Carl Harris, chairman of the National Association of Home Builders (NAHB) and a custom home builder from Wichita, Kan., has issued a statement on Vice President Kamala Harris’s housing plan, unveiled during a campaign event in Raleigh, N.C. Harris praised the plan’s focus on housing and homeownership but criticized its lack of regulatory reform.
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“NAHB commends Vice President Harris for prioritizing housing and homeownership in her economic agenda. Her plan’s proposal to construct 3 million new housing units is a crucial step toward addressing the nation’s housing affordability crisis by increasing housing supply,” Harris stated.
However, he expressed concern that the plan does not address the significant federal regulations contributing to high construction costs. “While the tax incentives for builders, including a $10,000 credit for first-time buyers and $25,000 downpayment assistance, are positive moves, they must be accompanied by efforts to reduce regulatory burdens. Current regulations add up to 24% to the cost of single-family homes and nearly 41% to multifamily units.”
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Harris also pointed out potential drawbacks of targeting institutional investors, which might negatively impact the growing single-family rental market. He emphasized that NAHB’s 10-point plan includes removing excessive regulations, fixing building material supply chains, and adopting cost-effective building codes.
“Addressing these regulatory issues is vital for achieving the goal of building 3 million new housing units. NAHB is ready to collaborate with lawmakers to implement policies that will enhance housing production and improve homeownership and rental opportunities for hardworking families,” Harris concluded.