Following President Biden’s recent announcement that he will not seek reelection, attention has swiftly turned to Vice President Kamala Harris, who is gathering support from the Democratic Party for a potential presidential bid. With a storied career that includes roles as the district attorney of San Francisco, the California state attorney general, and a U.S. senator, Harris brings a wealth of experience to the table.
Throughout her political journey, Harris has consistently championed efforts to increase affordable housing, address the racial wealth gap, and combat mortgage fraud. These initiatives, along with her interactions with mortgage entities as attorney general, provide a glimpse into her potential housing agenda if she ascends to the presidency.
A History of Housing Initiatives
During her 2020 presidential campaign, Harris focused on racial equality and proposed a $100 billion program to help Black families and individuals buy homes. Although she did not win the 2020 race, some of her ideas have influenced policies under the Biden administration. For instance, in May, Harris announced $5.5 billion in new funding aimed at boosting affordable housing supply and expanding rental assistance through the Department of Housing and Urban Development (HUD).
However, the Biden-Harris Housing Plan has faced criticism from the mortgage industry, particularly for proposing a 5% annual cap on rent increases for landlords and advocating the construction of two million affordable homes on repurposed public land. This plan, if enacted, would be in place for the remainder of 2024 and the following two years.
Impact as California Attorney General
Harris’s tenure as California’s attorney general from 2011 to 2017 was marked by significant challenges in housing affordability and inventory. Californians, who were heavily impacted by the 2008 financial crisis, benefitted from her efforts to hold banks accountable. Notably, she played a key role in the $25 billion National Mortgage Settlement, negotiating a substantial portion of the relief for California homeowners. Her office also created the Mortgage Fraud Strike Force to combat deceptive lending practices and foreclosure scams.
Legislative Efforts and Positions
In the Senate, Harris co-sponsored the Housing is Infrastructure Act with House Financial Services Committee Chairwoman Maxine Waters. This bill aimed to address the public housing capital backlog and improve living conditions for low-income households. Though it has yet to see significant progress, Harris’s advocacy underscores her commitment to housing issues.
Harris also opposed the 2018 regulatory relief law that relaxed certain mortgage lending requirements for mid-sized banks. This stance reflects her broader approach to maintaining stringent oversight of the financial sector.
Looking Ahead
As Harris prepares for a potential presidential run, her track record suggests that housing will remain a key focus of her policy agenda. Her history of pushing for affordable housing, her efforts to address the racial wealth gap, and her commitment to holding financial institutions accountable all indicate a proactive approach to tackling the housing crisis.
With Biden’s endorsement and substantial early support, Harris is positioning herself as a strong contender. If she secures the Democratic nomination and wins the presidency, the housing market can expect a continued emphasis on affordability, regulatory oversight, and support for marginalized communities. As always, the specifics of her policies will evolve, but her past actions provide a clear indication of her priorities.