Vice President Kamala Harris’s plan to boost the U.S. housing supply could represent the biggest push since the end of World War II, according to housing expert Jim Parrott and Mark Zandi, chief economist at Moody’s Analytics.
The Harris plan released earlier this month aims to boost the inventory of affordable housing by encouraging more construction, while also offering $25,000 in down payment assistance for first-time buyers.
To add more affordable homes for purchase, the Harris plan would also allow builders to get a tax break on profits on homes that are built and sold to first-time buyers.
Yet another part of the plan would create a new tax credit for renovating homes that couldn’t be sold for a price high enough to recoup repair costs. That would bring into the market additional supply that would otherwise sit unused.
For his part, Donald Trump told Bloomberg that he would lower housing costs by easing environmental and permitting rules. But he also has suggested at campaign events that he would limit low-income housing developments in suburbs.
The Republican Party’s 2024 platform blames high housing costs on illegal immigrants and vows to deport them, which some housing experts have said would reduce the availability of construction workers and add to costs. The platform also promises a mix of demand- and supply-side measures.
Posted by John3262005