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NAHB Applauds Harris Housing Proposal, with Reservations
The National Association of Home Builders (NAHB) applauded Vice President Kamala Harris’ plan to increase housing production, announced Friday during a campaign event in Raleigh, NC. However, the association also expressed some reservations about the proposal.
“NAHB commends Vice President Harris for making housing and homeownership a centerpiece of her economic agenda,” NAHB chair Carl Harris said in a statement. “We are pleased that the foundation of her plan calls for the construction of three million new housing units because the primary way to tackle the nation’s housing affordability crisis is to increase the nation’s housing supply.”
While NAHB agreed with the plan’s ideas of providing a tax credit on constructing entry-level housing and expanding the Low-Income Housing Tax Credit, “Any tax incentive to support the production of starter homes must be targeted to local market conditions and be widely available,” according to the statement.
“Unfortunately, the plan makes no mention of reducing onerous federal regulations that add to the 24% cost burden on single-family home construction or the almost 41% increase on the construction of a multifamily unit. Further, on the heels of President Biden’s rent cap proposal, NAHB is concerned that efforts to target institutional investors will harm the growing single-family built for rent market, specifically those homes built for the rental market, further disincentivizing housing production that is otherwise desperately needed.”
- ◦Policy/Gov't
