Harris has a plan to fix one of America’s biggest economic problems. Here’s what it means for you

Americans across the political spectrum can agree on this: Rent is expensive, and buying a home can feel nearly impossible.

Americans across the political spectrum can agree on this: Rent is expensive, and buying a home can feel nearly impossible. America’s housing affordability crisis has a number of origins, but it largely stems from two key factors that you learned in Econ 101: supply and demand. The supply of homes on the market is extraordinarily low, as sellers hang onto their houses, waiting on the sidelines out of fear that historically high mortgage rates will make their next place to live too expensive. Demand exploded during the pandemic and it never slowed down, despite high prices and rates. Although there are signs that the worst of the housing affordability nightmare may be over, the market remains tight. That’s why housing a top issue for voters in the 2024 presidential election. Vice President Kamala Harris is expected on Friday to unveil her plan to help make homes more affordable. Although analysts cheered some of her plans to assist buyers, some feared that parts of Harris’ plan may exacerbate the problems in the market. The plan, which builds on proposals that President Joe Biden has already announced, promises: Adding more homes to the market through incentives would certainly help, multiple economists agreed. Adding housing to the market will increase inventory and should help drive prices down. But capping rent was met with skepticism.