In the face of Ohio’s growing housing crisis, Kamala Harris, the Democratic presidential nominee, has unveiled a comprehensive plan aimed at increasing affordable housing, providing support for first-time homebuyers, and tackling the rising costs of rent. Her proposals come as Ohioans face increasing challenges in securing affordable housing, with over 1 million residents spending more than half their income on housing costs.
Affordable Housing Shortage in Ohio
Ohio, like much of the nation, is grappling with a severe shortage of affordable housing. There are currently 447,717 extremely low-income renters in the state, yet only 177,318 rental homes are available and affordable to them. This leaves a staggering gap of over 270,000 affordable units, a shortage that has been exacerbated by the loss of more than 15,000 affordable units between 2020 and 2021. This housing shortfall puts additional pressure on Ohio’s rental market and increases the risk of homelessness for vulnerable populations.
Harris’ Housing Proposals
Harris’ plan to address the housing crisis includes a series of initiatives designed to boost housing supply and make homeownership more accessible. Central to her strategy is the expansion of the Low-Income Housing Tax Credit, which she proposes increasing by $40 billion to incentivize the construction of affordable housing. Harris aims to create three million homes by 2028, a bold goal that seeks to bridge the gap between current housing needs and available supply.
In addition to increasing housing supply, Harris has pledged to provide up to $25,000 in down payment assistance for first-time homebuyers. This initiative is particularly important in Ohio, where median home prices have been steadily rising. As of July 2024, the median home sale price in Ohio had reached $242,800, reflecting a significant increase from previous years. By providing financial assistance to lower-income homebuyers, Harris hopes to open the door to homeownership for more Ohioans.
Addressing Rising Rent Costs
Rising rent costs are another critical issue that Harris seeks to tackle. She supports the Stop Predatory Investing Act, which would remove tax benefits for investors who purchase large numbers of single-family rental homes. This proposal is in response to the growing trend of corporate landlords acquiring significant portions of the rental market, driving up costs for tenants.
Furthermore, Harris has backed legislation that would penalize landlords who raise rents by more than 5% annually, applying to those who own at least 50 rental units. This measure, if passed, could impact millions of rental units nationwide, including a significant portion of Ohio’s rental market, where the affordability crisis is particularly acute.
Ongoing Efforts to Boost Affordable Housing
Harris has not only laid out future plans but is also actively working to address the housing crisis. Earlier this year, she announced a $5.5 billion investment to boost affordable housing across the nation. This funding is part of a broader effort to support economic growth, build wealth, and address homelessness in communities like those in Ohio.
The funds are allocated to various programs aimed at increasing the supply of affordable housing, including grants to state and local governments to build or rehabilitate housing units. In Ohio, this could translate into more resources to tackle the shortage of affordable homes and reduce the strain on the rental market. These investments are already in motion, underscoring Harris’ commitment to tackling the housing crisis head-on.
Harris’ proposals represent a multifaceted approach to addressing Ohio’s housing crisis, focusing on increasing affordable housing, supporting first-time homebuyers, and curbing rent increases. While these plans would require congressional approval, they offer a potential pathway to alleviate the housing challenges faced by many Ohioans today.
