ice President Kamala Harris to Unveil Economic Policy Proposals with Focus on Housing

Vice President Kamala Harris is set to present her economic policy proposals in Raleigh, North Carolina, on Friday, with a strong emphasis on housing affordability. Central to her plan is a proposal to offer up to $25,000 in down-payment assistance for first-time homebuyers. The initiative aims to support working families who have consistently paid their rent on time for at least two years and are purchasing their first home. The plan will provide additional support for first-generation homeowners, reflecting a broader commitment to enhancing homeownership accessibility.According to a campaign statement, the Harris-Walz administration's housing policy will also include expanding the supply of entry-level homes. The proposal builds on earlier efforts by the Biden-Harris administration, which sought $25,000 in down-payment assistance for 400,000 first-generation homebuyers and a $10,000 tax credit for first-time buyers. This new initiative aims to simplify and broaden the reach of down-payment assistance, potentially benefiting over one million first-time buyers annually.In addition to down-payment support, Harris will introduce a $40 billion innovation fund, doubling the previous $20 billion fund proposed by the Biden-Harris administration. This fund will support local governments in addressing the housing supply shortage through innovative construction financing and repurposing federal lands for new housing projects.Harris will also propose two legislative acts: the Preventing the Algorithmic Facilitation of Rental Housing Cartels Act and the Stop Predatory Investing Act. These measures aim to combat price increases driven by corporate and major landlords and bring down rental costs.The Harris campaign's broader economic agenda includes efforts to address the housing supply crisis, reduce rents and mortgages, and tackle barriers to new housing construction at both state and local levels.