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A BLUEPRINT FOR NEW MEXICO'S FUTURE

Building Hope, Building Homes

Sam Bregman’s Plan For New Mexico’s Housing Future

Building Hope, Building Homes

New Mexico is facing a housing emergency that touches every corner of our state. Median rents in New Mexico rose by 60% between October 2017 and October 2024 – more than double the 27% increase seen nationwide during the same period. Meanwhile, home prices in the state surged by 70%, with the average price now exceeding $300,000. Families are being priced out, young people can’t afford to settle down, and homelessness has grown by nearly 20% per year. In Albuquerque, one unhoused person dies every four days. These problems are driven in large part by a simple fact: We don’t have enough homes – with a housing inventory that is half of what it was just six years ago. The homes we do build take too long to approve and are often out of reach for working families. I will take bold action to fix this crisis.

As governor, I will:

  • Set a bold goal to end New Mexico’s housing shortage by building at least 5,000 homes each year by the end of my first term. Ambitious targets drive urgency and accountability, and every policy in this plan will be measured against that goal.

  • Help more families buy homes and build wealth. I will create a New Homes for New Mexico Program to incentivize the construction of starter homes that first-time home buyers can afford, and give renters the first chance to buy their homes.

  • Build more homes, faster and smarter. I will put a time limit on permitting decisions, modernize zoning and building codes, prioritize housing in areas with existing infrastructure, convert vacant strip malls and commercial buildings into homes, expand modular housing that can be built more quickly, and reward communities that cut red tape and deliver results.

  • Lower rents for working families. I will build more affordable rental homes in the communities where people want to live – near jobs, schools, and transit – and expand rental assistance.

  • Stop speculators from driving up housing costs. I will protect families from corporate landlords and out-of-state investors by giving New Mexicans the first chance to buy homes, closing tax loopholes that subsidize Wall Street, banning secret rentsetting schemes, requiring transparency in bulk purchases, and making the home-buying process fairer and more affordable.

Help More Families Buy Homes

In the 20th century, America built highways and suburbs to expand the middle class. In the 21st century, we must do it again– this time, with housing – with the same urgency, scale, and ambition. Owning a home has long been part a part of the American Dream because it is a powerful way for families to build wealth and get ahead. In New Mexico, low-income renters spend roughly one-third of their income on housing, while similarly situated homeowners spend less than one-quarter. That’s a monthly savings of hundreds of dollars per household, freeing up funds for bills, savings, or emergencies. And, it adds up to much more wealth over time for homeowners. In 2022, the median net worth of homeowners nationally was approximately 38 times greater than that of renters – $396,000 versus $10,400. Homeownership remains the largest wealthbuilding vehicle for most American families, with home equity making up 80% of net worth for most homeowners. But homeownership is out of reach for families today, in large part because there is a shortage of modest, entry-level, starter homes, which undercuts opportunities for rent-to-own transitions and clogs the upward mobility pipeline. As Governor, I will lead with bold, programmatic action to create more paths into homeownership and unlock long-term wealth for generations.

As governor, I will:

  • Build new homes that first-time homebuyers can afford with New Homes for New Mexico. New Mexico, like the rest of the country, is facing the worst shortage of affordable homes in generations. Millions of homes are missing from the market – especially the modest, entry-level houses that used to give working families a path to ownership. In the 1970s, America built more than 400,000 starter homes every year. Today, that number has collapsed to barely a fraction of that. Instead, developers scramble to build luxury homes for the wealthy, while the kinds of homes working families need go unbuilt or are aging out of reach. The result is predictable: too few homes that middle-class families can afford and rising prices for everyone. I will create a New Homes for New Mexico Program to tackle this shortage head-on by creating the conditions for builders to construct more entry-level homes while ensuring families can afford them. The program will:

  • Incentivize builders to build more starter homes. I will boost the supply of starter homes by making forward commitments of homebuyer assistance to developers who build starter homes that meet the needs of middle-class first-time buyers. This assistance will expand the pool of families who can afford to purchase the homes once they’re built. By lowering financial risk and broadening the market, the program gives builders a strong incentive to construct modest, entry-level homes instead of focusing only on luxury construction.

  • Help families buy their first home with $25,000 to $55,000 in homebuyer assistance toward the down payment and closing costs. Eligible first-time buyers earning below 150% of the local median income will receive assistance ranging from about $25,000 to $55,000 - depending on factors like the median home price in their area - and delivered as a zero-interest deferred loan. Families won’t make monthly payments; instead, the loan is repaid only when the home is sold or if it’s no longer their primary residence.

  • Pay it forward by recycling funds for future buyers. When homeowners repay their loans, their repayments are recycled into a revolving fund to help future buyers, so that the same dollars can help the next generation of New Mexican homeowners.

  • Prepare families to buy homes. Too many New Mexicans are blocked from buying their first home – or even trading up – because they haven’t saved enough, lack credit history, or haven’t had access to the tools and coaching that make homeownership achievable. This leaves families stuck in place and keeps the whole housing market clogged. I will partner with and support nonprofits to prepare families to buy homes through services like financial coaching, credit repair counseling, matched savings accounts, and downpayment preparation programs.

Build Housing Faster and Smarter

Even when builders are ready to construct affordable housing, local regulations can delay or block projects. Zoning restrictions, lengthy approval processes, and outdated codes all drive up costs and limit supply. To fix this, I will partner with cities and counties to reduce barriers to new housing construction. By working together, we can unlock housing opportunities faster and at lower cost, while making sure projects fit local needs.

As governor, I will:

  • Set clear statewide goal to end the housing shortage and build at least 5,000 homes each year by the end of my first term. Setting the target itself is critical – it focuses every tool in this plan, from faster permitting to zoning reform, and ensures we measure success not by promises but by homes built and families housed.

  • Put a shot clock on permitting to speed up housing. One of the biggest barriers to building more homes in New Mexico is the slow and unpredictable permitting process. Projects can languish in review for months or even years – driving up costs, scaring off financing, and leaving families waiting. Too often, these delays mean missed construction windows or cancelled projects altogether, reducing the number of homes built and making housing less affordable for everyone. Other states, like Arizona and Washington, have addressed this problem. I will make sure that New Mexico does, too, by:

  • Putting a clear “shot clock” on permitting. Just like in basketball, the shot clock keeps the game moving – without it, play stalls. Under my plan, cities and counties will keep full control to approve, reject, or request changes to projects, but they’ll need to make those decisions on time – either within 65 days if no public hearing is required, or within 120 days if one is.

  • Holding governments accountable to meeting the deadlines. If local governments miss those deadlines, they will be required to refund the project’s permit fees, waive future fees for that project, and developers will have a clear right to seek arbitration to recover costs caused by delays.

  • Requiring transparency for the public. Cities and counties will also need to publish annual performance data on their permitting timelines, so the public can hold them accountable and the state can target resources where they’re most needed. This reform brings predictability for builders and communities, speeds up construction, and helps keep costs down. By putting a shot clock on permitting, we’ll move housing from plans to reality faster and give more New Mexico families the chance to afford a place of their own.

  • Speed up construction with modular homes. Construction in New Mexico is often slowed down by labor shortages and high material costs, especially in rural areas. Modular and factory-built homes offer a way to deliver high-quality, affordable housing in months instead of years. These homes are built in factories and assembled on-site, saving time and money. I will update state building codes to fully recognize modular housing, offer tax incentives for manufacturers to set up shop in New Mexico, and require state agencies to consider modular options in publicly funded projects like workforce housing for teachers, nurses, and first responders. This will cut timelines, reduce costs, and make sure rural communities can get housing built even when construction crews are scarce.

  • Turn vacant strip malls and empty buildings into homes families can afford. Strip malls, office parks, and commercial buildings are sitting empty while families struggle to find housing they can afford. These properties already have roads, parking, and utility hookups, but they’re trapped by outdated zoning rules that prevent them from being reused. I will change state law so these properties can be converted into housing by-right, eliminating years of costly rezoning fights. To get projects moving, the state will provide low-interest loans through the New Mexico Finance Authority and fast-track permitting for developers who reuse commercial spaces for housing. This will help us create affordable apartments and mixed-use communities in places people already know, while revitalizing blighted corridors.

  • Cut wait times by modernizing local building systems. Many of New Mexico’s cities and counties still use decades-old building codes and paper-based permitting systems that bog down projects in needless delays. Even developers who meet every requirement often spend months waiting on inspections or approvals. I will provide state funding and technical assistance to digitize permitting systems, modernize codes, and streamline inspections. That means if a project meets the rules, it should be approved in weeks instead of years. By upgrading local systems, we will cut backlogs, reduce costs, and give builders the predictability they need to take on more affordable housing projects.

  • Legalize more affordable home options in every community. Too much of New Mexico is still zoned for single-family houses only, even in places close to jobs, schools, and transit. That locks families out of more affordable options like duplexes, casitas, small townhomes, accessory dwelling units (ADUs), and courtyard apartments – the kinds of homes that used to be common in our neighborhoods. I will update state law so every community must allow a mix of these housing types somewhere, while still giving cities and counties the power to shape design and placement. At the same time, I will eliminate outdated parking mandates that make projects more expensive and block smaller-scale housing. These reforms will open the door to housing that fits within existing neighborhoods, expand options for working families, and reduce the cost of building new homes across the state.

  • Save families money by building where roads and schools already exist. Where we build matters just as much as how fast we build. Too often, new housing is pushed to the far edges of our cities, forcing families into long commutes and sticking taxpayers with the bill for new water lines, roads, and schools. I will reform how the state allocates capital outlay and infrastructure grants so projects in areas with existing services and jobs get priority. By directing growth to where infrastructure already exists, we can save families money, protect open land, and get homes built more quickly. This approach makes sure that every tax dollar works harder – giving New Mexicans more homes without wasting money on sprawl.

  • Reward communities that approve and build more homes and cut outdated rules. Some communities do the hard work to cut red tape and speed up housing, but right now they get no reward for moving faster. Others stall projects for years without consequence. I will create a competitive state program that directs extra infrastructure and housing dollars to local governments that show measurable results in approving and building homes. Communities that deliver will move to the front of the line for funding, while those that stall will miss out. At the same time, I will order a top-to-bottom review of state and local housing regulations, so that every rule must prove it helps get homes built – and if it doesn’t, it will be streamlined or eliminated. This way, outdated rules won’t stand in the way of families finding a home.

Lower Rents for Working Families

Building more homes will help stabilize costs, but that’s not enough. Rents in New Mexico have gone up much faster than wages, and too many families are being pushed out of the neighborhoods where they work and send their kids to school. We need practical steps that work: building more affordable rentals, closing loopholes that give Wall Street landlords an unfair advantage, and helping families stay in their homes when a crisis hits. My plan uses tools that are already working in other states and puts them to work here in New Mexico to bring real relief to renters.

As governor, I will:

  • Build more affordable rentals in the communities where people want to live. Rents are climbing fastest in the places families need to be – near jobs, schools, and transit. But most new apartments being built are luxury units that working people can’t afford. I will expand support for developers who build mixed-income buildings, where some apartments are rented at market prices and others are reserved as affordable or workforce units, all built to the same high standard. In New Mexico, this will mean putting more state money on the table through the Mortgage Finance Authority to work alongside federal housing tax credits. Those federal credits help cover part of the cost of building apartments that rent below the market price, but they usually don’t go far enough to make a project financially possible. By adding state funds and partnering directly with developers, we can make these projects sustainable – with market-rate rents helping cover the cost of affordable units, so builders earn a fair return and more working families can live in the neighborhoods where they need to be.

  • Expand rental assistance and make vouchers work for families. Too many families fall into homelessness not because they can’t ever afford rent, but because a sudden setback – a medical bill, a lost job, or a broken car – pushes them behind. I will expand rental assistance and voucher programs, so families get help before they lose their homes. But assistance only works if landlords are willing to accept it, and too often landlords are discouraged by red tape or repair costs. I will fix that by:

  • Providing emergency rental help with small payments that cover back rent in a crisis and prevent eviction. These “precarity payments” can keep families in their homes during a short-term setback.

  • Making vouchers work in practice – ending voucher discrimination by prohibiting landlords from refusing families who use housing vouchers, and creating a landlord support fund that makes it easier to say yes. This fund would cover repair costs, provide micro-grants and guarantees, and cut back red tape. States like Massachusetts and Oregon have shown these tools work, and New Mexico can expand its own small landlord riskmitigation pilots.

Stop Speculators from Driving Up Housing Costs

Wall Street firms and corporate landlords are buying up homes in New Mexico, driving up prices, locking families out of homeownership, and leaving neighborhoods controlled by out-ofstate investors. I will take on Wall Street and put New Mexico families first by.

As governor, I will:

  • Give New Mexicans the first chance to buy homes. Too often, when landlords sell properties, Wall Street firms sweep in with all-cash offers that beat out local families. I will guarantee renters the first right to buy their homes when they go up for sale, paired with financial assistance so families can afford to make the purchase. For large rental portfolios, when hundreds of apartments are being sold at once, I will require that tenants, nonprofits, and local governments have the first chance to buy them. That way, housing stays in the hands of New Mexicans instead of being transferred in bulk to out-of-state investors.

  • Cracking down on rent-setting schemes. Across the country, some large landlords use software that secretly shares rent data and recommends higher prices across entire neighborhoods. This is essentially a form of price-fixing that pushes rents up for everyone. Federal investigations are underway, but we need to double down on them. I will make sure New Mexico acts on its own by explicitly banning landlords from using these programs, requiring transparency when algorithms set rents, and giving the Attorney General stronger authority and penalties to enforce the law. I will also allow tenants to bring their own cases when they are victims of rent-fixing, so families do not have to wait on Washington or big lawsuits to get relief.

  • Requiring transparency in bulk purchases. Wall Street investors often buy dozens or even hundreds of homes at a time, making it impossible for regular families to compete. Right now, those bulk purchases are hidden from the public. I will require investors to publicly disclose whenever they buy large numbers of homes or apartments, so communities can track ownership and push back before neighborhoods are taken over by out-of-state firms.

  • Making buying a home more affordable and transparent. On top of high prices, first-time buyers often face hidden costs, such as inflated real estate commissions and steering toward higher-priced listings. These practices make it harder for families to afford their first home. I will require clear disclosure of all commissions and fees in every real estate transaction, ban steering families toward higher-cost options, and support new, lower-cost brokerage models. These changes will make buying a home fairer and more 76 affordable for New Mexicans.

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