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Harris housing plan includes construction of 3M units, $25K down payment support

by Alex Gangitano - 08/15/24 7:21 PM ET

Vice President Harris is set to announce a plan to lower housing costs and end the housing shortage through the construction of new units and down payment support to first-time homebuyers, according to Harris-Walz campaign officials.

Harris’s “urgent and comprehensive four-year plan” will call for constructing 3 million new housing units, a tax incentive for homebuilders to construct “starter homes” to sell to first-time homebuyers and a $40 billion innovation fund for local governments to build housing.

The plan would also include $25,000 in down payment support for first-time homeowners. Home renters who paid their rent on time for two years and are buying their first home would be eligible for the down payment assistance.

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Additionally, the plan includes expanding rental assistance for eligible Americans, including veterans, by enforcing “fair housing laws.” She will call for legislation to crack down on companies contributing to surging rent prices and legislation to remove tax benefits for major investors who acquire large numbers of single-family rental homes.

“[Former President] Trump likes to talk about being a builder, but when he was President, he simply never got it done,” Harris-Walz campaign officials said in a statement. “New home construction slowed down while Trump was in office — tightening the housing crunch and enabling his wealthy friends to profit. More housing units have been under construction every month of the Biden-Harris Administration than during any month of Trump’s presidency.”

Harris is set to announce Friday her plans to lower costs at her rally in North Carolina. As part of her proposal, she will also call for a federal ban on corporate price gouging in an effort to lower the cost of groceries.