The National Association of Home Builders (NAHB) praised Vice President Kamala Harris’ recent announcement to boost housing production, made during a campaign event in Raleigh, NC. However, the association also expressed some concerns about the plan.
In a statement, NAHB chair Carl Harris said that they appreciate Vice President Harris for prioritizing housing and homeownership in her economic agenda. They are pleased with her proposal to construct three million new homes as increasing the nation’s housing supply is crucial in addressing the affordability crisis.
While NAHB agrees with providing tax credits for building entry-level homes and expanding Low-Income Housing Tax Credit programs, they believe that any incentives should be tailored to local market conditions and widely accessible.
However, NAHB noted that there was no mention of reducing federal regulations which contribute significantly to 24% cost burden on single-family home construction or almost 41% increase on multifamily units. Additionally, following President Biden’s rent cap proposal , NAHB is concerned about targeting institutional investors as it may harm the growing single-family built-for-rent market and discourage much-needed housing production.
