Vice President Kamala Harris, the presumptive 2024 Democratic presidential nominee, is expected to unveil a slate of economic proposals on Friday in North Carolina, including a plan to offer new homebuyers as much as $25,000 in downpayment assistance.
The plan to subsidize housing demand followed an earlier announcement that Harris wanted to impose government-controlled pricing on grocery stores in order to protect American consumers from greedy grocery store operators.
Harris’s housing proposal, which may seem enticing to young people in the market for their first homes, led many political observers to ask the obvious question: Won’t every home-seller just increase their sale price by $25,000?
Harris appears unburdened by such concerns, as she’ll offer details on the plan during a speech in Raleigh, North Carolina, according to campaign officials.
The initiative would only be open to individuals who have consistently paid their rent on time for at least two years. Although the full plan hasn’t been posted online, early reports hint that higher levels of cash support could be available for home-buyers based on their economic status.
“For many Americans, paying rent and other bills makes it nearly impossible to save for a down payment, effectively locking them out of the housing market,” Harris’s campaign said in a statement. “This plan will give them the opportunity to own a home and build wealth.”
Harris’s proposal is being characterized as an expansion and simplification of President Joe Biden’s existing housing policy, which included $25,000 in down payment aid specifically for 400,000 first-generation homebuyers and a $10,000 tax credit for first-time buyers.
Harris’s plan, however, aims to reach a broader audience, with campaign officials claiming it could benefit more than four million first-time homebuyers over the next four years.
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In addition to the down payment assistance, Harris will also propose the construction of three million new housing units for both rental and purchase, a tax incentive for developers building starter homes, and the establishment of a $40 billion innovation fund to support local housing solutions and construction financing methods.
Harris’s speech in Raleigh is expected to offer further details on how the plan will be implemented and the specific criteria for eligibility. The vice president’s office has not yet disclosed the full mechanics of how the $25,000 support will be delivered, though it is anticipated to be a direct grant rather than a tax credit.
This election seems to be an indictment of the public education and the communist propagandizing secondary education systems. Any additional spending under the Biden Harris administration went directly to the deficit. Biden openly violated the law with his student debt program. All on the backs of everyone else. This plan alone add $140b to the deficit. My first thought was like some of the observers quoted in the article…why wouldn’t the seller just add $25k to the price of the home. It is absolutely amazing how immensely stupid democrat voters are and how short sighted. Whether you liked President Trump or not this country was way better shape. Inflation was non existent. We were energy self sufficient. The border was sealed and laws in place so only true refugees were being processed. And now cackling Kamala wants price controls on groceries. If you want empty shelves vote for this idiot and her radical coward of a running mate Tampon Timmy.
If they cannot afford the down payment it is a good chance they cannot afford to make the payments.
Mike is my new hero. Well said.
In Cornell’s B school, fifty years ago, I learned that Socialism was but a stepping stone to Communism. The demorats appear to be placing two fully fledged Socialists at our back door. Let us reject the Socialists and welcome Capitalist President Trump in at our front door.
Kamala Harris is a menace .
Maine voters need to understand .
Nothing is free .
If the government gives people 25k of OUR tax money to buy a house , the cost of EVERY SINGLE house for sale will increase by 25k . It’s simple .
Maine voters need to open their eyes and understand this ,
I am not interested in giving other people my tax money to buy a house , anymore than I am in paying off their student school loans .
You really want queer boys allowed on girls sports teams ?
Hold your nose and vote for Trump .
Kamala is TOTALLY INCAPABLE of running “ any “ economy.
Any “ economist “ should realize this …..especially those that think Cornel West would do a better job than Kamala .
Once again Harris proves she’s unqualified to be President!
What more is it going to take to wake up the idiots still supporting her!
I agree that the $25,000 give away will go only to the builders/sellers. That’s exactly what happened with the heatpump program in Maine. The installers jacked up their prices accordingly. It’s the installers who get the rebate, not the homeowners.
How is our government going to pay for this. We are already skirting disaster borrowing a trillion every quarter or so under this give away your tax dollars administration. The piper will be paid at some point.
I suppose this only brings us a little closer to deeper government dependency.
Once one purchases a home the real fun starts in the maintenance and upgrading to maintain property value. If a renter can’t afford a down payment how will they maintain all the cost from owning. From property tax, mortgage payments, insurance, repairs, appliances and basic maintenance to mention a few. This is on top of basic day to day needs and wants.
This is about promise anything and everything just to stay in power.
No one has answered the question of who exactly has been running our country. We know Biden is not capable and most intelligent people know that Harris is not smart enough to do so. Who is pulling the strings?
I’m buying a house now! I’m buying a house now! I’m buying a house now!
Thank you Kammy but I’m still voting for DT & JD.