The Great Divide:
Will the upcoming elections affect the housing industry?
It’s hard to remember a time that was as politically charged as this one. The country is fiercely divided between the candidates, and many serious changes could be in store for the U.S. From social issues to international affairs to the economy – this is definitely an interesting time in American politics. But how will the housing industry be affected by a Clinton or Trump presidency? Here is a look into the possible changes the housing industry might face, and how to prepare for what’s next.
A Clinton Presidency
Democratic presidential nominee Hillary Clinton has had a long and fruitful political career. Her wealth of experience is loved by her supporters, and yet fuels her detractors. Clinton is seen as a political insider, a business-as-usual candidate, with a primary focus in preserving the status quo. In the housing industry, though, this may be a benefit.
The Secretary of State recently released her housing agenda, which includes providing support to the lower-income population. The Clinton plan also focuses on removing physically deteriorated properties and revitalizing decaying neighborhoods. The long term goal of these changes is to increase property values in once forgotten areas.
A Trump Presidency
Donald Trump has spent the majority of his career in real estate, without much political experience. Trump is expected to lean on the seasoned veterans in the Republican Party, as well as like-minded business people, in formulating his housing plan. The GOP’s platform scales back the federal role in housing and puts more pressure on borrowers and lenders. The proposals seek to make renting, buying and selling homes easier with environmental deregulation. An additional focus of the platform is to overhaul the government agencies Fannie Mae and Freddie Mac, as well as to repeal the Dodd-Frank Act, with a goal to move the country toward a pro-consumer direction, bolstering real-estate growth.
Whatever the result of this historic election is, the U.S. housing industry is in store for change. One absolute conclusion to be made though, is that whatever the outcome is of this upcoming election, it’s sure to be interesting.