Staff Reports
Kamala Harris is clearly revving up her housing strategy to tackle America’s ongoing real estate woes, which has been challenging for many first-time buyers. In a move that seems eerily familiar, the Vice President wants to construct 3 million new homes during her term, following in the footsteps of President Biden, who previously proposed 2 million. One can’t help but wonder if these numbers are just arbitrary targets pulled from a hat, designed to sound impressive enough to distract from the underlying issues with the American housing market.
In her upcoming economic plan, Harris will reportedly introduce new tax incentives for builders to prioritize homes for first-time buyers. However, specifics of these incentives remain as vague as a politician’s promise during election season. This only raises suspicion about whether this plan is genuinely intended to alleviate housing stock or simply another way to enrich the construction industry under the guise of helping the little guy.
You’re clearly desperate to win, Kamelot @VP …
"Harris to propose construction of 3 million new homes as part of economic agenda' on SmartNews: https://t.co/9TnAZDCK6W
— In§pire Life 🕊 (@Beauty4Ashes_1) August 16, 2024
Harris’s plan seems to assume that simply throwing money at the problem will magically solve the housing crisis. Besides the tax breaks for builders, she’s pitching a $40 billion fund to help local governments tackle housing shortages. This amount doubles what Biden suggested previously, but given the track record of government spending, one has to wonder whether this will actually fix anything or just line the pockets of bureaucrats.
Adding to the mix are proposals for first-time homebuyers. Harris is suggesting that families with a good renting history may receive up to $25,000 in down-payment assistance. While this sounds generous, the logic is questionable. Critics point out that effectively putting more money into the hands of buyers could balloon demand even further, subsequently inflating home prices. It’s like trying to put out a fire by tossing gasoline on it and hoping it goes out—surely, this is not the kind of plan aspiring homeowners are hoping for.
On a related note, Harris seems to be channeling an effort to curb food inflation with a proposed ban on corporate price-gouging, which many experts expect will end in disaster. If history has taught us anything, it’s that trying to price-fix typically leads to more shortages than solutions. But then again, it’s always easier to impose regulations than to address the root causes of inflation.
In the end, Harris’s housing plan seems more like a desperate attempt to score political points rather than a legitimate effort to fix the broken housing market. With proposals that could easily end up causing more harm than good, one has to wonder whether there’s any real foresight behind this agenda, other than wishing a few billion dollars will make everything right in the world of real estate.
