Harris promises 3M homes. Is it a feasible plan or just a poll gimmick?

As Kamala Harris rolls out her ambitious plan to tackle the housing crisis in the US with a promise of helping build three million new homes over the next four years, expert opinions on the feasibility and impact of her proposal are decidedly mixed.

Sean Dobbins, a real estate developer based in California, sounded optimistic about Harris's plan. "Harris' commitment to addressing the housing shortage is promising," Dobbins told TRT World.

"Given the current state of the housing market and the rising costs, this plan has the potential to make an impact if executed effectively."

However most experts think otherwise.

Dr Fiona Green, an economist from Florida with experience in public policy, told TRT World over the phone, "While the plan sounds ambitious, there are serious concerns about its practicality and funding."

"The sheer scale of constructing three million homes and providing $25,000 in assistance to first-time buyers is daunting. It seems more like a poll gimmick than a feasible policy. The economic challenges in implementing such a large-scale plan could undermine its effectiveness and lead to more problems than solutions."

Harris' campaign recently launched a high-profile ad blitz highlighting her personal connection to the housing crisis, drawing from her experiences growing up in rental housing while her mother saved for a home.

The campaign aims to spotlight her plan's potential to ease inflationary pressures and address the ongoing housing shortage.

Notably, the ads target key American swing states like Arizona and Nevada, where housing issues are particularly pressing.

Not enough to address crisis

In addition to the proposed home construction, a key component of Harris' plan includes offering up to $25,000 in assistance to first-time homebuyers and creating tax breaks for homebuilders focused on this demographic.

Critics are quick to note that it may not be enough to address the acute housing crisis faced by many Americans.

According to a 2023 report from the US Department of Housing and Urban Development, more than 650,000 Americans were living in shelters or outside in tents or cars, marking a staggering 12 percent increase from the previous year.

Nearly half of these individuals are sleeping rough, with older adults and people of colour disproportionately affected.

Tech titan Elon Musk was among those who criticised Harris' plan on X, asserting that without a significant increase in the supply of new homes, the initiative will merely drive up prices by $25,000.

Musk suggested that this approach might fail to improve affordability and do little to address the underlying issues in the housing market.

Dr Green's concerns about the feasibility of Harris' plan underscore similar fears.

"The scale of the proposed housing initiative and its funding requirements raise questions about its practicality," Green explained.

"It’s crucial to consider whether the plan can be effectively implemented without causing unintended economic repercussions."

With the 2024 presidential election on the horizon, the effectiveness of Harris' proposals will be closely scrutinised as voters assess her ability to address one of the most pressing issues facing America.