Kamala Harris Puts Housing at the Center of Economic Conversation with U.S. Voters

Democratic presidential candidate Kamala Harris has pledged to build more housing as part of an effort to address rising costs that have stressed American families and left homeownership out of reach for many Americans.

While Kamala has deliberately avoided specific policies during her first month as a candidate, she has laid out detailed plans to encourage new construction and reduce costs for renters and homebuyers, particularly with tax incentives.

“We will end homelessness in the United States,” he said in accepting the Democratic nomination for chairman last week.

Republican presidential candidate Donald Trump’s campaign also promised to reduce costs through tax incentives and fewer regulations. However, during the campaign, he defended local housing restrictions that prevent the construction of many types of affordable housing.

According to a Reuters/Ipsos opinion poll conducted in May, voters ranked housing costs as the second most important economic concern, after fears of rising prices and stagnant incomes.

Housing construction plummeted during the 2007-2009 financial crisis and slowly recovered in the years that followed, leaving the U.S. with a shortage of 2.9 million units, according to Moody’s Analytics.

Pandemic-induced shortages of building materials have pushed up the price of new homes, and rising interest rates have made mortgages more expensive.

According to real estate company Zillow, home prices in the United States have increased by 50% in the last five years and rents by 35%.

Kamala’s housing plan could help her win over voters in an election where economic concerns are paramount, said Alyssa Cass, a Democratic strategist who says the issue is a top concern in focus groups.

“Anything that reduces the cost of housing is music to voters’ ears,” he said.

During an Aug. 16 campaign stop in North Carolina, Kamala advocated building 3 million more housing units over four years, on top of the roughly 1 million built each year by the private sector, through a new home construction tax credit for first-time buyers and a $25,000 tax credit for such buyers.

He also proposed a $40 billion fund to encourage local governments to build more affordable housing by simplifying regulations and expanding rental assistance, among other measures.

The Committee for a Responsible Federal Budget, a nonpartisan watchdog group, estimates that these policies would cost at least $200 billion over 10 years.

Trump’s position is less clear. The Republican Party platform supports increasing home ownership through tax incentives and eliminating regulations, though it doesn’t provide specifics.

However, Trump has also spoken out against proposals to loosen local zoning restrictions that prevent the construction of apartments, duplexes and other forms of affordable housing in neighborhoods reserved for single-family homes.

“I keep hearing that suburban women don’t like Trump,” she said last week at a campaign event in Howell, Michigan. “I keep the suburbs safe. I keep low-income towers from being built right next to their homes and I keep illegal aliens out of the suburbs.”

Trump’s vice president, Senator J.D. Vance, accused immigrants of being homeless.

Source: Terra

Rose

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