The Housing Crisis Should Be the Presidential Candidates’ Priority

The next U.S. president needs to be more than a leader of global affairs. They must be a fierce advocate for the American people, and in 2024, few issues hit harder than housing. With mortgage rates soaring, home prices still through the roof, and the supply of affordable housing at a dangerous low, the country is undeniably in a housing crisis. And while the current administration has done little to prevent the ongoing financial collapse that our country is seeing, it’s becoming increasingly clear that the next president needs to prioritize American citizens first and foremost. And work tirelessly towards solving the housing crisis we’re facing now.

Harris, building on Biden’s strategies, has revealed out a plan aimed at helping homebuyers buy their very first homes. Her proposal includes offering grants of up to $25,000 in down-payment support and tax credits for first-time buyers. She also aims to incentivize the construction of affordable rental housing. This plan is deeply flawed as it fails to place any regulations in place that stop rental and mortgage prices from inflating uncontrollably. When what we need is providing immediate relief to those entering the market while also addressing long-term supply shortages by encouraging the construction of starter homes with laws in place that put a cap on raising prices.

Trump, meanwhile, takes a different approach, one that aligns with his party’s focus on deregulation and cutting government red tape. He has proposed using federal land to alleviate housing shortages, aiming to increase the housing supply more rapidly. The Republican National Committee has also signaled that their strategy will involve tax incentives for first-time buyers, along with efforts to reduce regulations that, in their view, unnecessarily inflate housing costs.

Both candidates’ plans reflect a recognition of the urgent need for reform in housing policy. Harris’ proposals are more geared toward direct financial aid for homebuyers but misses the reality of many middle-class citizens who cannot afford a downpayment or a mortgage, while Trump’s strategy centers around leveraging federal land and reducing regulatory burdens.

As the housing crisis deepens, voters will have to decide which vision offers the most viable path forward. The next president will have to make housing a priority to ensure that the American dream of homeownership remains achievable.