Millions of Americans can’t afford to buy a home or rent a suitable apartment, making housing a central issue for voters in the upcoming presidential election. The Harris and Trump campaigns have laid out plans aimed at boosting home construction.
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Trump says he will create tax incentives for homebuyers, cut “unnecessary” regulations on home construction and make some federal land available for residential construction, though the campaign’s platform doesn’t include any details. Trump also claims that he will lower housing costs by reducing inflation and stopping illegal immigration.
“While immigrants do add to overall housing demand, they cannot be blamed for the recent surge in home prices and rents that took off in 2020 and 2021, as immigration reached its lowest levels in decades due to the pandemic,” Herbert said.The Associated Press is the most trusted source of information on election night, with a history of accuracy dating to 1848.
The campaign, which claims the program would help more than 4 million first-time buyers and cost $100 billion, says that such down-payment assistance is not new, noting that as of 2019 nearly three-quarters of single-family mortgages included down payment aid provided by state housing finance agencies.
The federal government has offered tax incentives to homebuyers in the not too distant past. In 2008, the Obama Administration enacted a first-time homebuyer tax credit of up to $,7,500 as the housing market reeled from a housing crash and the Great Recession. It pulled forward sales as buyers seized on the incentive, but the housing market remained in a slump until 2012.
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