Vice President Harris unveils plan to lower housing costs and address shortage
Vice President Kamala Harris is set to announce a sweeping plan to tackle the U.S. housing crisis by constructing 3 million new housing units, offering down payment support for first-time homebuyers, and expanding rental assistance, according to Harris-Walz campaign officials.
Harris’s “urgent and comprehensive four-year plan” will focus on lowering housing costs and ending the housing shortage. The plan includes tax incentives for homebuilders to create “starter homes” for first-time buyers and a $40 billion innovation fund for local governments to build housing. Additionally, Harris will propose $25,000 in down payment support for first-time buyers, particularly targeting renters who have paid rent on time for two years.
The Vice President’s plan also seeks to expand rental assistance, enforce fair housing laws, and crack down on companies driving up rental prices. She will call for the removal of tax benefits for large investors who purchase single-family rental homes.
Harris-Walz campaign officials criticized former President Trump’s handling of the housing crisis, stating, “[Trump] simply never got it done… New home construction slowed down while Trump was in office — tightening the housing crunch.” In contrast, they emphasized the Biden-Harris administration’s record of increased housing construction.
Harris is scheduled to announce her plan at a rally in North Carolina on Friday, where she will also propose a federal ban on corporate price gouging to reduce the cost of groceries.
