Democrats unveil an affordable housing plan

Schiff and others focus on rising cost of living, as Trump calls the issue a 'con job.'

- ANA CEBALLOS

SENATE Minority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries speak to journalists.

As the economy emerges as a likely defining issue in next year's midterm elections, President Trump has wrestled with Americans' rising cost of living, declaring himself the "affordability president," then soon dismissing the issue as something that "does not mean anything to anybody.

At two White House events this week, the president accused Democrats of pushing a "fake narrative" about affordability to trick voters ahead of the election, calling them "great con people" who do not offer details about how they intend to lower prices.

"It's a con job. I think affordability is the greatest con job," Trump said Wednesday.

Meanwhile, Democrats on Capitol Hill are moving to shape an affordability-focused agenda ahead of the midterms, including a proposal to address rising housing costs.

Sen. Adam Schiff (D-Calif.) is expected to introduce legislation Monday aimed at increasing the supply of affordable housing for lowand middle-income families, expanding rental assistance, and boosting funding for long-term housing and emergency homeless shelters, according to a draft copy of the bill reviewed by The Times.

"Of all the affordability challenges Americans face, housing is the most acute. This is certainly the case in California, but it's true across much of the country," Schiff said in an interview. "I want to see the Democratic Party be the party advocating for the next housing boom in America.”

The 48-page bill - titled the Housing BOOM (Building Occupancy Opportunity for Millions) Act — proposes expanding federal tax credits to help finance the development and rehabilitation of affordable housing.