2024 Harris Presidential Campaign Announces Real Estate-Related Proposals

The 2024 Harris presidential campaign recently announced several real estate-related measures we wanted to make you aware of:

Construction of three million new housing units

Harris plans to work with industry partners to build three million new housing units over the next four years to address the housing supply shortage. The initiative aims to make rents and mortgages cheaper by increasing the availability of both rental and for-sale housing.

Tax incentives for homebuilders

The administration wants to introduce the first-ever tax incentive for homebuilders that construct starter homes for first-time homebuyers. This proposal is intended to alleviate the shortage of houses available for aspiring homeowners. This measure would also complement the Neighborhood Homes Tax Credit, which was introduced in the Neighborhood Homes Investment Act, and encourages investment in homes that would otherwise be too costly or difficult to develop or rehabilitate.

Expansion of tax incentives for affordable rental housing

Harris promises a “historic expansion of existing tax incentives for businesses that build rental housing that is affordable.”

New federal fund for housing

A new $40 billion innovation fund will be proposed to support local governments and developers in building affordable housing. The fund would also encourage the use of innovative construction methods and financing. The Biden-Harris Administration previously proposed a fund of $20 billion.

Cutting red tape

Efforts will be made to streamline permitting processes, facilitate faster home building, and reduce the cost of housing. This proposal would also focus on “transit-oriented and [property] conversion development.”

Taking on corporate and major landlords

Harris plans to take on corporate and major landlords by expanding rental assistance, enforcing fair housing laws, and ensuring corporate landlords cannot unfairly increase rents.

Stopping predatory investing

The administration will call on Congress to pass the Stop Predatory Investing Act. The bill, which was introduced in the Senate in July 2023, would deny taxpayers that own 50 or more single family properties any tax deduction for interest paid or accrued in connection with any single-family residential rental property. It also would disallow depreciation of residential rental property owned by such taxpayers.

Preventing price fixing

Harris will also call on Congress to pass the Preventing the Algorithmic Facilitation of Rental Housing Cartels Act. The bill, which was introduced in the Senate in January 2024, would prohibit the use of algorithmic systems to artificially inflate the price or reduce the supply of leased or rented residential dwelling units in the United States. The United States Department of Justice recently announced it is suing software company RealPage, alleging RealPage’s algorithmic pricing allowed landlords of multifamily dwellings to effectively collude and set rents above market. RealPage responded they are “open to solutions” to resolve the lawsuit.

Down-payment support for first-time homeowners

The administration would provide up to $25,000 in down-payment assistance for first-time homebuyers who have paid their rent on time for two years. This support intends to be more generous for first-generation homeowners.

How we can help

As of now, it’s important to note the 2024 Harris presidential campaign has not released too much information on these real estate-related proposals. CLA's real estate professionals will continue to monitor the situation and keep you informed of any future developments. If you have any questions or concerns, please do not hesitate to reach out to us.