PROVIDENCE, RI – On Monday, March 2, 2026, Helena Buonanno Foulkes—former CVS Health executive and Democratic candidate for Governor of Rhode Island—unveiled a cornerstone of her campaign: the “Rhode Home Program.” This ambitious housing policy aims to tackle the state’s chronic inventory shortage by funding 20,000 new homes and apartments. The plan would be financed by a new tax on the state's highest earners, setting up a sharp policy contrast in the 2026 primary race to unseat incumbent Governor Dan McKee in a high-stakes rematch, Helena Foulkes has introduced a comprehensive housing strategy designed to "triple housing production" and make the state affordable for the next generation.
The 20,000-Unit Goal
At the heart of the proposal is a commitment to build 20,000 new units, a mix of houses and apartments, to alleviate a crisis that has seen home prices soar and homelessness reach critical levels. To accelerate this timeline, Foulkes’ plan emphasizes:
- Modular Housing: Utilizing modern, prefabricated construction to reduce costs and bypass traditional labor bottlenecks.
- A Revolving Fund: Establishing a dedicated state fund that reinvests returns from housing developments back into new projects, creating a self-sustaining cycle of construction.
Taxing the Top for the Foundation
The plan is fueled by a proposed “Millionaire’s Tax.” While specific brackets are still being debated in the State House, Foulkes' version focuses on high-income earners to provide a steady revenue stream for housing without increasing the burden on middle-class families.
This move aligns her with a growing legislative push in Rhode Island. Speaker K. Joseph Shekarchi recently introduced his own housing package, and Governor McKee has proposed a 3% surtax on millionaires in his fiscal 2027 budget. However, Foulkes argues her plan is more "aggressive" and "results-oriented," focusing specifically on volume and modern construction methods.
A State in Crisis
The rollout comes as Rhode Islanders rank housing and the cost of living as the most pressing issues facing the state. Recent data highlights the urgency:
- Inventory Shortage: Rhode Island continues to have some of the lowest per-capita housing production rates in the country.
- Safety Concerns: A particularly harsh 2025–2026 winter saw emergency shelters hit capacity, leading to several tragic deaths among the unhoused population.
"Rhode Island has become too expensive and a frustrating place to live," Foulkes stated during the launch. "I love this state, but I’m not sure our children are going to be able to afford to live here unless we take bold, decisive action now."
About the Real Estate Institute of Rhode Island
The Real Estate Institute of Rhode Island (REIRI) is a premier education provider dedicated to fostering excellence in the real estate profession.
Our Professional Development Center for Real Estate Studies include pre-licensing courses, continuing education, professional development, and specialized training and market analysis.
Real Estate Institute of Rhode Island
401.943.8500 - info@instituteRI.com
.png)
