To remix an old saying: when the US housing market sneezes, the US economy catches a cold.
And it feels like the housing market is tipping over and teetering on a sneeze. But this election season seems to be the moment right before a sneeze breaks out when a proactive movement (like a quick finger under the nose in the event of an actual sneeze) can quell a full-blown, damaging spasm.
What could unleash the “sneezing” of the housing economy?
Here are some of the existing issues facing affordable and fair housing that have no federal legislation or executive orders (though thankfully state and local initiatives are being addressed in some places) and that can be exacerbated in places without a legal framework.
The priorities of the sneeze guard
The Sneeze Watch priorities include the following documented U.S. housing issues that HousingWire has addressed in recent years that impact fair and affordable housing.
- Affordable shortage of housing stock
- AI-generated discrimination (e.g. price fixing and steering)
- Hoarding by business owners versus first-look periods of owner-occupier homebuyers
- Digital and modern redlining
- Need help with down payment and/or closing costs
- Stripped protection of protected classes (nationality, religion, etc.)
- HOA board dysfunctions
- Legal ‘source of income’ discrimination (veterans and their subsidies are sometimes rejected when buying or renting, etc.)
- Unfair housing devaluation and appraisal bias
- Unjust eminent domain foreclosures
Despite these misgivings, if we’re honest, real estate is still one of the best ways to build wealth (“with existing homeowners now averaging about $315,000 in home equity”). Ultimately, fair and affordable housing should apply to every American citizen, not just those living in specific zip codes (with local and state lawmakers being proactive), which requires federal outreach.
Federal Housing Priorities
With less than two months until Election Day, what national housing priorities has each presidential candidate committed to in writing so far?
Kamala Harris’ housing priorities
Here is Vice President Harris’s housing agenda from her official place:
Vice President Harris has put forward a comprehensive plan to build three million more affordable rental units and homes to end the national housing supply crisis in her first term. She will cut red tape to ensure we build more homes faster and punish companies that hoard available homes to drive up prices for local homebuyers. Vice President Harris knows that rents are too high and will sign legislation to ban new forms of price fixing by corporate landlords. As more new homes are built and the supply of affordable housing increases, Vice President Harris will provide first-time homebuyers with up to $25,000 to help with their down payments, with more generous support for first-generation homeowners. This will help more Americans experience the pride of homeownership and the financial security it represents and brings – providing more Americans with a path to middle class and economic opportunity.
Donald Trump’s housing priorities
As of today, former President Trump’s official place has not stated any specific housing priorities.
In short, of the housing priorities listed above, here’s how each candidate is doing:
Anyway, we have some lobbying to do! But planning is only the first step. As we have seen repeatedly, a president’s plans must receive approval from the House of Representatives and the Senate (click here to learn more about the feasibility of bipartisan support).
Lee Davenport is a real estate coach/educator and author.
This column does not necessarily reflect the opinion of HousingWire’s editorial staff and its owners.
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