Harris has a solution for one of the main economic issues facing the United States. This is how it applies to you.
On Friday, Vice President Kamala Harris is anticipated to present her proposal to lower the cost of housing. While some analysts applauded Harris’s proposals to help buyers, others expressed concern that other aspects of her plan would make the market’s issues worse.
All Americans, regardless of political affiliation, can agree that renting is costly and that purchasing a home might often seem unattainable.
Although there are many contributing factors to the housing affordability crisis in America, supply and demand—two concepts you studied in Econ 101—are the main culprits. Due to sellers holding onto their properties and waiting to buy because they fear that historically high mortgage rates would make their next place to live too expensive, there are unusually few residences available on the market. Despite exorbitant costs and rates, demand surged during the pandemic and never stopped.
The housing affordability crisis may not be as bad as it seems, but competition in the market is still fierce. For this reason, voters in the 2024 presidential election will prioritize housing.
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