Homebuilding Stocks On Investors' Radar After Kamala Harris Reveals Plan To Boost Housing Market

Author: Shanthi Rexaline | August 16, 2024 07:53am

Vice President Kamala Harris’ campaign disclosed policy proposals regarding the residential housing market ahead of the Democratic Party candidate’s unveiling of her economic policy at an event in the key swing state of North Carolina.

Harris will launch a four-year plan to bring down housing costs for working families and also alleviate housing shortages. Among the policy proposals are:

• Construction of three million new housing units to plug in the shortage in housing supply in the first four years.
• Expanding the existing tax incentives for builders to build affordable rental housing.
• Offering first-ever tax incentives for building starter homes.
• Setting up a new federal fund to spur innovative housing construction.
• A $25,000 down-payment support for first-time homeowners.

The Harris campaign also looks to clamp down on corporate and major landlords by stopping rent-setting data firms from price fixing to raise rents by double digits and forbidding Wall Street investors from buying up and marking up homes in bulk.

Here’s how the homebuilder stocks are trading in premarket trading, according to Benzinga Pro data:

• KB Home (NYSE:KBH) climbed 3.2% to $82.65.
• Toll Brothers, Inc. (NYSE:TOL) gained 2.1% to $131.64.
• D.R. Horton, Inc. (NYSE:DHI) added 0.30% to $175.81.
• PulteGroup, Inc. (PHM) rose 0.39% to $123.

See Also: Best Home Builder Stocks

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Posted In: DHI KBH TOL XHB