Democratic presidential nominee Kamala Harris on Tuesday launched a new advertising campaign highlighting her plan to build three million new homes and rentals.
Harris released a one-minute ad about her proposal to end the housing shortage. She shared a story about her family’s experience with home ownership and revealed that her mother spent a decade saving up in order to afford to buy a new home.
“My mother saved for years to buy a home. I was a teenager when that day finally came—I remember how excited she was,” Harris wrote in a post on X, along with the new ad.
“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.”
According to Harris, corporate landlords buy hundreds of houses and apartments and rent them out at “extremely high prices.”
Data from Moody’s Analytics showed housing construction collapsed during the financial crisis between 2007 and 2009, leading to a shortage of 2.9 million units.
She pledged to fight for a law that cracks down on such practices.
“Any government program that aids in the building or buying of new housing is a win,” Atlanta-based realtor Alan Corey told NTD in a statement. “I’d love programs that give home buyers down payment assistance to help get on the property ladder earlier or give builders tax incentives or grants so they can profitably build housing that isn’t considered luxury.”
“Real estate is often Econ 101, meaning prices are based on the supply and demand of housing. Demand is at an all-time high. Harris’s plan is to add supply and give buyers more choice, which in turn will help keep housing prices down and allow more first-time home buyers to purchase property. I would consider this a win for everyone,” Corey added.
Harris highlighted her housing policy in her speech on Aug. 16 in Raleigh, North Carolina, in which she outlined her economic priorities.
The policy calls for up to $25,000 in federal down payment assistance for first-time homebuyers who have paid their rent on time for at least two years.
The plan draws on Biden’s previous proposal for a $10,000 tax credit for first-time buyers. Harris has also proposed a $40 billion fund to support local innovations in housing supply solutions and empower developers to build affordable homes, a plan that builds upon Biden’s proposed $20 billion innovation fund.
However, according to the nonprofit policy group Committee for a Responsible Federal Budget, Harris’ housing proposal would cost $200 billion over four years.
Republican presidential nominee Donald Trump said he would consider offering aid to home buyers who are struggling to afford a down payment. In his address to the Republican National Convention, Trump pledged to cut regulations that raise housing costs.
According to real estate firm Zillow, U.S. home prices have risen 50 percent in the last five years, and rents have increased 35 percent. The average U.S. home value currently stands at $362,481, up 3.3 percent over the past year.
The Harris campaign plans to hold housing affordability events in the Pennsylvania cities of Harrisburg, Philadelphia and Pittsburgh, as well as the Arizona cities of Phoenix and Tucson. There will also be events in the Nevada cities of Las Vegas and Reno and the North Carolina cities of Asheville and Charlotte, in addition to Savannah, Georgia.
The Associated Press contributed to this report.