What a Biden presidency means for real estate and housing

From Biden's campaign, here's how we can expect his administration to respond to today’s most crucial housing issues.

Inman Connect

Broker Bea Sells San Diego November 14 at 5:18 PM ·

Due to the Pandemic, Buyers have been able to qualify for more due to the historically low interest rates, however, there is still a shortage of housing, and affordability is still an issue. Especially now that most, if not all, of the First Time Homebuyer Programs have pretty much disappeared....here is a summary from Inman News of what may come with the new administration come January 2021: -Invest $640 billion in housing over the next 10 years, promises more construction of homes and the refurbishment of affordable housing units through the establishment of a $100 billion Affordable Housing Fund, which will include a $20 billion investment in the federal government’s Housing Trust Fund, among other investments. -Advanceable tax credit of $15,000 when they make the purchase vs. having to wait for the following year -Roll back Trump’s tax cuts: presumably including deduction rules for things like mortgage interest, local & state taxes. -His plan also specifically states that his overall $640 billion investment in housing will be “paid for by raising taxes on corporations and large financial institutions.” -Emergency funding for things like shelters and vouchers; policy reform to prioritize a “housing first” strategy to solving the issue; and special policies for certain groups such as veterans, LGBTQ individuals and the disabled. -In order to fund a child- and elderly-care spending platform, Biden has proposed abolishing 1031 “like-kind” exchanges for investors with annual incomes above $400,000, a much favored benefit in the industry. The additional federal funds would allow Biden’s administration to accrue $775 billion in government spending over the next 10 years to help provide care for these two groups.