The housing market in the US is experiencing a crisis, with millions unable to afford to buy a home or rent an apartment. The shortage of homes for sale has led to bidding wars and soaring prices, with the median sales price reaching an all-time high of $426,900 in June. Renters are also facing challenges, with the median asking rent remaining 20% higher than pre-pandemic levels.
Both Vice President Kamala Harris and former President Donald Trump have put forward proposals to address the housing crisis ahead of the upcoming presidential election. Harris is focusing on expanding access to affordable housing through policies such as offering first-time homebuyers up to $25,000 in down payment assistance and increasing federal funds for construction. Trump, on the other hand, is prioritizing tax incentives for homebuyers and reducing regulations on home construction.
Both candidates have indicated support for easing zoning laws and using federal lands for residential construction. However, experts warn that introducing buyer incentives without addressing the tight supply of homes could further drive up prices and make homeownership less affordable.
Ultimately, economists agree that while both candidates’ proposals offer some good ideas, there is no sure fix to the housing market’s longstanding challenges. The next president will need the support of lawmakers in Congress to implement any meaningful changes.
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