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Cardone Capital CEO Grant Cardone slammed Vice President Kamala Harris’ housing insurance policies in two Fox Enterprise interviews over the previous week, calling the Democratic presidential nominee “financially illiterate” for proposing $25,000 in down fee help for first-generation homebuyers and a $10,000 tax credit score for first-time homebuyers.
“[Vice President] Kamala Harris is either financially illiterate, or she believes her audience is,” Cardone mentioned throughout an interview on Monday, the primary day of the Democratic Nationwide Conference. “This is called come-on marketing. The $25,000 credit is a come-on; it will not happen. The $6,000 child credit requires you to have two kids in the same year, that’s a come-on.”
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[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 typically used as a bait-and-switch, some kind of offer that exaggerates, that has hidden costs, exaggerated claims,” he added. “And she is, Kamala Harris is the come-on queen now, that should be her new title. What’s required for a first-time homeowner? I know you told our producers earlier that it takes a lot more than $25,000.”
Cardone mentioned the everyday homebuyer’s down fee is $35,000 — $10,000 in need of what Harris is proposing. As soon as rising house insurance coverage, owners affiliation and property tax prices are figured in, he mentioned, Harris’ down fee help program will barely make a dent within the pockets of homebuyers. He additionally famous homebuilders are already giving sizeable credit to homebuyers, making authorities help pointless.
“Yeah, look, $25,000 credits are already being delivered by builders, by the way,” he mentioned. “So the government doesn’t need to do this; the builder is willing to do it today.”
In one other interview with Fox reporter Maria Bartiromo on “Mornings with Maria,” Cardone criticized Harris’ housing and financial insurance policies, saying that her plan to extend company taxes and taxes for high-wealth People will tank the markets in Democratic-led states.
“Well, all we know is that she will continue to do what she’s done her entire career, which is more regulations, higher taxes, and allow property owners to be coalesced with a new property, and those that use the property continue to have more and more flexibility with whether they pay their rent or not,” he mentioned.
Cardone predicted companies and high-wealth People would run to Texas, Florida and different tax-friendly, Republican-led states if Harris is elected.
“If you go to Florida or Texas, those are going to be beneficiaries of a Harris win. If she wins, they will be massive beneficiaries,” he mentioned. “Arizona, Florida, for sure Texas [and] the Carolinas will be beneficiaries because they protect the property owner.”
“If Donald Trump wins, it will be a beneficiary,” he added. “Everybody that owns property around the country will benefit because he’ll loosen the regulations, lower the taxes, and put some predictability in there for property owners.”
Housing insurance policies have taken heart stage at Harris and Trump’s newest spherical of marketing campaign and rally appearances. In a current Nationwide Affiliation of Dwelling Builders survey, 77 p.c of respondents mentioned the U.S. is within the midst of a worsening affordability disaster. Eighty p.c of respondents mentioned their native officers must do extra to repair the difficulty, whereas 51 p.c mentioned the federal authorities must enact extra national-level housing affordability measures.
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Inman printed an explainer on Harris, Trump and Robert F. Kennedy Jr.’s housing insurance policies, which incorporates data on Harris’ $25,000 down fee help plan and $40 billion innovation fund, Trump’s imaginative and prescient of constructing freedom cities and relocating unhoused People into tent cities, and RFK Jr.’s plan to limit institutional homebuyers and provide 3 p.c mortgage charges by way of government-backed bonds.
Election years usually yield elevated conversations from voters about transferring to a different nation or a state that aligns with their political leanings, and Redfin’s newest election-focused analysis exhibits 2024 might be no totally different.
California misplaced a web 341,866 residents to different states in 2022, with a sizeable chunk deciding to relocate to Nevada (48,836) and Arizona (74,157). Since that migration wave, Nevada and Arizona, have seen the variety of registered Independents and Republicans rise. However, elevated migration from Washington, D.C., and New York seemingly flipped Georgia blue in 2020.
“Four years ago, the pandemic supercharged a trend that has reshaped the national housing market: People have been leaving expensive, coastal, liberal places like New York and California for affordable, inland, politically moderate places like Arizona and Nevada,” Redfin Senior Economist Elijah de la Campa mentioned.
“While a lot of people were simply moving to where they could afford a home, some sought a place where they fit in better politically. While this self-sorting can help explain the voter registration trends, it’s more likely that a lot of Arizonans and Nevadans have been feeling very disillusioned by their political choices.”
