Walz vs Vance: Divergent Solutions for US Housing Shortage
TL/DR –
During the 2024 vice presidential debate, Tim Walz focused on addressing the housing crisis by holding Wall Street investors accountable and creating more affordable housing, while JD Vance blamed the crisis on undocumented immigrants. Walz supported creating incentives for local investment in housing, and endorsed the Stop Predatory Investing Act, which aims for tax benefits removal for housing investors who acquire large numbers of single-family rental homes. On the other hand, Vance proposed using unused federal lands for home building and advocated for the deportation of undocumented immigrants, despite critics arguing this could worsen the housing crisis, given that approximately 20% of the construction workforce in the US is undocumented.
In the 2024 vice presidential debate, Tim Walz emphasized the need for affordable housing and accountability for Wall Street investors buying up property. JD Vance focused on blaming undocumented immigrants for the housing shortage.
Minnesota Gov. Tim Walz and Ohio Sen. JD Vance explored various topics, including the economy, reproductive rights, and immigration, but the most intensive discussion centered around the current housing crisis.
The US is facing a shortage of over four million homes, causing housing prices to escalate by nearly 50% since 2020 and rent prices to rise by almost 20% since 2019, making housing unaffordable for many families.
CBS Moderator Margaret Brennan asked Walz about his campaign’s promise to create a plan for lower-income first-time homebuyer support and to encourage state and local investment in housing.
Walz criticized corporations and Wall Street investors for buying up entire neighborhood blocks and stated, “Housing is not just another commodity. It represents family and stability. We need to make it more affordable.”
According to MetLife Investment Management, institutional investors may control 40% of US single-family rental homes by 2030.
Harris has supported the Stop Predatory Investing Act and the Preventing Algorithmic Facilitation of Rental Housing Cartels Act, designed to tackle predatory housing practices and price-fixing.
Walz mentioned the success of Minneapolis, where housing stock has increased by 12% due to zoning policy changes, and compared Harris’ down payment assistance proposal to Veterans’ Affairs home loans, which typically don’t require a down payment.
On the other hand, Vance blamed higher home prices on undocumented immigrants and criticized the regulatory policies under Harris’ vice presidency. He also proposed using unused federal lands for home building and echoed Trump’s call for the deportation of undocumented immigrants.
In actuality, Trump’s deportation plan could aggravate the housing crisis since about 20% of the construction workforce in the US is undocumented. A mass deportation could lead to fewer homes being built, worsening the housing crisis.
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