Housing Crisis in the US: A Growing Concern for the 2024 Election

The US housing crisis has become a pressing issue in the 2024 election, with mayors from major cities declaring it an “all hands on deck challenge.” The crisis reflects a growing sense of urgency about the worst housing shortage in decades, and has become a central theme in national politics.

Democratic presidential candidate Vice President Harris has proposed tax credits for first-time home builders and a $25,000 check for certain buyers. Her proposal includes relatively detailed policies regarding the housing sector, such as down payment assistance.

Meanwhile, her Republican rival, former President Donald Trump, has also pledged to open up federal land to housing development and help make housing affordable through deregulation.

The ability to afford to own a home was at its lowest since at least 2006 as of October last year, and is still hovering around that level. This is not just due to the continued rise in US interest rates to curb inflation, but also reflects the serious supply shortage that has been occurring since the housing market collapsed in 2008.

At a Democratic National Convention event in August, San Diego, California Mayor Todd Gloria said, “We need to prioritize housing on the national agenda. We have a responsibility at the local level, but we need federal help to get the job done. Federal will and investment can be a game changer.”

Vice President Harris has an advantage on this issue, which could be a cornerstone for her campaign to build support: In an August poll, voters in battleground states said they trusted her to address housing costs by 4 percentage points more than Trump.

“I know what it means to own a home, but sadly it remains out of reach for too many American families. We will build 3 million new homes and rental units to fix our nation’s housing shortage,” Harris promises in a new campaign ad.