Harris is calling for the construction of 3 million new housing units over four years, which she says will ease a “serious housing shortage in America.” She also plans to promote legislation creating a new series of tax incentives for builders who construct “starter” homes sold to first-time homebuyers.
She also wants a $40 billion innovation fund — doubling a similar pot of money created by the Biden administration — for businesses building affordable rental housing units. Harris also wants to speed up permitting and review processes to get housing stock to the market more quickly.
KH is now a YIMBY - Yes In Our Backyard - about housing, the opposite of NIMBY - Not In Our Backyard.
One kind of regulation that should be relaxed in many places is zoning, allowing more multifamily housing and more multipurpose buildings, like apartment complexes with small businesses in their ground floors.
Harris further says she can lower rental costs by limiting investors who buy up homes in bulk, as well as curbing the use of price-setting tools that she argues encourage collusion to increase profits among landlords. She also wants to expand a Biden administration plan providing $25,000 in potential down payment assistance to help some renters buy a home, so that it will include a much larger swath of first-time home buyers across the country.
Increasing the supply of housing should lower its price by supply and demand, making it less attractive for such investors and giving less motive for landlords to raise rents. But homeowners may grumble at how the value of their homes has gone down.