Analysts say The rising price of housing in Texas is a serious threat to the state’s economic prosperity. now a senate committee is sending a clear signal that the legislature needs to take action this coming session. Texas Public Radio’s David Martin Davies reports:
David Martin Davies/TPR Reporter: “Texas builds more homes than other states but hundreds of thousands more are still needed, according to a report from the state comptroller’s office. Texas Comptroller Glenn Heagar testified that in many ways, the state is a victim of its own success. As the local economy booms, more people are moving here and there isn’t enough housing. Speaker 2: “My office will always make note of one of Texas economic advantages, which has been abundant affordable housing. However, unfortunately, that positive has been slowly eroding and we now must know that while Texas is more affordable than other parts in our nation, we are not as affordable as we have in the past.”
Heagar said housing affordability is a strong economic indicator providing insight into the overall economic wellbeing of families and he has found a growing number of Texas families are struggling. Speaker 2: “Housing costs comprised the largest portion of household budgets in Texas in 2022, about 34% of Texas households were cost burden because they were spending 30% or more of their income on housing.” According to the comptrollers report - In Texas, median home prices rose by about 40 percent between 2019 and 2023, with sharp increases in 2021 and 2022 . Price increases were widespread across Texas metro areas, particularly in smaller metro areas. I’m David Martin Davies in San Antonio.
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Louisiana Governor Jeff Landry is encouraging lawmakers to pass all of the bills on his agenda to revise the state’s tax code. His proposal would reduce individual and corporate income tax, while expanding sales tax to more goods and services:
Gov. Jeff Landry/R-LA: “As you go through each one of these bills, remember they are collectively tied to each other. When you pull a string out of one, you gotta remember you’re gonna have to pull a string either out of another one or either add a string to both.”
Landry's plan would simplify the tax structure to a flat 3 percent tax rate for those who make more than $12,500 a year. The current rate is 3.5 percent for salaries between $12,500 and $50,000. And 4.25 percent on incomes above that.
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It is still unclear which party will be in control of the U.S. House. Democratic Congressman Troy Carter of New Orleans:
Rep. Troy Carter/D-LA: “Our jobs are exactly still the same, we’ll have to work just as hard to convince the new president and the House and Senate of the importance of working for all, and I underscore, italicize in bold all Americans.”
Carter says it’s time for members of both parties to come together to work out solutions in the best interest of all parties.
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Arkansas State Senate Republicans have voted to no longer allow members of the minority party to serve as vice chairs of standing committees. The GOP holds a 29-to-6 supermajority in the Arkansas Senate.
DAILY NEWSCAST: Monday, November 11, 2024
