Vice President Harris is set to announce a plan aimed at lowering housing costs and addressing the housing shortage. The “urgent and comprehensive four-year plan” includes constructing 3 million new housing units, offering a tax incentive to homebuilders for “starter homes,” and providing $25,000 in down payment support to first-time homebuyers. Renters who have paid on time for two years and are purchasing their first home would also qualify for the assistance.
The plan introduces a $40 billion innovation fund to support local governments in building housing and expanding rental assistance for eligible Americans, including veterans. It also targets corporate entities by proposing legislation to remove tax benefits for investors buying large numbers of single-family rental homes and cracking down on companies driving up rent prices.
Harris’s campaign officials criticized former President Trump’s record on housing, stating, “New home construction slowed down while Trump was in office… More housing units have been under construction every month of the Biden-Harris Administration than during any month of Trump’s presidency.”
Harris will announce the plan at a rally in North Carolina on Friday, where she will also propose a federal ban on corporate price gouging to lower grocery costs.
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