Senate Plan Aims to Revitalize Beaten-Down Communities

New proposal would offer tax credits to renovate 500,000 homes

From New York to Austin, America’s biggest cities are littered with vacant plots of land. WSJ explains the unseen role property taxes play in the country’s housing shortage. Photo Illustration: Amber Bragdon<br>

WASHINGTON—A bipartisan group of U.S. lawmakers is reviving efforts to spur the renovation of single-family homes in blighted neighborhoods, the latest effort to dent a long-term national housing shortage

Legislation introduced in the Senate aims to create a new tax credit to cover a developer’s costs when the renovation of a crumbling building exceeds a home’s potential selling price, so the project becomes feasible.

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