Democratic presidential nominee Kamala Harris on Tuesday launched a new advertising campaign highlighting her plan to build three million new homes and rentals.
Harris released a one-minute ad about her proposal to end the housing shortage. She shared a story about her family’s experience with home ownership and revealed that her mother spent a decade saving up in order to afford to buy a new home.
“Right now, home ownership is out of reach for too many Americans. When I am President, we will end the housing shortage by building 3 million homes and rentals.”
According to Harris, corporate landlords buy hundreds of houses and apartments and rent them out at “extremely high prices."
Data from Moody's Analytics showed housing construction collapsed during the financial crisis between 2007 and 2009, leading to a shortage of 2.9 million units.
She pledged to fight for a law that cracks down on such practices.
"Real estate is often Econ 101, meaning prices are based on the supply and demand of housing. Demand is at an all-time high. Harris’s plan is to add supply and give buyers more choice, which in turn will help keep housing prices down and allow more first-time home buyers to purchase property. I would consider this a win for everyone," Corey added.
Harris highlighted her housing policy in her speech on Aug. 16 in Raleigh, North Carolina, in which she outlined her economic priorities.
The policy calls for up to $25,000 in federal down payment assistance for first-time homebuyers who have paid their rent on time for at least two years.
Republican presidential nominee Donald Trump said he would consider offering aid to home buyers who are struggling to afford a down payment. In his address to the Republican National Convention, Trump pledged to cut regulations that raise housing costs.
The Harris campaign plans to hold housing affordability events in the Pennsylvania cities of Harrisburg, Philadelphia and Pittsburgh, as well as the Arizona cities of Phoenix and Tucson. There will also be events in the Nevada cities of Las Vegas and Reno and the North Carolina cities of Asheville and Charlotte, in addition to Savannah, Georgia.