Whether refining your business model, mastering new technology, or discovering strategies to capitalize on the next market surge, Inman Connect New York It will prepare you and make you brave enough to take a step forward. The next chapter is about to begin. Be part of it. Join us and thousands of real estate leaders, January 22-24, 2025.
Cardone Capital CEO Grant Cardone blasted Vice President Kamala Harris’ housing policies in two Fox Business interviews over the past week, calling the Democratic presidential nominee Man is “financially illiterate” because he proposes $25,000 in down payment assistance and a $10,000 tax credit for first-generation home buyers.
“[Vice President] Kamala Harris either doesn’t understand finance or she thinks her audience doesn’t understand finance,” Cardone said in an interview on the first day of the Democratic National Convention on Monday. “This is called lure marketing. The $25,000 credit is a lure; it’s not going to happen. The $6,000 child credit requires you to have two kids in the same year, which is ridiculous.
Participate in the August INMAN Intel Index Survey
[Editor’s note: Harris’ proposed change to the Child Tax Credit does not require households to have two children in the same year; parents will get the $6,000 credit for the year their child is born. The current CTC is $2,000 per child.]
“It’s often used as a bait and switch, some kind of inflated offer, hidden costs, exaggerated claims,” he added. “She is, Kamala Harris is the queen of spotlight now and that should be her new title. What does a first-time homebuyer need? I know you told our producers earlier that it’s going to take a lot more than $25,000 .
Cardone said the typical home buyer’s down payment would be $35,000, $10,000 less than what Harris proposed. He said Harris’ down payment assistance program would put little dent in homebuyers’ pockets once rising home insurance, homeowners association and property tax costs are taken into account. He also pointed out that homebuilders have extended large amounts of credit to homebuyers, making government assistance unnecessary.
“Yes, by the way, the builder has provided a $25,000 credit,” he said. “So the government doesn’t need to do this; builders are willing to do it today.
In a separate interview on Fox reporter Maria Bartiromo’s “Mornings with Maria,” Cardone criticized Harris’ housing and economic policies, saying her plan to increase corporate taxes and taxes on wealthy Americans would Pummeling markets in Democratic-led states.
“Well, all we know is she’s going to continue to do what she’s done her entire career, which is more regulation, higher taxes and allow owners to merge with new properties while those who use the property continue to With more they have more flexibility in whether they pay rent,” he said.
Carden predicted that if Harris is elected, businesses and wealthy Americans will flock to Texas, Florida and other tax-friendly, Republican-led states.
“If you go to Florida or Texas, those are going to be the beneficiaries of a Harris win. If she wins, they’re going to be huge beneficiaries,” he said. “Arizona, Florida, and of course Texas [and] The Carolinas will be the beneficiary because they protect property owners.
“If Donald Trump wins, it will be the beneficiary,” he added. “Everyone who owns property across the country will benefit because he will loosen regulations, lower taxes and provide some predictability for property owners.”
Housing policy has become a focus of Harris and Trump’s latest campaign and rally. In a recent survey by the National Association of Home Builders, 77% of respondents said the United States is in the midst of a worsening affordability crisis. Eighty percent of respondents said local officials need to do more to address the issue, while 51% said the federal government needs to enact more national housing affordability measures.
Participate in the August INMAN Intel Index Survey
Inman published an explanation of Harris, Trump and Robert F. Kennedy Jr.’s housing policies, including Harris’s $25,000 down payment assistance program and $40 billion innovation fund, Trump’s plan to build free cities and the move to free cities. Messages such as visions of homeless Americans being relocated to tent cities, and RFK Jr.’s plan to limit institutional homebuyers and offer 3% mortgage rates through government-backed bonds.
Election years typically bring more discussion among voters about moving to another country or state that aligns with their political leanings, and Redfin’s latest election-focused research suggests 2024 will be no different.
In 2022, California lost a net 341,866 residents to other states, with a sizeable portion deciding to relocate to Nevada (48,836) and Arizona (74,157). Since that wave of immigrants, the number of registered independents and Republicans has increased in Nevada and Arizona. On the other hand, increased immigration from Washington, D.C., and New York could turn Georgia blue in 2020.
“Four years ago, the pandemic exacerbated a trend that was reshaping the national real estate market: people leaving expensive, coastal, liberal places like New York and California for more affordable states like Arizona and Nevada,” said a senior economist at Redfin. , inland, politically moderate place.
“While many people are simply moving to where they can afford a home, some are looking for a place that suits them better politically. While this self-categorization could help explain voter registration trends, it’s more likely that , many Arizonans and Nevadans are deeply disappointed with their political choices.
Email Marianne McPherson
