Vice President Kamala Harris is launching a new ad campaign to promote her proposal to construct 3 million new homes within four years. The initiative aims to address inflationary pressures and presents a stark contrast to former President Donald Trump’s approach to housing issues. In the one-minute ad released on Tuesday, Harris shares her personal background of growing up in rental housing while her mother saved up for a decade to purchase a home. The ad is targeted at voters in swing states like Arizona and Nevada. Additionally, campaign surrogates are organizing 20 events this week focusing on housing problems.
Apart from advocating for increased home construction, Harris is suggesting that the government offer up to $25,000 in assistance to first-time homebuyers. This proposal comes at a crucial time as housing expenses have been a significant factor contributing to inflation. Shelter costs have risen by 5.1% in the last 12 months, surpassing the overall inflation rate of 2.9%, as reported by the Bureau of Labor Statistics.
The Harris plan includes providing tax incentives for homebuilders targeting first-time buyers and expanding current incentives for companies constructing rental properties. Addressing zoning restrictions that hinder home supply, Harris aims to double the available funding to $40 billion to encourage local governments to eliminate regulations blocking additional construction.
Contrary to Trump’s real estate background, data reveals a persistent housing shortage during his presidency that continues to present challenges. The issue escalated as inflation surged amidst the post-pandemic recovery and increased food and energy costs following the conflict in Ukraine. Trump put forth various ideas to reduce housing costs, such as linking it to curbing illegal immigration to decrease demand for housing.
While Trump’s campaign rejects Democratic efforts to promote apartment and condominium construction in suburbs and cities, supporters of Trump’s policies argue that a return to his presidency would bring federal spending under control and subsequently lower interest rates. Trump’s campaign contends that Harris’s housing agenda is financially unsustainable, although Trump himself has criticized her support for tax hikes that could potentially offset the costs.
Trump’s strategy includes casting doubt on Harris’s ability to fund her housing proposals, particularly highlighting her support for aiding first-time homebuyers, including undocumented immigrants. The Harris campaign plans to host events focusing on housing affordability in various cities across states like Pennsylvania, Arizona, Nevada, North Carolina, and Georgia.
