The National Association of Real Estate Brokers (NAREB) said it supports Vice President Kamala Harris’ plan to lower housing costs by providing incentives to builders to construct three million new units, offering $25,000 in downpayment support for first-time homebuyers and creating a $40 billion fund for local governments to build housing.
“NAREB enthusiastically supports the vice president’s housing plan,” said Courtney Johnson Rose, NAREB president. “NAREB recognizes that the lack of sufficient housing inventory is a major reason for the high prices preventing Black families and other consumers from purchasing a home. This is a tremendous plan that will help families across America.”
If Harris, the presumptive Democratic presidential nominee, is elected, she will need Congress to approve many of the provisions. She is calling for legislation to crack down on companies contributing to surging rent prices and to remove tax benefits for major investors who acquire large numbers of single-family homes.
Rose said the Harris plan is workable because housing demand outpaces new home construction by roughly 100,000 units annually, creating the largest housing shortfall in nearly half a century.
“This proposal demonstrates that Vice President Harris understands the plight of middle-class families in America, and she has innovative answers to their housing challenges,” Rose said.
Rose also welcomed a crackdown on investor-purchased single-family homes.
“Investor home purchases negatively impact the affordability and supply of homes for sale, particularly for lower-income households,” she said. “Investors outbid typical homebuyers and pay cash for houses and not perform inspections or appraisals. Many investor-owned single-family homes are transformed into rental housing, removing it from the owner-occupied stock.”