Matt Gorman, a former aide to South Carolina Republican Sen. Tim Scott, warned during a Friday appearance on CNN that sellers will likely add to the price of their home the down payment assistance proposed by Vice President Kamala Harris.
Harris Suggested Offering up to $25,000 in down payment assistance to first-time homebuyers on Friday speech Gorman, who worked on Scott's 2024 presidential campaign, said Harris was trying to moderate positions she took during the 2020 election, but that her housing proposals were “far left.” (Related article: “It will likely lead to higher prices”: Washington Post columnist criticizes Kamala Harris' economic plan on CNN)
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CNN guest says Kamala Harris' housing proposal would 'boost the price of every home' in America by $25,000 pic.twitter.com/PG8wkHrxAX
— Daily Caller (@DailyCaller) August 16, 2024
“But when it comes to the 25K, that's going to add $25,000 to the price of every home in the country, because if you give it away for essentially free, people are going to add that to the price,” Gorman told CNN News Central co-host Boris Sanchez. “Obviously, price controls have been criticized by The Washington Post's Katherine Rampell, and this channel has spoken to her before, so you're going to see that very much featured in messaging in the coming days, or even weeks, leading up to the convention.”
Home sales in 2023 are on track to hit their lowest since 1995, according to the National Association of Realtors, while home prices hit an all-time high in May. The average U.S. mortgage rate was 6.45% as of Thursday. According to It could rise by as much as 7% or more in 2024, according to U.S. News & World Report.
Prices have risen more than 20% since President Joe Biden and Harris took office in January 2021. The Consumer Price Index rose 2.9% year-over-year in July, but that was down from a recent high of 9.1% in June 2022.
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