Lending Expert’s 4 Predictions for Housing Market If Harris Wins

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With the presidential election just around the corner, many are curious about the potential impacts on various aspects of life, particularly the housing market. If Kamala Harris emerges victorious, she may introduce sweeping changes in national housing programs and policies.

According to Kamala Harris, a victory holds promise for more affordable housing initiatives and increased opportunities for first-time homebuyers. Rick Kuci, COO of FundKite, suggests Harris’ policies could promote a more inclusive housing environment and stabilize prices, creating better homeownership pathways for many individuals.

Below are Kuci’s four housing market insights if Harris secures the presidency:

Greater Affordable Housing Vision

Harris seems poised to advocate for increased affordable housing investments. These would likely concentrate on regions with elevated housing costs and limited availability. More renters and buyers could find suitable homes, reducing general costs. Additionally, increased construction could stimulate the economy, creating new job opportunities in building and construction sectors. However, given the bureaucratic nature of housing projects, noticeable impacts might not immediately surface.

If you’re a homeowner, the proliferation of affordable housing might influence property valuation, possibly causing a dip. But, this could balance out with enhanced economic activities in developing areas.

Incentives for New Buyers

Supporting first-time buyers through tax incentives is another potential strategy Harris might utilize. Beyond early initiatives like Biden’s proposal to offer up to $15,000 tax credit for first home down payments, Harris could pave the way to make this idea a reality. For many aspiring homeowners, saving for a down payment is a hurdle, and such a credit could make a substantial difference, turning dreams into reality.

Enhanced Consumer Protections

A key pillar of Harris’s potential housing policy might be the bolstering of consumer protections against predatory lending. Implementing or toughening regulations could help prevent mortgage lending exploitation. While these measures could limit some people’s loan access, they could overall secure the market, safeguarding against economic hardships reminiscent of past crises.

Empowered Tenants and Rent Controls

Supporting renters through policies focused on eviction prevention and rent stabilization could significantly influence property values and investment dynamics. Harris has championed these causes, possibly implementing federal backing for local rent control efforts. Although beneficial for renters, strengthened rent control could challenge property owners and might even encourage condominium conversions in certain areas.

Note from the editor: This coverage is neutral and aims at objective analysis across economic scenarios. Stay informed by exploring our insights on economists’ predictions under different administrations.

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