Vice President Kamala Harris faced criticism for proposing federal financial assistance to first-time homebuyers, which some argue would exacerbate inflation and further strain the housing market.
Harris promised that under her administration she would give working families up to $25,000 in down payment assistance if they have paid their rent on time for two years and are first-time buyers.
Critics claim the plan would increase demand without addressing supply issues, potentially driving up home prices.
“Kamala Harris wants to give $25,000 to illegal aliens to buy American homes. This will only further exacerbate the housing shortage in our country. It’s a disgrace,” Vance posted on X. “We should be making it easier and more affordable for American citizens to buy homes.”
American Faith previously reported a recent study revealed that, as of 2022, half of renters in the United States grapple with housing affordability issues, exacerbated by a shortage aggravated, in part, by the ongoing border crisis under the Biden administration.
Despite the study’s data being from 2022, there has been little change in economic conditions or available housing. Notably, rents have risen significantly, contributing to the housing challenge.
According to a report from the Joint Center for Housing Studies of Harvard University, a record 50% of U.S. renters in 2022 allocated a substantial portion of their income toward rent and utilities, with nearly half of them experiencing severe cost burdens by paying over 50% of their income.