About the bill
Former New York City gubernatorial candidate Jimmy McMillan was right: “The rent is too damn high.”
Context
Housing prices have really been skyrocketing recently.
The national median home sale price in Q2 of 2022 was $440,300, up +15.0% over the prior year. That’s considerably higher than the +9% Inflation rate during that same period.
Same story with rent. The national median rent in June for the 50 largest metropolitan areas was $1,876, up +14.1% over the prior year.
What the bill does
The HOME (Housing Oversight and Mitigating Exploitation) Act would ban the raising of home or rent prices to a level that’s “unconscionably excessive” during a presidentially-declared housing emergency.
That “unconscionably excessive” determination isn’t quantified in the bill, but would be both determined and enforced by the …
Sponsor and status
117th Congress (2021–2023)
This bill was introduced on July 13, 2022, in a previous session of Congress, but it did not receive a vote.
Although this bill was not enacted, its provisions could have become law by being included in another bill. It is common for legislative text to be introduced concurrently in multiple bills (called companion bills), re-introduced in subsequent sessions of Congress in new bills, or added to larger bills (sometimes called omnibus bills).
14 Cosponsors (14 Democrats)
History
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Jul 13, 2022
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Introduced
Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber. |
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Feb 1, 2023
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Reintroduced Bill —
Introduced
This activity took place on a related bill, H.R. 702. |
H.R. 8360 (117th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
Bills numbers restart every two years. That means there are other bills with the number H.R. 8360. This is the one from the 117th Congress.
This bill was introduced in the 117th Congress, which met from Jan 3, 2021 to Jan 3, 2023. Legislation not passed by the end of a Congress is cleared from the books.
How to cite this information.
We recommend the following MLA-formatted citation when using the information you see here in academic work:
“H.R. 8360 — 117th Congress: HOME Act of 2022.” www.GovTrack.us. 2022. June 4, 2023 <https://www.govtrack.us/congress/bills/117/hr8360>
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Where is this information from?
GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.
