Expert DESTROYS Harris’s Housing Plan

On CNN International’s “First Move,” CNN Economics and Political Commentator, Washington Post columnist, and “PBS NewsHour” Special Correspondent Catherine Rampell insisted that Vice President Kamala Harris’s proposed tax credit for first-time homebuyers, a key part of her 2024 Democratic presidential campaign, “is likely just going to get passed along in the form of higher prices” due to limited housing supply.

“The problem is, unfortunately, the federal government doesn’t have a lot of power over the obstacles that have been holding back housing,” Rampell said during Friday’s broadcast of CNN International’s “First Move.” “At the state and local level, that’s where you’re seeing problems with red tape, with permitting issues, zoning, things like that, NIMBYism. And so, what really needs to happen is more effort at the state and local level to make it easier to build. She talked about wanting to work with states and localities, and I hope she does, but again, there just aren’t that many tools at her disposal. She had mentioned, both today, and in materials sent to reporters earlier, that she was going to push for another tax credit, a new kind of tax credit to encourage more building for homes of first-time homebuyers. I’m not exactly sure how that will work, but at least it’s kind of in the right direction.”

I thank Catherine Rampell for her spot on analysis of just how bad this proposal is from Kamala, but did she forget that she was on CNN saying this? pic.twitter.com/FM1zD0xvz6

— Jon Cook (@jonhigh5) August 16, 2024

Rampell slammed the vice president’s plan to give  $25,000 tax credit to new home buyers while noting that the plan will drive up the price of houses.

NEW: Harris will propose providing up to $25K in down payment support for 1st time homeowners, with more generous support for 1st generation homeowners, according to campaign official
She'll announce tomorrow in NC, along w/ her plan to ban corporate price-gouging on groceries

— Selina Wang (@selinawangtv) August 15, 2024

“I’m more concerned about another policy that she had — she has released on housing to give first-time homebuyers, I think it was a $25,000 tax credit, which sounds nice, but demand is already really strong,” Rampell Added. “If you do have constrained supply, that tax credit is likely just going to get passed along in the form of higher prices. It’s just going to make housing prices, … maybe not the full $25,000, but more expensive. It’s going to go into the pocket of sellers. So, subsidizing demand, not going to be super useful, but the supply stuff, if they can get it done, would be helpful.”

A CNN economist just BLASTED this part of Kamala Harris' economic agenda.

"That piece of her plan will just drive prices up." #Kamalanomics #KamalaCosts https://t.co/0nVTb0Akl9 pic.twitter.com/OEm1JZ4lRZ

— House Republicans (@HouseGOP) August 16, 2024