Peter Beyer SVP, Finance & Operations | realtors.com
Presidential candidates Donald Trump and Vice President Kamala Harris are trading jabs over housing affordability in a new pair of dueling campaign ads.
Harris, the Democratic nominee, has made the housing affordability crisis a centerpiece of her campaign, announcing proposals for new tax credits and incentives designed to spur more construction of starter homes and assist first-time buyers with a down payment.
“For most of my childhood, we were renters,” Harris said in a voice-over for her housing-focused campaign ad released last week. “My mother saved for well over a decade to buy a home. I was a teenager when that day finally came, and I can remember so well how excited she was.”
Harris in the ad goes on to state that the dream of homeownership is “out of reach for far too many American families,” while placing the blame on “corporate landlords” who snap up properties and rent them out at “extremely high prices.”
The Democrat vowed to “crack down” on such practices, referencing her support for a federal bill that would remove key tax incentives for investors who purchase large numbers of single-family homes. The 60-second spot also highlights her vow to build 3 million new homes during her first term if elected.
“My mother saved for years to buy a home. I was a teenager when that day finally came—I remember how excited she was.
Right now, home ownership is out of reach for too many Americans.
When I am President, we will end the housing shortage by building 3 million homes and rentals.” pic.twitter.com/PHVaSt5OCe
— Kamala Harris (@KamalaHarris) August 27, 2024
The ad is running in key swing states, including Nevada and Arizona, where home affordability lags significantly behind the national average.
“Vice President Harris knows we need to do more to address our housing crisis, and that’s why she has a plan to end the housing shortage” and will crack down on “corporate landlords and Wall Street banks hiking up rents and housing costs,” Dan Kanninen, the campaign’s battleground states director, told the Associated Press.
Just a day after the new Harris ad was released, the Trump campaign fired back with its own TV spot attacking Harris over the housing crisis.
The Trump ad consists mostly of news clips highlighting the alarming rise in home prices in mortgage rates in recent years, followed by clips of Trump and his running mate, Sen. J.D. Vance, questioning why Harris hasn’t already taken action on the issue while serving as vice president.
“Day One for Kamala was three and a half years ago,” says Trump.
Vance adds: “What the hell have you been doing for all that time?”
On the social media platform X, Trump also responded directly to a post from Harris touting her proposal to offer first-time homebuyers $25,000 in down payment assistance.
The Republican nominee quoted her post and added a screenshot of a Fox News segment showing that median sales prices for existing homes rose 39% from January 2021 to June 2024. That gain does not account for seasonal variations in home sales prices which typically peak in June. Still, from January 2021 to January 2024, home prices rose 23%.
“Kamala Harris DESTROYED the housing market. President Trump will make home ownership attainable for average Americans once again!” pic.twitter.com/tISijAqTui
— Team Trump (Text TRUMP to 88022) (@TeamTrump) August 28, 2024
The two campaign ads highlight major themes on housing affordability from each side: Harris proposing sweeping policy actions to fix the housing market; Trump pointing to her semi-incumbent status to blame Democrats for the crisis.
Harris has announced major policy initiatives on housing but provided few details. For her proposed $25,000 down payment assistance program it’s not yet clear exactly who would qualify or whether funds would come as upfront assistance or delayed tax credit. Economists have warned this program could drive home prices higher though the Harris campaign suggested buyer assistance would be staggered after tax credits boost home construction balancing supply-demand dynamics.
Trump who first gained fame as real estate tycoon has limited most remarks on housing highlighting pain from high prices mortgage rates blaming it on Harris President Joe Biden His campaign stated he would lower costs halting illegal immigration opening portions federal land construction He argued he should pressure Federal Reserve lower interest rates central bank poised do this fall reining inflation below
The two candidates are scheduled debate Sept currently only presidential debate both sides agreed.
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