Harris’ Plan to Build 3,000,000 New Homes
During the Harris/Biden years the price of housing has increased significantly. To say it has exploded would be a fair statement. There are two principal reasons. Interest rates went up at a precipitous rate from 2.78% at the end of 2020 to 7.22% three years later. The cost of building materials during that period went up over 20%. Harris has presented a plan to counter this by adding 3,000,000 new homes over the time of her planned first term. Let’s take a look at this proposal. There is a significant housing shortage in the United States. Allowing an estimated 10 million migrants into the country during the last four years has not been particularly helpful in dealing with the problem. In 2023, 1.54 million dwellings were built in America with about 1 million of those being single family residences. Despite that, Zillow estimated there is a housing shortage of 4.5 million in mid-2024. One can only suppose that Harris’ proposal is to increase production above the current levels. That has not been defined by her. The National Association of Home Builders (NAHB) would be delighted to build those homes but has been stymied from doing such. If you go… Read More