The concerns of homeowners and first-time buyers are re-emerging as one of the hottest topics of the presidential election.
Forget the name-calling and conventions that we’ve seen recently because it’s clear our votes are going to come down to important issues such as who can best manage the economy – and plans for the real estate sector are a large part of that.
As a local agent, I am continually meeting folks who are frustrated by the continuing high mortgage costs and the resulting difficulty in buying and selling property.
Many folks have simply had to put their plans on hold, and they’re frustrated. I totally get it.
A fundamental challenge for the American property market is creating enough homes for everyone. While there is sufficient supply, demand will continue to push up prices – that’s one of the most basic economic equations.
So, it’s interesting to see the re-introduction of the American Housing and Economic Mobility Act, which is designed to build or rehabilitate nearly 3 million housing units.
It’s a Democratic initiative, and Massachusetts Senator Elizabeth Warren said the passing of the bill would ensure the building of 3 million homes over the next decade and “bring down rents for lower-income and middle-class families by 10%, saving the average family $140 per month”.
Senator Warren said in a statement: “The only way to dig our country out of this housing crisis is to build more housing so everyone has a place to call home.”
The proposal also seeks to provide downpayment assistance and incentivize local governments to eliminate unnecessary land use restrictions.
Additionally, descendants of veterans may become eligible for loans guaranteed by the Department of Veterans Affairs.
Congress currently has a bipartisan real estate caucus of lawmakers concerned with the importance of the property market to the American economy. However, the passing of legislation before the presidential election will be difficult.