Kamala Harris recently unveiled her housing plan, which proposes to build 3 million new units and provide $100 billion in down payment assistance.
Sounds good on paper, but history shows us this approach has consistently failed for decades. The subsidies will likely raise prices, as many first-time buyers would have bought anyway. And the construction incentives face challenges like cost overruns, corruption, and competition from private developers.
We've seen this movie before - it ends in busts, foreclosures, and lasting scars on cities.
Instead of more subsidies, we need a paradigm shift: deregulate zoning to boost supply at no taxpayer cost.
