As the 2024 presidential election heats up, housing affordability has become a central issue.
Both Democratic nominee Kamala Harris and Republican contender Donald Trump have promised to tackle the housing crisis, with Harris proposing an ambitious plan to build 3 million new homes over her first term.
The proposal aims to address the housing shortage that has plagued Americans, pushing rents higher and making homeownership increasingly unaffordable. Harris has highlighted the need for collaboration between federal, state, and local governments, as well as the private sector, to spur construction. Her plan includes tax incentives for building affordable housing and streamlining permitting processes to expedite construction.
“Harris has really focused on encouraging additional housing production to lower prices,” said Urban Institute researcher Yonah Freemark. While increasing housing availability could help, Freemark pointed out that achieving a 50% jump in housing construction, as Harris’ plan calls for, will be a significant challenge. Issues such as financing, labor shortages, and supply chain disruptions could hinder progress.
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The campaign’s goal of 3 million homes over four years represents a 50% increase over current projections, which many experts see as difficult to attain. “A jump of that level would be quite difficult,” Freemark added, noting that Harris’ plan still leaves some details vague.
While the Federal Reserve’s recent interest rate cut could alleviate some pressure on the housing market, other hurdles remain. Congressional approval and potential resistance from local governments over zoning laws could pose significant challenges to Harris’ housing vision.
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Experts agree that where and how these homes are built will be key to the plan’s success. Economist Kyle Moore emphasized the importance of building homes in areas with job opportunities while ensuring safety and sustainability.
With Americans increasingly spending large portions of their income on rent, and homeownership seen as a vital path to financial security, the stakes are high for Harris’ plan to succeed. The housing crisis, experts warn, is more than just a political talking point—it’s a critical economic and social issue that needs urgent attention.