Experts: Housing crisis is increasing generational wealth gap — Harris' plan could have a big impact
Vice President Kamala Harris last month announced an ambitious plan to construct 3 million new housing units over the next four years. The proposal, which she made one of the key issues of her presidential campaign, aims to address the severe housing shortage that has pushed homeownership out of reach for millions of Americans and exacerbated the generational wealth gap.
Harris' plan, announced on August 16, includes the first-ever tax incentive for building starter homes, an expansion of tax incentives for affordable rental housing construction and a $40 billion innovation fund to empower local governments. The cornerstone of the proposal is a $25,000 down-payment assistance program for first-time homebuyers, expanding on the Biden administration's earlier initiatives.