’s voice matters and can make a difference in shaping policy and legislation. By staying informed, engaging in civil discourse, and taking action, real estate professionals can make their voices heard and their communities represented in the political process.
- Carey M. Heyman, CPA
- Managing Principal of Industry - Real Estate
- CliftonLarsonAllen LLP
- Century City (Los Angeles)
Carey is the Managing Principal of the Real Estate Industry at CLA. He is a trusted advisor with close to 20 years of experience providing accounting, assurance, tax, and consulting services to real estate industry owners, operators, family offices, developers and syndicators. Carey has a strong track record of helping clients build and retain capital by leveraging tax- and cost-saving strategies and employing tax credits and incentives. He also consults with high net worth individuals, large family groups, and owners of closely-held businesses on all aspects of tax planning, estate planning, and retirement planning.
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