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Image 1 of / 24 Caption Close Image 2 of 24 Inside 988 Franklin, Chinatown apartment. Photos: Zumper Inside 988 Franklin, Chinatown apartment. Photos: Zumper Image 3 of 24 Kitchen... Chinatown. Photos: Zumper Kitchen... Chinatown. Photos: Zumper Image 4 of 24 Bedroom of the 612 square foot place. Photos: Zumper Bedroom of the 612 square foot place. Photos: Zumper Image 5 of 24 Image 6 of 24 Bath. Photos: Zumper Bath. Photos: Zumper Image 7 of 24 In Dogpatch, SF, one used to be able to find relatively affordable renting. No more. This 1-BR rents for $3500 a month. Photos: Zumper In Dogpatch, SF, one used to be able to find relatively affordable renting. No more. This 1-BR rents for $3500 a month. Photos: Zumper Image 8 of 24 Inside 701 Minnesota, Dogpatch. Inside 701 Minnesota, Dogpatch. Image 9 of 24 Minnesota loft layout. Photos: Zumper Minnesota loft layout. Photos: Zumper Image 10 of 24 Image 11 of 24 Upper level, Dogpatch. Photos: Zumper Upper level, Dogpatch. Photos: Zumper Image 12 of 24 Dogpatch bath. Photos: Zumper Dogpatch bath. Photos: Zumper Image 13 of 24 Back in Oakland: this Lakeside 1-BR rents for $2195. Photos: Zumper Back in Oakland: this Lakeside 1-BR rents for $2195. Photos: Zumper Image 14 of 24 Inside 1529 Alice St., Oakland Lakeside apartment kitchen. Photos: Zumper Inside 1529 Alice St., Oakland Lakeside apartment kitchen. Photos: Zumper Image 15 of 24 Image 16 of 24 Is there a window in there? Lakeside apartment is 500 square feet of walls... Photos: Zumper Is there a window in there? Lakeside apartment is 500 square feet of walls... Photos: Zumper Image 17 of 24 Bath/closet of Lakeside. Photos: Zumper Bath/closet of Lakeside. Photos: Zumper Image 18 of 24 And back in SF, Russian Hill, more exclusive than ever. This 1-BR rents for $3859. Photos: Zumper And back in SF, Russian Hill, more exclusive than ever. This 1-BR rents for $3859. Photos: Zumper Image 19 of 24 Inside Russian Hill. Photos: Zumper Inside Russian Hill. Photos: Zumper Image 20 of 24 Image 21 of 24 2460 Larkin, Russian Hill kitchen. Photos: Zumper 2460 Larkin, Russian Hill kitchen. Photos: Zumper Image 22 of 24 Retro Russian Hill. Photos: Zumper Retro Russian Hill. Photos: Zumper Image 23 of 24 Russian Hill bedroom. Photos: Zumper Russian Hill bedroom. Photos: Zumper Image 24 of 24 Bill would give renters similar tax break to homeowners 1 / 24 Back to Gallery

Homeowners have long been able to deduct their mortgage payment interest as well as their property taxes from their federal tax bills. But now renters may be able to get in on some sizable housing deductions too, if a recently introduced bill is passed in the U.S. Senate.

Obviously, renters don’t have mortgage payments or property taxes, but the new bill, if passed, would allow tenants to deduct from their federal taxes what they pay in rent for their principal residence—to the tune of thousands of dollars of savings.

“There’s an unequal treatment now of owners and renters,” Rep. Alan Grayson, the Florida Democrat who introduced the bill, told Realtor.com. “Renters should be able to share in the tax savings. This is a tax benefit that would go primarily to people who need it.”

California already offers a “renter’s credit” for tenants whose adjusted gross income is $38,259 or less if single and $76,518 or less for married filers. But the credit is only $60 for singles and $120 for married couples. Hardly a windfall. Under Grayson’s program, renters in expensive cities like San Francisco could get tens of thousands in deductions.

In the article, Grayson gave the example of an average taxpayer paying about $1,500 a month (or $18,000 a year). If he or she is in the 25% tax bracket, the savings could be $4,500 a year. Obviously in the Bay Area, where the average one-bedroom is well over that (check out the gallery above), the savings could be much greater.

But living in an expensive area could also be a negative. Under the bill’s current language, renters would be unable to claim the deduction if their principal residence had an assessed or appraised value of over $1 million for the taxable year or $500,000 in the case of a married individual filing a separate return. In San Francisco, that could mean a family renting a newer two-bedroom condo wouldn’t qualify.

Then there’s the question of whether or not the bill even has a chance of passing. For now, it is sitting in the House Committee on Ways and Means. Plus, Grayson currently has no cosponsors, which makes it unlikely that it will make it out of the Republican-held house. But you never know. Renters, reach out to your representatives or continue to let the homeowners have all the fun come tax time.