Kamala Harris has rolled out a three-section plan aimed at addressing the nation’s housing shortage. Parts of it build on proposals that Joe Biden has already unveiled.
The vice president’s plan promises to provide up to $25,000 in down-payment support for first-time homebuyers. The down-payment support would apply to working families who have paid rent on time for two years, with more generous support for first-time homebuyers. The plan would also provide a $10,000 tax credit for first-time homebuyers, something Biden proposed earlier this year.
The plan would allow for more than 1 million first-time buyers per year, including first-generation homebuyers, to access the funds, according to her campaign.
Harris is also calling for the building of 3 million new housing units. To spur construction, she would provide a first-ever tax incentive for builders who build starter homes sold to first-time buyers. She also would expand an existing tax incentive for building affordable rental housing.
The plan also highlights two main proposals that aim to lower rent costs in the US. The first would block landlords from using algorithm-driven price-setting tools to set rents. The second would discourage wealthy investors from buying up properties and marking up rents in bulk by removing tax benefits for investors who buy large numbers of single-family rental homes.
