Vice President Kamala Harris will outline sweeping new federal subsidies for first-time homebuyers Friday when she addresses a rally in North Carolina.
Bloomberg reports the 2024 Democratic presidential nominee will propose offering as much as $25,000 for first-time homeowners as down payment aid via funding provided by taxpayers.
Under the program, more than one million first-time home buyers who have a two-year history of on-time rent payments would be eligible for “down-payment support” and leverage into a purchase.
The plan to subsidize housing demand followed an earlier announcement Harris wanted to impose government-controlled pricing on grocery stores in order to protect American consumers from grocery store price hikes, as Breitbart News reported.
Harris’s housing proposal, which is designed to ease the progress of young buyers onto the property ladder, has sparked critics to ask: Won’t every home-seller just increase their sale price by $25,000?
Harris will apparently 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 as Harris seeks to stop the fall in homeownership the Biden administration has been party to.
“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.”
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, the Maine Wire reports.
No indication has been given of the exact sum total the government is expecting to disperse in the taxpayer-funded handout or how this will impact inflation.