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Its possible thatKamala Harriscould bring big changes to the housing market if she wins.
Home prices have consistently gone up, no matter if its an election year or not.
Some potential homebuyers wait to see what will happen with the election before buying a house.
These buyers jump into the market once the election is over, leading tomore home salesand higher prices.
While sales might slow leading up to the election, there is usually an increase the following year.
Additionally, home prices have gone up in 10 of the last 11 elections.
However, here are four moves the Harris administration could make to boost the market even more.
Increase Affordable Housing
Harris is likely to push for more funding for affordable housing.
Homeownership has become unaffordable for the average American, said Thomas J. Brock, expert contributor atAnnuity.org.
Its hard to find affordable housing anywhere, but especially in big cities.
Harris might start by targeting these areas.
An investment like this could also mean a lot of new construction projects.
This could mean both renters and homebuyers have more housing options.
And an increase in supply could lower costs for everyone.
This would help prospective homeowners overcome the significant hurdles associated with buying a home.
If she wins, Harris would likely push for this to become a law.
Offering more incentives and support to first-time homebuyers can encourage more people to enter the market, said Forsythe.
Support Sustainable Building Practices
Its likely that the Harris administration might prioritize and promote sustainable building.
Promoting eco-friendly building practices could lead to long-term savings and environmental benefits, said Forsythe.
Harris would be helping fight against climate change by supporting these eco-friendly housing strategies.
But she would also be helping reduce everyones long-term heating, cooling, and energy costs.
Strengthen Tenant Protections
Harris could also focus on expanding protections for renters to addresshousing insecurity and displacement.
This would mean strengthening eviction prevention programs, and could also include policies that limit rent increases.
Protecting renters rights and offering more stability can increase overall confidence in the housing market, said Forsythe.
These measures could have a positive impact on theentire housing landscape.
Greater tenant protections could mean more renters choose to rent for longer instead of buying a home.
This could mean fewer people looking to buy their first home.
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