Harris’ proposed housing plan could potentially raise costs and exacerbate the crisis

America’s housing crisis is a critical issue in this year’s presidential campaign. However, Vice President Kamala Harris’ plans to reduce rent costs and boost home ownership could potentially exacerbate the problem for our most vulnerable.

Millions of Americans are in desperate need of relief. In New York City, rent has been increasing at a rate seven times faster than wages, and it continues to rise, as evidenced by the latest July data showing an increase in rent prices in the Northeast.

Harris acknowledged the need to make it easier for developers to build new apartment units, recognizing that zoning laws and building restrictions are major contributors to the housing affordability crisis, as studies have shown.

The restrictions on housing construction have led to a reduction in supply, fueling high demand for existing rental units and driving up costs. Addressing these construction barriers is where government intervention is urgently needed.

However, Harris’ housing plan focuses on introducing new regulations that could hinder the necessary building surge and providing subsidies that may further inflate housing costs.

Elon Musk and others have pointed out the flaw in Harris’ proposal to provide first-time homebuyers with a $25,000 down payment assistance, stating that without an increase in the supply of new homes, it would only raise prices by $25,000.

Harris advocates for a federal rent cap as part of her housing proposals and aims to ban algorithms and software used by landlords to determine rental prices, effectively implementing the price control she desires.

The Department of Justice filed a lawsuit against algorithmic technology used by landlords, despite similar software being used by the government. New York City’s experience with rent control illustrates the potential negative impacts on the working class.

Economists and scholars have long opposed rent control policies due to their adverse effects on rental prices and new construction. Harris’ proposal could further exacerbate income inequality without addressing the root causes of the housing crisis.

The goal of housing policy should not be to benefit the wealthy elite but to provide affordable housing solutions for all. Harris’ proposal could have lasting negative effects unless future governments intervene to reverse the policy.

Harris’ approach to housing policy reflects a broader trend within the Democratic Party towards increased federal authority, which may have detrimental consequences if implemented without regard for local political control.

Voters must consider the potential consequences of such federal overreach when casting their ballots in upcoming elections to prevent further erosion of local decision-making powers.

It is crucial to be mindful of the systemic issues within the Democratic Party and the implications of their platform on housing policy and other important issues affecting the country.

Lee Zeldin (R) served Suffolk County in the House of Representatives from 2015 to 2023 and ran for New York governor in 2022.