Kamala Harris Pledges Ambitious Housing Reform to Tackle Rising Costs

Democratic presidential nominee Kamala Harris has unveiled an extensive housing plan focused on new construction and cost reduction. By implementing tax incentives, Harris aims to address the U.S. housing shortage. The plan includes a $40 billion fund for local governments and significant tax credits for developers and first-time homebuyers.

Democratic presidential nominee Kamala Harris aims to address the U.S. housing crisis with an ambitious plan to increase affordable housing construction. Her proposed measures include substantial tax incentives and a $40 billion fund to encourage local governments to build more affordable homes. Harris's plan also outlines a $25,000 tax credit for first-time homebuyers and further support for rental aid.

Harris's main rival, Republican Donald Trump, offers a different approach. While advocating for tax breaks and minimal regulations to drive housing costs down, he has defended local housing restrictions that limit the construction of affordable housing units. Republican campaign positions have historically opposed easing zoning laws.

Rising housing costs have been a significant concern for U.S. voters, second only to inflation and income stagnation. Harris's plan, if implemented, would aim to build 3 million additional housing units over four years. However, similar proposals from the Biden administration have struggled to pass through Congress, raising questions about the plan's feasibility.

(With inputs from agencies.)