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At the end of July, the median sales price of all homes sold in the USA was over $412,000, a $90,000 increase from 2019. The decade of 2010s saw 30-year fixed-rate mortgages stay below 5 percent but now average 6.2 percent. The surge in home prices, along with higher interest rates, has made housing unaffordable for many potential buyers.

The increasing home prices and mortgage rates are linked to inflation due to federal spending and the Federal Reserve’s monetary policy. However, the housing affordability crisis is primarily caused by state and local regulations that impose restrictions on building new homes. These include various regulations that increase costs and hinder new housing developments.

States and cities with stringent regulations have less affordable housing. Economists estimate how zoning restrictions add to land costs, revealing substantial increases in cities like San Francisco, New York City, Seattle, and Los Angeles.

While both presidential candidates make promises, addressing the core of the affordability crisis doesn’t fall under their jurisdiction. Most regulations hampering housing supply are imposed at the state and local levels, making it challenging for any president to enact significant change.

Harris’s proposal aims to build new housing units, challenge corporate landlords, and provide down-payment assistance. However, these steps may not effectively address the root causes or challenges of increasing housing supply. Limiting demand for housing while supply remains constrained could lead to higher prices rather than more affordable housing.

Trump also vowed to reduce regulations and open federal land for housing construction, but such actions may have minimal impact given the complex nature of the housing affordability crisis. The federal government could promote affordable housing by keeping mortgage rates low, but the current lack of focus on long-term solutions is concerning.