With Vice President Kamala Harris on track to become the Democratic nominee for president, there is much speculation on how her policies will align with those of President Joe Biden, particularly in the realm of affordable housing. Harris has been a vocal advocate for affordable housing throughout her career, aiming to ensure that every American has access to adequate housing options.
During her time as attorney general for California, Harris played a significant role in drafting and passing the California Homeowner Bill of Rights, which aimed to protect homeowners from unfair practices. Additionally, she secured an $18 billion agreement as part of a national multistate settlement to assist homeowners who faced foreclosure or fraud in 2012. As a senator, Harris introduced the Rent Relief Act in 2018, offering tax credits to renters earning below $100,000 who spent over 30% of their income on rent and utilities. She later resubmitted an updated version in 2019, advocating for monthly tax credit payments to eligible households while capping the credit amount at 100% of small area fair market rents.
In recent months, Harris announced an $85 million grant for the Pathways to Removing Obstacles for Housing (PRO Housing) project, focusing on increasing building activity and reducing housing and rental costs for families through the U.S. Department of Housing and Urban Development. Additionally, she allocated $5.5 billion through HUD to enhance affordable housing, economic growth, wealth building, and homelessness solutions across communities in America.
The country is currently grappling with escalating homelessness rates and exorbitant housing costs. A report by the Harvard University Joint Center for Housing Studies revealed that 653,100 individuals experienced homelessness in 2023, a sharp increase from the previous year. Biden Administration has introduced housing policies aimed at expanding the availability of affordable housing and lowering costs for buyers and renters, with Harris actively involved in shaping these initiatives.
One notable policy proposed by Harris during her 2020 Presidential campaign is the LIFT the Middle Class Act, which would provide a refundable tax credit of up to $3,000 per person or $6,000 per married couple for qualifying middle- and working-class Americans. Some experts argue that the LIFT Act may be more beneficial for renters compared to Biden’s 5% rent cap increase proposal, as it could help mitigate the negative effects of rent inflation without creating supply constraints.
Economists and housing experts have differing views on the efficacy of Harris’ proposed policies. While the rent cap may offer temporary relief, it could lead to unintended consequences such as landlords removing properties from the rental market. On the other hand, the LIFT Act’s tax credit approach avoids such distortions and directly addresses rent inflation concerns.
As Harris’ candidacy gains momentum, her stance on affordable housing and related policies will be closely scrutinized. While her initiatives show promise in addressing the housing crisis in America, there are ongoing debates about the most effective strategies to ensure accessibility and affordability for all. Harris’ track record and proposed policies indicate a commitment to advancing housing equity, but the true test lies in the implementation and impact of these measures on individuals and communities nationwide.
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