Vice President Kamala Harris Unveils Comprehensive Economic Agenda with Focus on Housing

Down Payment Assistance for First-Time Homebuyers

Vice President Kamala Harris’s economic policy proposals, unveiled in Raleigh, North Carolina, include a significant focus on housing affordability. A key component of her plan is to provide up to $25,000 in down payment support for first-time homebuyers.

The Harris-Walz administration aims to provide this assistance to working families who have consistently paid their rent on time for two years. First-generation homeowners will receive more generous support. This measure aims to address the current challenges faced by many Americans who are unable to save enough for a down payment due to high rent and other expenses.

Addressing the Housing Supply Shortage

Beyond down payment assistance, Vice President Harris recognizes the importance of increasing housing supply to alleviate affordability challenges. Her plan includes several initiatives to support the construction of 3 million new housing units.

She proposes a $40 billion innovation fund to provide local governments with resources to implement solutions that promote housing development. Additionally, certain federal lands will be made available for repurposing into new housing projects.

Preventing Predatory Practices in the Rental Market

Recognizing the impact of corporate landlords on rental costs, Vice President Harris’s plan includes two acts aimed at curbing predatory practices:

– The Preventing the Algorithmic Facilitation of Rental Housing Cartels Act aims to prevent large landlords from using algorithms to artificially inflate rental prices.
– The Stop Predatory Investing Act targets investors who purchase large blocks of homes to rent out, driving up rental costs and making it difficult for first-time homebuyers to enter the market.

Additional Measures

Vice President Harris’s housing plan also includes measures to reduce construction costs, promote energy efficiency in new homes, and provide support for low-income families seeking affordable housing. Her approach encompasses a comprehensive set of policies aimed at making homeownership and affordable housing more accessible to all Americans.