My Three-Pronged Plan to Lower Housing Costs
1. Increase Housing Supply
- End Bank Withholding of Housing Stock – Banks and investment firms hoard foreclosed or empty properties to restrict supply and drive up prices. I will push for policies that require banks to sell or develop these properties within a set timeframe or face financial penalties.
- Cut Unnecessary Construction Regulations – While safety and environmental standards must be upheld, excessive zoning restrictions and bureaucratic delays increase costs and limit supply. I will advocate for streamlined approval processes, especially for affordable housing projects.
- Support Small-Scale Builders Over Corporate Developers – Provide tax incentives and grants for small builders and community-based housing initiatives, rather than subsidizing large developers who prioritize luxury units over affordable homes.
2. Stop Corporate Exploitation
- Restrict Institutional Investors from Buying Up Residential Properties – Hedge funds and corporate landlords have driven up home prices by buying entire neighborhoods just to rent them out at inflated rates. I will work to ban or severely limit corporate ownership of single-family homes.
- Introduce Vacancy Taxes on Speculative Housing Hoarding – Wealthy investors and foreign buyers purchase homes only to leave them empty while waiting for property values to rise. Implementing a vacancy tax on unused properties will push them back onto the market.
- Crack Down on Rent Price Manipulation – Large landlords coordinate rent hikes through data-sharing schemes that artificially inflate prices. I will push for strong antitrust enforcement to break up these collusive practices.
3. Ensure Fair Access to Housing
- Expand First-Time Homebuyer Assistance – Implement down payment assistance programs and fair lending reforms to help working-class families achieve homeownership without predatory mortgage terms.
- Strengthen Tenant Protections – Cap excessive rent increases, prevent retaliatory evictions, and hold slumlords accountable for neglecting maintenance.
- Encourage Private Development of Affordable Housing – Instead of government-owned housing, incentivize private developers to build more affordable homes by offering tax benefits and streamlined permitting for projects that meet affordability criteria.
This plan ensures housing remains affordable and accessible by breaking corporate control of the market, increasing supply, and protecting working families—all without relying on public housing.