The Republican National Committee attacked Vice President Kamala Harris on Tuesday over the high cost of home ownership, blaming the Democrat presidential nominee for "killing the American Dream."
Citing a new report that shows home prices rose at a record rate in June, the RNC said there's "little relief in sight as Americans face the most unaffordable housing market in history."
"That's no comfort to the millions of Americans for whom the American Dream of home ownership has been rendered completely unattainable in Kamala's economy," the national GOP organization said in a release.
According to public policy and political analyst Merrill Matthews, overall housing costs are up nearly 50% under the Biden-Harris administration, with the cost of home ownership at its highest level in 30 years. The median housing payment has increased by nearly $1,000 per month.
The RNC also pointed to the 135% increase in 30-year fixed mortgage rates since former President Donald Trump left office, going from 2.77% to the present average of around 6.5%.
In the second quarter of 2024, the median home sales price was $412,300 — a 22% jump since Trump's term ended — and Americans needed to earn a six-figure salary to afford a typical home in nearly half of all U.S. states.
Underscoring the difficulties of buying a home, Forbes reported almost half of all renters say they cannot afford to buy a home in the current economy.
The RNC said economists are sounding the alarm on "Kamala's so-called housing 'assistance' plan," which they say would "only worsen the affordability crisis by squeezing demand and causing prices to rise even more."
"Of course, the Radical Left's deranged policies — environmental regulations and open borders chief among them — are some of the biggest drivers around housing unaffordability," the Republican group said.
"When President Trump left office, mortgage rates were low and housing was affordable," the RNC said. "Kamala took office and brought the American Dream to the brink of existence — and now she wants to finish the job of destroying it altogether."
Harris has proposed a $25,000 tax credit for first-time home buyers and a new tax credit for developers who build homes aimed at these buyers. At an Aug. 16 campaign stop in North Carolina, she called for the building of 3 million more housing units in four years, on top of the roughly 1 million built annually by the private sector.
She also pitched a $40 billion fund to encourage local governments to build more affordable housing, streamline regulations, and expand rental aid.
The Democrat nominee's proposals are estimated to cost at least $200 billion over 10 years, according to the nonpartisan Committee for a Responsible Federal Budget.
Nicole Weatherholtz ✉
Nicole Weatherholtz, a Newsmax general assignment reporter covers news, politics, and culture. She is a National Newspaper Association award-winning journalist.
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