To remix an old adage, when the U.S. housing market sneezes, the U.S. economy catches a cold.
And it feels like the housing market is winding up and teetering on a sneeze. But this election season seems to be that moment just before a sneeze erupts when a proactive move (like a quick finger under the nose in the case of an actual sneeze) can stifle a full-blown, damaging spasm.
What might the housing economy’s “sneeze” unload?
Here are some of the existing issues facing affordable and fair housing that do not have federal legislation or executive orders (although, thankfully, state and local initiatives are being tackled in some places) and may be exacerbated in locales without a legal framework.
The sneeze-guard priorities
The sneeze-guard priorities are the following documented U.S. housing issues that HousingWire has covered in the last couple of years that impact fair and affordable homes.
- Affordable housing inventory shortage
- AI-generated discrimination (e.g., price-fixing and steering)
- Corporate landlord hoarding vs. owner-occupant homebuyer first-look periods
- Digital and modern-day redlining
- Downpayment and/or closing cost assistance needs
- Gutted safeguarding of protected classes (nationality, religion, etc.)
- HOA board dysfunctions
- Legal “source of income” discrimination (e.g., veterans and their subsidies are at times turned away from buying or renting, etc.)
- Unfair home devaluation and appraisal bias
- Unjust eminent domain home seizures
Despite these qualms, if it is fair, real estate is still one of the best ways to build wealth (“with existing homeowners now averaging about $315,000 in equity”). Ultimately, fair and affordable housing should be for every U.S. citizen, not just those who live in specific zip codes (with local and state legislators who are proactive), which requires a federal scope.
Federal housing priorities
With under two months before election day, what national housing priorities has each presidential candidate committed to in writing thus far?
Kamala Harris’s housing priorities
Here is Vice President Harris’s housing agenda from her official site:
Vice President Harris has put forward a comprehensive plan to build three million more affordable rental units and homes to end the national housing supply crisis in her first term. She will cut red tape to ensure we build more housing faster and penalize firms that hoard available homes to drive up prices for local homebuyers. Vice President Harris knows rent is too high and will sign legislation to outlaw new forms of price fixing by corporate landlords. As more new homes are built and affordable housing supply increases, Vice President Harris will provide first-time homebuyers with up to $25,000 to help with their down payments, with more generous support for first-generation homeowners. This will help more Americans experience the pride of homeownership and the financial security it represents and brings — offering more Americans a path to the middle class and economic opportunity.
Donald Trump’s housing priorities
As of today, former President Trump’s official site has not listed any specific housing priorities.
In short, of the sneeze-guard housing priorities listed above, here is how each candidate fares:
Either way, we have some lobbying to do! But planning is just the first step. As we have seen repeatedly, a president’s plans have to pass muster in the House and Senate (click here for more on the feasibility of bipartisan support).
Lee Davenport is a real estate coach/educator and author.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
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