Vice President Kamala Harris’s campaign has revealed a set of policy proposals aimed at tackling the challenges within the residential housing market. This announcement precedes the unveiling of her broader economic policy platform at an event in North Carolina, a key swing state.
Harris’s housing plan is a four-year initiative designed to reduce housing costs for working families and address the existing housing shortage. Key elements of the plan include:
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Building More Homes:
Harris proposes the construction of three million new housing units over the next four years to directly address the shortage in housing supply.*
Incentivizing Affordable Housing:
The plan seeks to expand existing tax incentives for builders who construct affordable rental housing units.*
Support for Starter Homes:
A novel proposal introduces tax incentives for the development of starter homes, aimed at helping first-time homebuyers enter the market.*
Federal Funding for Innovation:
Harris proposes establishing a new federal fund to stimulate innovative approaches to housing construction.*
Down Payment Assistance:
The plan includes a $25,000 down payment support program for first-time homebuyers.In addition to these measures, the Harris campaign also aims to regulate corporate and large-scale landlords. The plan seeks to prevent rent-setting data firms from manipulating prices to artificially inflate rents and to limit Wall Street investors’ ability to buy up large numbers of homes and drive up prices.
The announcement of this plan has been met with positive reactions from some sectors of the housing market. Benzinga Pro data shows that homebuilder stocks, including KB Home, Toll Brothers, D.R. Horton, and PulteGroup, have seen a rise in premarket trading.
