The following article is from NAA's 2024 pre-election coverage. To view results and analysis on how the election will impact rental housing, view NAA's 2024 Election Insights.
View NAA's 2024 Election Insights
On or before Tuesday, November 5, 2024, voters from across the country are casting their votes in this year’s pivotal election. From local ballots to the presidential campaign trail, housing policy is at the forefront. Even more, recent Redfin research finds that 91% of “adult Gen Zers say housing affordability is important when considering who they will vote for in the upcoming presidential election, making it the top issue for that generation.” With housing as one of the most defining issues this year, here are some key trends we’re monitoring ahead of election day.
Presidential Plans
Over the past few months on the campaign trail, both major party presidential candidates have made housing – specifically housing costs – a point of conversation. Within their policy proposals, the candidates have outlined the following housing plans:
Vice President Kamala Harris (D)
- Construct 3 million new housing units in the next 4 years;
- Expand existing tax incentives for businesses that build affordable rental homes;
- Implement a $40 billion innovation fund for local governments to build housing to meet their needs and for developers that utilize innovative construction methods to build affordable housing; and
- Lower housing costs for Americans by limiting purchases of homes by Wall Street firms and prohibiting housing providers and revenue management firms from applying the software to rents.
Former President Donald Trump (R)
- Help new homebuyers by reducing mortgage rates by slashing Inflation and opening limited portions of Federal Lands to allow for new home construction;
- Promote homeownership through Tax Incentives and support for first-time buyers;
- Cut unnecessary regulations that raise housing costs; and
- Ban mortgages for undocumented immigrants to stop increases in housing costs due to illegal immigration.
Ballot Measures
Across the country, several localities have housing policy measures on the ballot this year. In total, the National Apartment Association (NAA) is tracking 19 ballot measures in 7 states that would impact policy ranging from rent control to affordable housing and property taxes. Read more with NAA’s ballot measure tracker. Read additional coverage of key housing ballot measures including input from NAA in Multifamily Dive and Multifamily Executive.
View NAA's Ballot Measure Tracker
Of note, California’s Proposition 33 would, among other changes, repeal the state’s Costa-Hawkins Rental Housing Act. Roughly 30% of the state’s rental housing was built in or after 1995, meaning those units could be subjected to additional rent controls should the proposition succeed. Read coverage of Proposition 33 with input from NAA in Multi-Housing News.
As always, NAA will continue to stand strong for the rental housing industry and promote sustainable solutions that ease affordability challenges and protect the nation’s housing infrastructure for the future. A detailed analysis of the election’s impact on the rental housing industry will be available after election day at www.naahq.org/apartment-advocate.