R
eal estate investor and private equity fund manager Grant Cardone is speaking out against Vice President Kamala Harris' plans for addressing the affordable housing crisis in the US. According to Cardone, Harris' proposals are misguided and will ultimately drive up home prices. He argues that her plan to provide $25,000 in down payment assistance to all first-time homebuyers would only serve to inflate housing costs.

    Cardone points out that Harris wants to build 3 million new homes over the next four years, despite the US already being short 4.2 million homes. "Who gets the house?" he asks, questioning the logic behind such a plan. He also notes that the $25,000 credit would simply be added to the price of the house, rather than reducing costs.

    Cardone believes that interest rates are key to lowering housing prices in America. He advocates for rates to drop to 4% or lower, citing historical data showing that sales have been half what they were in 1980 when interest rates were double today's levels. As long as rates remain above 6%, Cardone says most existing mortgages will be underwater, making it a buyer's market.