🏡 Housing Hope Hanging by a Thread: Buckmaster Show Reveals Threat to Affordable Housing Programs
Critical tax credits that built thousands of homes for working Arizonans face uncertain future in political crossfire
Based on the Buckmaster Show for 5/20/25, a daily radio show in Tucson, AZ, interviewing local newsmakers. Analysis and opinions are my own.
😽 Keepin’ It Simple Summary for Younger Readers
👧🏾✊🏾👦🏾
📻 On this week's 🎙️ Buckmaster Show, the guests talked about 2️⃣ big problems that affect 👨👩👧👦 in 🌵 Tucson. First, they discussed how changing 🌎 trade rules with other countries could make 🛒 things we buy more 💰 expensive and cause other 💵 money problems. Second, they explained that special 🏗️ programs that help build 🏠 affordable houses for 👩🔧👨🔬👩🏫 working families might be 🛑 shut down by 👔 politicians, even though these programs create 👷♂️ jobs and 🏘️ homes. If the programs go away, many families who 💪 work hard might not be able to find homes they can afford in Tucson, where houses cost about 💲325,000 but most families can only afford ones that cost 💲208,000. 😢
🗝️ Takeaways
💵 America's global economic position is threatened by isolationist trade policies that could undermine the dollar's status as the world's reserve currency
🏠 Arizona's Low Income Housing Tax Credit program has generated $746 million in economic activity and created over 45,000 jobs while building essential affordable housing
🔎 Of the 14 affordable housing projects developed with Arizona's state tax credits, "not a single one" would have been financially viable without this program
👉 Despite bipartisan origins (created under Reagan, implemented under Clinton), critical housing programs are caught in partisan budget battles
📝 Democrats need their own comprehensive policy platform to counter Project 2025, focusing on energy, climate, housing, healthcare, and economic stability
🧮 The math doesn't work for many Tucsonans: median income of $64,323 can afford a $208,000 home, while average new homes cost $325,000
Tariffs, Tax Credits, and Tucson's Housing Crisis: Buckmaster Show Unmasks Economic Realities
In this week's edition of the Bill Buckmaster Show, guest host Ben Buehler-Garcia steered conversations through the treacherous waters of international trade policies and Arizona's deepening housing affordability crisis. As Trump's tariff threats loom like storm clouds on the economic horizon and critical affordable housing programs dangle precariously in political limbo, Wednesday's show couldn't have been more relevant to Tucsonans struggling to make rent in an increasingly unaffordable desert oasis.
Financial advisor Shelly Fishman delivered an impromptu economic history lesson, and affordable housing developer Reed Butler advocated for endangered tax credit programs. The show illuminated how decisions made in marble halls directly impact the wooden kitchen tables of working Arizonans.
Tariff Tantrums and Dollar Dominance: Shelly Fishman's Economic Warning
The show opened with Shelly Fishman, Buckmaster's regular financial advisor, offering a sobering historical perspective on tariffs that felt eerily prophetic given the current administration's trade saber-rattling. Fishman effortlessly connected the dots between pre-income tax America, where tariffs funded government operations, and today's threatened return to economic isolationism.
"Back in the days before stock markets and those kinds of things, countries had to find a way to pay for their governments," Fishman explained, painting a picture of America's economic childhood.
Tariffs, he noted, financed the federal government through the early 1900s, creating "a mess" that generated "one recession after another."
Gee, what economic strategy might the "stable genius" be resurrecting now? Those who cannot remember the past are condemned to retweet it...
When Buehler-Garcia asked about NAFTA negotiations during his tenure at the Tucson Metro Chamber of Commerce, Fishman seized the opportunity to contrast that deliberative process with today's executive decree approach to international trade.
"How did we get to a point where we went from that to with a stroke of a pen tariffs this week, or 100% next week, or 10%?" Buehler-Garcia asked.
Fishman explained that emergency powers granted to the presidency in the 1970s and early 1980s created this authority. However, the congressional oversight mechanisms have been "largely forgotten"—a diplomatic way of saying "conveniently ignored" as presidential power has expanded.
The conversation took an ominously prescient turn when Fishman warned about the potential consequences of economic isolationism, particularly regarding the dollar's privileged position as the world's reserve currency.
"What the Trump initiatives seem to be moving us towards is building a wall around the country that you can go through doors, but the doors have to be created and it's one, you know, by kind of deals one on one," Fishman observed.
He continued with a stark warning that should make every deficit hawk's feathers stand on end:
"If the United States moves itself into a position where we are just doing bilateral things and the Chinese Yuan or maybe the Euro move into that primary currency in world trade, then the thing that has propped us up and the ability to borrow money when we wanted to at very low rates and overspend like crazy will go away."
Interesting how quickly Republican budget scolds forget about deficits when it's time for tax cuts or trade wars, isn't it? Fiscal responsibility apparently has a partisan on/off switch.
When asked how quickly America might lose its reserve currency status, Fishman estimated "probably decades, 20 years," but cautioned that "like anything that's creepy and crawly, it starts happening slowly. Once you've noticed it, bad things have started happening."
Democrats Need Their Own Project 2025 (Minus the Dystopian Vibes)
In perhaps the most politically charged segment, Fishman advocated for a "Project 2029" to counter the Republicans' much-discussed Project 2025, suggesting Democrats desperately need their own comprehensive policy platform.
"Write it down, make it broad, do what the Republicans did in the 90s with the contract with America, do what they did with project 2025, make it absolutely clear what you believe in and the things that you would do to get us there," Fishman urged.
The conversation highlighted the Democratic Party's persistent messaging challenges, with Fishman offering a brutally honest assessment: "Democrats are very good at what we call circular firing squads. They all have an idea...but then they start shooting at each other."
Fishman's prescription for a Democratic policy blueprint was refreshingly specific: focus on energy, climate, housing, healthcare, child and elder care, tariffs, tax policy, and financial stability—all supported by "an army of leaders" from think tanks who can formulate detailed policies.
In a moment of self-awareness rarely seen in political discourse, Fishman acknowledged:
"The other problem for Democrats is we're a bunch of snobs. We're an elite thinking that we're relating to the middle class or the working class. We ain't. And we got to do that better."
Ouch. Truth hurts, doesn't it? Maybe fewer fundraisers in Martha's Vineyard and more town halls in Miami, Arizona might help bridge that gap.
Housing Hope on Life Support: Reed Butler Fights for Affordable Housing
As if the economic warning signs weren't concerning enough, the second half of the show featured Reed Butler of Butler Housing Company discussing Arizona's Low Income Housing Tax Credit (LIHTEC) program—a crucial affordable housing initiative currently languishing on legislative life support despite its proven success.
Butler, with over 40 years of real estate experience, explained how LIHTEC uses private capital through tax credits to build housing for families earning between $20,000-$50,000 annually. These aren't handouts—they're strategic investments that keep rents affordable for 30-50 years while creating jobs and stimulating economic activity.
"This is a program that involves federal tax credits. And now it also involves state tax credits," Butler explained. "The program was created back in 1986 under President Reagan and then implemented in the 90s under President Clinton. So it's a very popular, you know, Republican and Democrat funding program for affordable housing."
What makes LIHTEC particularly effective is its private-sector approach:
"Private capital comes into the state of Arizona to buy these tax credits. The private sector, both for profit and nonprofit builds the housing. And then the rents are required to be low for between 30 and 50 years."
Butler dispelled common misconceptions about affordable housing developments, explaining that they're not "the projects" people fear but quality housing for working families.
"Public housing is really for people who have no income. Affordable housing is really for people who work and have income, but they're making toward the lower end of the income range," Butler clarified. "These are working families who need a good quality decent place to live."
Notice how conservatives never complain about "handouts" when discussing tax credits for corporations or wealthy investors, but suggest helping a working family afford housing and suddenly it's "socialism"? Funny how that works.
The numbers don't lie about LIHTEC's impact: over the past four years, the program has generated $746 million in statewide economic activity, created 45,158 construction jobs, and produced $318 million in wages. Despite these impressive figures, the program's extension has become entangled in budget negotiations and political posturing.
"I don't understand why the extension of the light tech credits was not a no-brainer. A couple of hours on the floor of the House and Senate, and we're done," Buehler-Garcia wondered aloud, echoing what many Arizonans must be thinking.
The stakes couldn't be higher for Arizona's smaller communities. Butler emphasized that "14 projects have been done with the state tax credit, eight of them in small towns, not a single one would have been done without the state tax credit."
His experience with a project in Miami, Arizona, illustrated LIHTEC's transformative potential: converting a 100-year-old abandoned school into 40 affordable apartments—a project seven years in the making that would have been impossible without the tax credit.
"It's a twenty-million-dollar project, and about a third of that funding came through the state affordable housing tax credit," Butler explained. "Without that source of money, the inspiration school would just continue to sit and be a liability for the Miami Unified School District."
Despite the precarious political situation, Butler maintained his optimism: "We will, there will be an extension of the state tax credit. It might be a little messy to get there...but we'll all get there. I mean, everybody wants these housing programs to be successful."
One has to wonder, though—if "everybody" wants these programs to succeed, why are they constantly fighting for their lives in the legislature? Could it be that certain lawmakers care more about ideological purity than their c’ having a roof over their heads?
The Housing Math That Doesn't Add Up for Tucsonans
The stark reality of our housing crisis makes these policy discussions immediately relevant to Tucsonans. The city estimates we'll need 35,000 new housing units over the next decade to keep pace with demand—a nearly impossible task without tools like LIHTEC.
The math simply doesn't work for many Tucsonans: with a median income of $64,323, a typical family can afford a home around $208,000 (assuming they've somehow scraped together a $20,000 down payment in this economy). Meanwhile, Tucson's average new home price hovers around $325,000—a gap of more than $100,000.
It's not just theory or abstraction—it's the difference between housing security and constant financial stress for thousands of our neighbors. Without programs like LIHTEC, private developers simply can't make affordable housing projects financially viable.
When Buehler-Garcia asked how many affordable housing projects would pencil out without LIHTEC, Butler's answer was brutally definitive: "Not a single one."
Remember this the next time a legislator claims the "free market" alone can solve our housing crisis. The market delivers what's profitable, not necessarily what's needed—and right now, many Tucsonans need housing they can actually afford.
Connecting Economic Policy to Kitchen Table Realities
Wednesday's show brilliantly connected abstract policy discussions to Arizonans' daily financial struggles. From international trade to housing credits, these aren't just theoretical debates—they directly impact whether you can afford your rent next month or whether your small business can survive increased costs from tariffs.
When Fishman discussed trade policy's potential impact on the dollar, he wasn't just engaging in academic speculation—he was highlighting how America's global economic position directly affects interest rates, inflation, and the cost of everything from groceries to mortgages for Tucson families.
Similarly, Butler's advocacy for LIHTEC isn't about abstract policy preferences—it's about whether a single mother working two jobs can find stable housing for her family, or whether a senior on fixed income can remain in the community they've called home for decades.
These connections between macro policy and micro reality are exactly what's often missing from our political discourse, and precisely what made Wednesday's show essential listening for anyone trying to understand the forces shaping our economic future.
What Do You Think?
As Arizona lawmakers debate the fate of critical housing programs and presidential candidates propose divergent economic visions, we want to hear from you:
Should Arizona extend and expand the LIHTEC program? Or do you think there are better approaches to addressing our housing affordability crisis?
How concerned are you about potential tariff increases? Do you believe they would help or harm Arizona businesses and consumers?
Do you agree with Fishman that Democrats need their own "Project 2029" to better articulate their policy vision? What would you include in such a platform?
Share your thoughts in the comments below. Your experiences and perspectives help us build a more complete picture of how these policies affect real Arizonans.
A Path Forward
Though economic challenges loom large, Wednesday's conversations remind us that solutions exist—if we have the political will to implement them. Programs like LIHTEC demonstrate that thoughtful policy can create win-win scenarios where private investment meets public need, simultaneously creating housing, jobs, and opportunity.
Similarly, Fishman's call for a more coherent Democratic economic vision shows that better alternatives to economic isolationism are possible—ones that maintain America's global leadership while addressing domestic inequities.
The path forward requires engaged citizens who understand these connections and demand that their representatives prioritize policies that work for everyday Arizonans, not just wealthy donors or ideological purity.
At Three Sonorans, we're committed to bringing you these critical conversations and connecting the dots between policy decisions and their real-world impacts. If you value this kind of in-depth analysis of issues affecting our community, please consider supporting our work through a paid subscription to our Substack.
Your support enables us to continue providing the independent, progressive journalism southern Arizona needs now more than ever. Together, we can build the informed, engaged community necessary to create the just, affordable, and sustainable future we all deserve.
The Three Sonorans is committed to bringing you thoughtful analysis of issues affecting our community. Follow us for more coverage of housing, economic policy, and social justice issues in Southern Arizona.
Quotes
🔥 "Democrats are very good at what we call circular firing squads. They all have an idea...but then they start shooting at each other." - Shelly Fishman on Democratic Party messaging challenges
💣 "If the United States moves itself into a position where we are just doing bilateral things and the Chinese Yuan or maybe the euro move into that primary currency in world trade, then the thing that has propped us up and the ability to borrow money when we wanted to at very low rates and overspend like crazy will go away." - Shelly Fishman warning about economic isolationism
🏘️ "Fourteen projects have been done with the state tax credit, eight of them in small towns, not a single one would have been done without the state tax credit." - Reed Butler on LIHTEC's critical importance
📢 "The other problem for Democrats is we're a bunch of snobs. We're an elite thinking that we're relating to the middle class or the working class. We ain't. And we got to do that better." - Shelly Fishman with rare political self-awareness
🏗️ "I don't understand why the extension of the light tech credits was not a no brainer couple of hours on the floor of the house and Senate and we're done." - Ben Buehla- Garcia questioning why a successful program faces political resistance
📉 "It'd take probably decades, 20 years. But but like, you know, anything that's creepy and crawly, it starts happening slowly. Once you've noticed it, bad things have started happening." - Fishman on how quickly America could lose reserve currency status
People Mentioned and Notable Quotes
Ben Buehler-Garcia - Guest host of the Bill Buckmaster Show, former Tucson Metro Chamber of Commerce staff who worked on NAFTA negotiations
"I don't understand why the extension of the light tech credits was not a no brainer couple of hours on the floor of the house and Senate and we're done."
Shelly Fishman - Financial advisor and regular Buckmaster Show contributor, identifies as Democrat based on his "we're a bunch of snobs" comment
"What the Trump initiatives seem to be moving us towards is building a wall around the country that you can go through doors, but the doors have to be created and it's one, you know, by kind of deals one on one."
"Democrats are very good at what we call circular firing squads."
Reed Butler - Owner of Butler Housing Company with 40+ years in real estate, specializing in affordable housing development
"This is a program that involves federal tax credits. And now it also involves state tax credits. The program was created back in 1986 under President Reagan and then implemented in the 90s under President Clinton."
"Not a single one would have been done without the state tax credit."
Chris Hughes - Mentioned as author of "Market Crafters" and co-founder of Facebook
Not directly quoted but referenced by Fishman when discussing economic policy
Bill Buckmaster - Regular host of the show, absent for this episode
No direct quotes
Ronald Reagan - Former President mentioned as initiating the housing tax credit program in 1986
No direct quotes
Bill Clinton - Former President mentioned as implementing the housing tax credit program in the 1990s
No direct quotes
Donald Trump - Current President referenced regarding tariff policies
No direct quotes, but policies discussed
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