As home prices and mortgage rates soar, housing affordability has become a central issue in the 2024 U.S. presidential election. While no president can unilaterally fix the housing market, the policies they propose can impact housing availability and affordability. LendingTree examined the strategies discussed by Kamala Harris and Donald Trump to tackle the housing crisis if elected President of the United States.
Harris Housing Policy Proposals
Kamala Harris is focusing on increasing housing supply and reducing costs. Her plan includes building three million housing units over four years to address the nationwide housing shortage. By expanding tax incentives for affordable rental housing and proposing a federal $40 billion “innovative housing construction” fund, Harris aims to streamline the development process and encourage more construction.
In addition to increasing supply, Harris is pushing for stricter regulations on corporate landlords through the Stop Predatory Investing Act and the Preventing the Algorithmic Facilitation of Rental Housing Cartels Act. These measures seek to curb large rent increases and increase competition among landlords, potentially reducing rents.
Harris also proposes offering first-time homebuyers up to $25,000 in down payment assistance. This proposal targets working families who have paid rent on time for two years, providing them with the support they need to enter the housing market.
Trump’s Housing Policy Proposals
Former President Donald Trump has been less vocal about his housing policies, though his campaign has mentioned reducing immigration as a way to lower housing costs. By limiting the number of immigrants, particularly those without legal status, the Trump campaign argues that housing demand would decrease, potentially lowering prices. Some experts suggest this approach would have a limited effect on supply, as many homes would remain occupied by legal residents.
Trump has also emphasized eliminating regulations and opening more federal land for development, claiming this would reduce home prices by increasing the available housing supply. While deregulation may cut construction costs, estimates show it is unlikely to slash prices by the 50% Trump envisions.
The Impact of Policies
Harris’ detailed proposals are more focused on expanding housing availability, but implementing them could be a challenge, as they would require congressional approval. Trump’s policies on immigration and deregulation offer fewer specific solutions, and many experts argue they are unlikely to address the root causes of the housing crisis.
Click here for more on LendingTree’s analysis of the housing policies of the 2024 presidential candidates.
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