The high cost of housing is a big problem for the presumptive Democrat presidential ticket. Unfortunately, the remedies proposed by Vice President Kamala Harris and Gov. Tim Walz will make things much worse.
It’s obvious why Harris and Walz feel compelled to do something. Inflation raised rental costs and housing prices across the nation during the Biden-Harris administration, while the high interest rates the Federal Reserve imposed to slow the devaluation of the dollar further increased the costs for new homebuyers. Home purchase prices reached record highs this year.
“Home-buying affordability dropped last fall to the lowest level since September 1985, and it fell near that level again in June,” The Wall Street Journal reports. New home sales crashed accordingly, declining by 14.9 percent in May.
Rental prices rose rapidly as well, and much faster than incomes. “Rent has…
