Vice President Kamala Harris shined a spotlight on the nation’s housing crisis last week during the Democratic National Convention, which brought thousands of delegates, media and other attendees to the United Center and McCormick Place. When accepting the Democratic nomination for president, Harris vowed to “end America’s housing shortage,” underscoring plans her campaign released this month that would help lower the cost of housing by making homeownership attainable for more families and spur development of “starter homes,” including efforts to lower rental costs. Some Chicago real estate professionals said they’re unsure if Harris’ proposals would be the right solution for Chicago, which is facing a housing market marred with a lack of available homes, increasing home prices and high development costs.
“Right now, I’m worried that it’s adding gas to a fire,” said April Baker, a Realtor at Berkshire Hathaway HomeServices Chicago. Harris wants to offer up to $25,000 in down payment assistance for first-time homebuyers who have paid their rent on time for two years. First-generation homeowners would be eligible for more assistance.
Her proposal also calls for the construction of 3 million new homes over the next four years. When created, that supply could help satisfy new buyers incentivized by the down payment assistance program. But the measures — paid for through taxes on corporations and high-earners — could create a frenzy in Chicago where sup.