Housing affordability is a key issue in the US presidential election, with Pew Research finding that 69% of Americans are concerned about housing costs. Pierre Debbas, managing partner of real estate law firm Romer Debbas, joins Wealth! Host Brad Smith to discuss how the candidates, former President Donald Trump and Vice President Kamala Harris, vary in their approaches to housing affordability. "This is one of the most important topics going into the election," Debbas says. He outlines each candidate’s relevant campaign promises, starting with Harris. "She is proposing a $25,000 down payment assistance for those below a certain income threshold. I think that the intention of this is an excellent intention, [but] my fear is that the additional liquidity and cash will just increase pricing further," Debbas says, explaining that housing affordability isn’t just a question of "more government-assisted funds to help people buy. It’s more so how do we create more housing stock. Part of her proposal that I actually really like is that she’s coming up with tax incentives to incentivize developers to develop housing for those in the primary resident average median home price of $427,000 in the country. That’s an excellent sentiment." On the other side, "President Trump’s proposal predominantly has been about freeing up federally owned land to help developers access cheap land to create more housing. And [while] again well-intentioned, [it] doesn’t move the needle." Debbas highlights that the Federal Reserve’s ongoing rate easing cycle could help housing become more affordable.
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