Harris presents housing policy proposals to reduce rental rates

On Thursday, Vice President Kamala Harris announced key housing policy proposals aimed at addressing the rising cost of rent and providing support to financially struggling renters. The proposals were revealed through details obtained by NBC News from a campaign official.

Confronting Data-Driven Lease Increases

One of the central pillars of Harris' housing policy seems to be her opposition to data firms that potentially influence rental rates. With a focus on affordability, she is advocating for measures to prevent these firms from driving up lease rates, thereby alleviating the financial burden on renters.

Combatting Wall Street's Influence on Housing Market

Harris' proposals also take aim at Wall Street investors who engage in the practice of buying and reselling homes in bulk at significantly higher prices. By addressing this issue, the Vice President aims to protect vulnerable renters and homebuyers from potential exploitation.

As part of her advocacy, Harris is urging Congress to pass the Preventing the Algorithmic Facilitation of Rental Housing Cartels Act, introduced by Senators Ron Wyden (D-Oregon) and Peter Welch (D-Vermont). This bill aims to curtail the use of private equity-backed price-setting tools by corporate landlords, which can lead to substantial rent hikes across communities nationwide.

Additionally, Harris is rallying support for the Stop Predatory Investing Act, proposed by Senator Sherrod Brown (D-Ohio) and other Democratic senators. This legislation seeks to protect communities from the detrimental practices of Wall Street investors and distant landlords, particularly focusing on reducing tax benefits for major investors acquiring large numbers of single-family rental homes.

Support for Ongoing Initiatives

Furthermore, Harris expressed her support for ongoing efforts by the Biden administration to expand rental assistance programs, boost housing supply, enforce fair housing laws, and prevent corporate landlords from taking undue advantage of taxpayers at the expense of renters.

Harris' swift transition from President Joe Biden's running mate to presidential nominee has prompted her to articulate her own policy platform and carve out a distinct position from the president's current stances. With the economy being the primary policy area she's now delving into, she is set to deliver a speech on her economic views on Friday afternoon.