Will Kamala Harris Fix Or Break The Housing Market? Experts Weigh In: 'Major Flaw Is That It Tries To Do Too Much'

As the presidential election draws near, housing policy is emerging as a central issue for voters grappling with soaring home prices and rents. Democratic presidential nominee Kamala Harris last week issued an ambitious plan to tackle the housing affordability crisis, but experts warn that the devil may be in the details.

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Harris’ proposal aims to build three million new homes, provide down payment assistance for first-time buyers, and boost the supply of affordable rental units. It’s an "astoundingly" broad set of initiatives that, if implemented successfully, could fundamentally reshape the housing landscape.

However, according to leading economists, the plan’s sweeping scope may also be its Achilles’ heel. “The major flaw is that it tries to do too much,” said Daryl Fairweather, chief economist at Redfin. “Its success depends on all of its various components being implemented in perfect synchrony and harmony, which would require Congress's complete – and unlikely – cooperation.”

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Fairweather, whose firm authored an analysis of the Harris plan, praised its recognition of the supply-side challenges driving the housing crisis. “Everything else won’t work unless we have more supply,” she told ABC News in a recent interview.

Industry experts have widely applauded the proposal’s measures to streamline construction, provide financing support, and incentivize builders to focus on starter homes.

Yet concerns linger about the potential unintended consequences of some elements, like the $25,000 down payment assistance for first-time buyers. “If demand increases more than supply, home prices and rents will soar even higher,” Fairweather cautioned.

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Similarly, the plan’s proposed rent control policies have drawn skepticism from economists like Joe Brusuelas of RSM U.S., who argue that market forces are already leading to rental price moderation.

Navigating the politics associated with housing policy will also be a major challenge.

While there is growing bipartisan support for addressing the shortage, local zoning battles and community resistance to new development often pose significant barriers.

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“It’s easy to make these proposals, and another thing to actually implement them,” said Jeffrey Zabel, a professor of economics at Tufts University.

Despite any concerns, the Harris plan has been praised as a serious attempt to grapple with a crisis that has only worsened in recent years. Fairweather said the proposal is “the boldest housing plan I have ever seen from a modern presidential candidate.”

As voters weigh their options, they’ll no doubt seek solutions to the housing affordability crunch. 

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