On Tuesday, Vice President Kamala Harris kicked off a new advertising initiative focused on her ambitious goal of constructing 3 million homes over the next four years, all aimed at tackling inflation.
In a one-minute ad, Harris shares her own experience of growing up in rental properties and how her mother took ten years to save for their first home. This campaign is tailored for key swing states such as Arizona and Nevada, and it’s part of a larger strategy to put housing challenges front and center. In fact, her team plans to host 20 housing-related events this week alone.
Harris’ proposal goes beyond just building new homes; it also includes offering financial aid of up to $25,000 for first-time buyers, a move that could really resonate as housing expenses remain a significant concern for consumers.
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Recent statistics show that shelter costs have jumped by 5.1% in the last year, while the overall inflation rate sits at 2.9%.
“VP Harris understands the urgent need to tackle our housing crisis, which is why she has a comprehensive plan to eliminate the housing shortage,” stated Dan Kanninen, the campaign’s battleground states director, highlighting her intention to challenge “corporate landlords and Wall Street banks” that contribute to soaring rental prices.
Inflation remains a pressing issue for many Americans, impacting their purchasing power as the costs of goods and services continue to climb. High inflation rates usually indicate a rapid rise in prices, which can affect individual finances quite significantly.
On the other hand, former President Donald Trump, who is running for the GOP nomination, blames rising prices on President Joe Biden’s energy policies. In contrast, Harris is working on new plans to reduce costs and strengthen the economy.
Harris’ housing strategy suggests tax incentives for builders who cater to first-time buyers and aims to boost existing benefits for rental housing construction. She also plans to increase funding to $40 billion to encourage local governments to ease restrictive zoning laws that limit housing supply.
Meanwhile, Trump has proposed various ideas for lowering housing costs, including claims that reducing illegal immigration would lower demand and therefore prices. He has indicated a desire to unlock more federal land for home building and even proposed creating new cities.
However, the Trump camp has criticized Harris’ proposals to construct new apartments and condominiums in suburban areas, framing these efforts as “Marxist” and harmful to property values.
Karoline Leavitt, Trump’s national press secretary, has slammed Harris’ economic strategies as “Kamalanomics,” arguing they make homeownership more difficult. Trump has echoed these criticisms, questioning the feasibility of the $25,000 grants for first-time buyers and insinuating—without evidence—that these would also benefit undocumented immigrants.
“She has no plan to fund that $25,000 grant for every first-time homebuyer, including illegals,” Trump stated at a rally in York, Pennsylvania, on August 19.
This article includes reporting from The Associated Press.