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As Finance Minister Nirmala Sitharaman unveiled the Union <keyword id="19955368" type="General" weightage="20" keywordseo="budget-2024" source="keywords">Budget 2024</keyword>, all eyes were on the <keyword id="20024321" type="General" weightage="20" keywordseo="housing-sector" source="keywords">housing sector</keyword>, which has been a focal point for both developers and <keyword id="19907145" type="General" weightage="20" keywordseo="homebuyers" source="keywords">homebuyers</keyword>. Expectations were high for increased deduction limits on home loan interest repayments, higher principal repayment deductions, and more robust incentives for first-time homebuyers. Last year's budget focused on increasing <keyword id="20254620" type="General" weightage="20" keywordseo="affordable-housing" source="keywords">affordable housing</keyword> through the Pradhan Mantri Awas Yojana (<keyword id="19945794" type="General" weightage="20" keywordseo="PMAY" source="keywords">PMAY</keyword>), with a significant allocation to achieve the goal of "Housing for All." The <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword> had previously seen incentives for developers building affordable housing, such as tax holidays under Section 80IBA and increased allocation through the SWAMIH fund to improve liquidity for stressed projects. <h2>Major announcements in Budget 2024</h2>As per FM Sitharaman's 2024 Budget announcements, PMAY is set to add an additional 3 crore affordable housing — houses priced under Rs 40 lakh — in rural and urban sections of India. This will be accomplished with Rs 10 lakh crores, which includes assistance of Rs 2.2 lakh crores over the next five years. A provision of <keyword id="21240797" type="General" weightage="20" keywordseo="interest-subsidy" source="keywords">interest subsidy</keyword> to facilitate loans at affordable rates is also envisaged, the FM noted in her speech. “This is certainly pertinent – the affordable homes category has been seeing a decline in overall sales since the pandemic, to approximately 19% in H1 2024 from over 38% in the period before the pandemic in 2019,” notes Anuj Puri, Chairman of ANAROCK Group. “Consequently, this segment’s percentage share of the total housing supply in the top 7 cities also fell to 18% in H1 2024 from nearly 40% in 2019. Any boost to this vital segment is therefore welcome.” As per December 2023 reports, 65% of houses under PMAY-Urban had been completed and delivered to beneficiaries since the scheme was introduced in 2015. This amounts to over 78 lakh pucca houses out of the 1.18 crore sanctioned. The new addition to PMAY will thus attempt to more than triple the quadruple the number. <h2>Tax reliefs and transparent rental policies</h2>This year, the sector expected further <keyword id="20345361" type="General" weightage="20" keywordseo="tax-relief" source="keywords">tax relief</keyword> measures for homebuyers and developers. Key demands are aplenty, including increasing the deduction limit for home loan interest repayment from the current Rs 2 lakhs to Rs 3-4 lakhs for self-occupied properties, reintroducing tax exemptions for first-time homebuyers, standardising the definition of "Affordable Housing", and reducing GST on construction materials like cement and steel. However, there has been only disappointments on this front based on the announcements so far. However, in terms of the tax changes, the Budget has proposed a massive reduction in rental matters for the individual. While the current tax deducted at source (TDS) for Payment of rent by individuals or HUF under Section 194-IB stands at 5%, the new budget is set to bring this down to 2%, effective from October 1, 2024. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Angel tax to be scraped" mstype="2" mssubtype="0"></div>Further, the government has promised to enable and implement policies and regulations for efficient and transparent <keyword id="20071228" type="General" weightage="20" keywordseo="rental-housing" source="keywords">rental housing</keyword> markets with enhanced availability. <h2>Additional initiatives</h2>Further, dormitory-style accommodations have also been announced for industrial workers in public-private partnership mode with Viability Gap Funding (VGF) support and commitment from anchor industries. VGF is a scheme that helps support important infrastructure projects that may not be financially viable, through grants that total up to 20% of the total project cost. The FM also announced that policies and regulations for efficient and transparent rental housing markets with enhanced availability will be put in place, to ease the rental and home-owning process. <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div>Markets are optimistic in the aftermath of these announcements, with many housing finance companies recording healthy gains since the speech. Puri notes that the renewed focus on rural and urban job creation, if effective, may provide some boost to affordable housing in even tier 2 and 3 cities. “The Finance Minister's allocation of ₹10 lakh crore to help 1 crore poor middle-class families buy houses will boost the demand for residential properties,” remarks Divyam Mour, Research Analyst at Samco Securities. ”This funding, along with interest subsidies, will greatly benefit real estate developers like DLF, Macrotech Developers, NBCC, and Sunteck Realty, as well as housing finance companies focused on the lower and middle classes, such as Aadhar Housing Finance, Aptus Value Housing Finance, and Aavas Financiers.”

Budget 2024: More affordable housing, lowered rent TDS — here’s what will change for the housing sector this year

The residential market shows a positive outlook, with 51% of stakeholders predicting higher sales over the next six months. However, a notable 24% expect stability, while 25% predict a potential decrease, reflecting a balanced yet cautious sentiment, as per a recent <keyword id="19895043" type="General" weightage="20" keywordseo="Knight-Frank" source="keywords" meta.keywordsubtype="org" meta.entityname="Knight Frank" meta.hostid="261" meta.entityid="Knight Frank">Knight Frank</keyword> report. The outlook for residential launches is also positive, with 61% expecting an increase, suggesting continued demand. A more tempered view is held by 20% of respondents who expect stability, and 19% foresee a decrease in launches. The Indian <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword> continues to reflect a positive outlook for the near future, though with a more cautious approach. In terms of pricing, 63% of stakeholders expect a rise, but 36% anticipate stable prices, and a very small minority predict a decline. G Hari Babu, National President, National Real Estate Development Council (<keyword id="20429653" type="General" weightage="20" keywordseo="naredco" source="keywords">NAREDCO</keyword>), said, "The residential and office markets continue to show notable activity, signaling ongoing growth and opportunity. Developers and other key stakeholders, including banks and financial institutions, are maintaining a positive outlook." He added, "This suggests that while there may be short-term challenges, the sector is well-positioned to adapt and thrive. The continued optimism and activity in the market highlight the sector's ability to sustain its momentum and drive forward, amidst changing conditions." The <keyword id="22822547" type="General" weightage="20" keywordseo="office-leasing-market" source="keywords">office leasing market</keyword> shows signs of strong recovery, with 63% of respondents predicting an increase in leasing activity, driven by positive business sentiments and <keyword id="21313740" type="General" weightage="20" keywordseo="economic-revival" source="keywords">economic revival</keyword>. However, 24% expect stability, and 13% foresee a decline. New office supply also remains a point of interest, with 47% expecting an increase, while 29% anticipate stability, and 24% forecast a decrease. Furthermore, 67% of stakeholders expect office rents to rise, signaling confidence in the market's ongoing growth, even as 27% anticipate stable rents and 7% expect a decrease. The <keyword id="20635920" type="General" weightage="20" keywordseo="future-sentiment-score" source="keywords">Future Sentiment Score</keyword>, which measures stakeholders' outlook over the next six months, saw adjustments across various regions. The North Zone score slightly decreased from 65 in Q1 2024 to 63 in Q2 2024, though it remains firmly optimistic. The South Zone witnessed a more significant drop from 76 to 65, signaling a moderated outlook. In the East Zone, the score fell from 77 to 65, largely influenced by the discontinuation of the 2% stamp duty cut. The West Zone also saw moderation, with the score dipping from 73 to 66, though it too, remains optimistic. The overall Developer Future Sentiment score decreased from 72 to 61, reflecting a more guarded approach. Developers, while cautious, continue to remain optimistic due to strong sales since early 2023. On the other hand, the Non-Developer Future Sentiment core, which includes financial institutions and PE funds, also moderated from 73 to 68. This shift indicates stakeholders' careful consideration of macroeconomic concerns. Optimism in India's broader economic scenario remains strong, with 59% of respondents expecting an improvement, reflecting confidence in the country's economic resilience. However, 24% foresee stability, and 17% predict a decline, underscoring global economic uncertainties. Meanwhile, 51% of respondents anticipate increased funding availability for real estate investments, reflecting continued confidence in the financial sector's support for the real estate market. Shishir Baijal, Chairman and Managing Director of Knight Frank India Pvt Ltd, noted, "As we transition through 2024, a host of factors are playing out globally. The global economic landscape shows resilience despite ongoing challenges. Inflation rates are gradually aligning with central bank targets, enabling a more supportive monetary policy. India, benefiting from stable post-election conditions, remains a strong growth beacon." He added, "Domestic consumption is robust, supported by consumer loans, though there are some signs of growth moderation. Food inflationary pressures persist, but are converging overall towards price stability targets. With a projected GDP growth rate of 7.2% for FY 2025, India's outlook remains positive. An effective monetary policy by the Reserve Bank of India has helped sustain growth with price stability, positioning India as one of the fastest-growing large economies globally." The Current Sentiment score, which reflects stakeholders' view of the market compared to six months ago, moderated from a decadal high of 72 in Q1 2024 to 65 in Q2 2024. This suggests a more measured outlook as stakeholders navigate evolving global economic conditions. Despite the dip, the score remains indicative of optimism. Looking forward, the Future Sentiment index also adjusted from 73 in Q1 2024 to 65 in Q2 2024, signaling a positive yet more conservative outlook for the near term. While macroeconomic uncertainties may dampen enthusiasm, stakeholders continue to show confidence in the sector's resilience and adaptability.

Despite budget provisions, residential housing market will see sales growth, notes recent report by Knight Frank

<ul class="summary-list"><li><a target="_blank" class="" href="https://www.businessinsider.com/lvmh-luxury-louis-vuitton-struggles-china-slowdown-2024">LVMH said sales dropped</a> during the third quarter, with revenue down double digits in China.</li><li>The company acts as a bellwether for the luxury industry, which is expected to continue to struggle.</li></ul>The luxury slump isn't going anywhere — and the fashion and leather goods houses of the world should beware.<a target="_blank" href="https://www.businessinsider.com/lvmh-luxury-louis-vuitton-struggles-china-slowdown-2024">LVMH, the largest of the luxury conglomerates</a>, announced its third-quarter earnings this week, and the results were grim. Revenue was down 3% at the Louis Vuitton owner, and for the first time since the pandemic, sales in the company's fashion and leather goods sector, its largest, fell. Its other sectors — watches and jewelry, wine and spirits, and perfume and cosmetics — missed analysts' estimates, and the company's stock dropped.Salvatore Ferragamo, which also reported earnings this week, had an even steeper sales decline.Word on the Street is that things may <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/lvmh-stock-price-earnings-lucury-sales-china-economy-demand-stimulus-2024-10">get worse for the sector before they get better</a>."We see a challenging backdrop for luxury consumption and expect a difficult six months ahead," Goldman Sachs analysts wrote in a note following LVMH's earnings call.Over the next week, Kering, the owner of <a target="_blank" class="" href="https://www.businessinsider.com/gucci-sales-profit-reputation-falling-luxury-kering-michele-china-2024-5">Gucci</a> and Balenciaga, and Hermès will announce their earnings. Richemont, Moncler, and Burberry will follow.In some ways, the poor showing may have been inevitable."This is largely cyclical, and right now we're kind of in the trough or valley, so there is a fair amount of weathering that needs to take place on an industry-wide basis," Sky Canaves, a principal analyst at EMARKETER, a sister company of Business Insider, said.Luxury has had its ups and downs before and was riding a particularly — and perhaps artificially — high high fueled by a pandemic bump in spending. Consumers had savings and stimulus checks and nowhere to go, so they spent extra cash on bags, wallets, and the like.While economic uncertainty has affected countries worldwide in recent years, <a target="_blank" href="https://www.businessinsider.com/china-luxury-slump-stimulus-measures-lvmh-revenue-earnings-2024-10">a property crisis and high youth unemployment rates in China</a>, one of the world's biggest luxury markets, have hit the region particularly hard. LVMH sales in Asia, excluding Japan, fell 16% year-over-year for the quarter."Consumer confidence in mainland China today is back in line with the all-time low reached during COVID," LVMH's chief financial officer, Jean-Jacques Guiony, told analysts during its earnings call.He added that it's too early to tell if the country's stimulus package or the recent national holiday would boost sales.While personal luxury sales in China grew by more than 37% each year from 2019 through 2021, that annual growth is not expected to hit more than 4.2% through 2028, according to EMARKETER data.<h2 id="a8668278-865b-4731-8ca2-2e215ef67ebd">How brands can bounce back</h2>Still, the contraction in luxury spending may not have had to be as sharp as it was, regardless of the macroeconomic conditions. There are levers that brands can pull to hamper their losses — or add to them."The big question is whether it is only a weakness in consumer confidence that is responsible for the slowdown in spending or whether there are some more structural issues," Adam Cochrane, a retail and luxury equity analyst at Deutsche Bank, told BI over email.Pricing, for example, is well within companies' control, and some have been too liberal with increases. Houses like Louis Vuitton and Chanel have more than doubled the prices of their signature bags — the Never Full and Classic Flap, respectively — over the past decade, and the brands have accelerated price hikes since 2020, turning off customers, according to data from Sotheby's.<a target="_blank" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">Hermès</a>, meanwhile, has raised prices more moderately.More conservative increases appeal to customers, who may be turned off from buying a product that they could have bought five years ago at a significantly lower price, Canaves said.LVMH, for its part, defended its price hikes. "Do you really think that if we had not increased prices the way we have done, we would be doing double-digit [growth] today? I really don't think so," Guiony said.Birkin-maker Hermès, which has consistently outperformed its luxury rivals this year, has also been smart about expanding product offerings slowly and intentionally. It has largely relied on an affluent consumer base rather than the aspirational customers that helped fuel growth at Louis Vuitton or Gucci. Those <a target="_blank" class="" href="https://www.businessinsider.com/lvmh-says-the-aspirational-customer-is-suffering-2023-7">aspirational customers</a> are the first to go when the economy gets choppy.There are some other bright spots.Sales in LVMH's jewelry and watch business only fell 4%, and the "<a target="_blank" class="" href="https://www.businessinsider.com/critics-roasted-lvmh-spending-big-tiffany-bet-is-paying-off-2024-7">Tiffany rebrand</a> is being well received," Deutsche Bank's Cochrane wrote in his note. That may mean that <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/lvmh-stock-price-earnings-lucury-sales-china-economy-demand-stimulus-2024-10">Richemont, the owner of Cartier,</a> will have "less negative" results, he said.Brunello Cucinelli, the Italian house best known for its cashmere, reported increased revenue in the third quarter, including in China.Moving forward, brands that innovate more may fare better.EMARKETER's Canaves pointed to the collaborations and moves toward streetwear that helped some brands emerge from the last luxury slump. This time around, she said, labels may turn to experiences, like hospitality and services, to appeal to consumers.Louis Vuitton sells everything "from chocolates to bespoke jewelry," HSBC's Erwan Rambourg wrote in a note earlier this month. Earlier this year, LVMH made headlines when it purchased the Paris restaurant Chez L'Ami Louis.Of course, any expansion into new categories should not take attention from handbags and clothing, the revenue drivers of luxury brands."Time is ripe for brands to start taking those creative risks and laying the groundwork for when the consumer does come back and seek out the opportunities," Canaves said.

LVMH had a rough week. That's a bad sign for the luxury sector. 

Houston: Petroleum minister <keyword id="19968713" type="General" weightage="20" keywordseo="Hardeep-Singh-Puri" source="keywords">Hardeep Singh Puri</keyword> lauded India's economic growth under Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>, saying the country has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. Speaking at a community reception, organized by Consul General of India in Houston, D C Manjunath, at India House here, Puri emphasized Houston's pivotal role in the global energy sector, particularly in green hydrogen and aerospace. Expressing his thoughts about deepening <keyword id="22356868" type="General" weightage="20" keywordseo="US-India-collaboration" source="keywords">US-India collaboration</keyword> in the clean energy sector, Puri praised India's refining capacity and initiatives in biofuel blending, aiming to boost refining capacity to 300 million metric tons per annum. He termed the US-India Strategic Clean Energy Partnership as a cornerstone of future collaboration between the two countries. He acknowledged the political successes of Prime Minister Modi's party in the recent elections and said the country under Modi's regime has advanced from the 10th largest economy in 2014 to the 5th largest by 2019, surpassing the UK. The minister also pointed towards the Indian government's ambitious urban development initiatives, saying that the country has committed USD 25 billion (Rs 1.57 lakh crore) to urban schemes from 2017 to 2024. He compared this investment to constructing a new Chicago each year, illustrating the rapid expansion of urban infrastructure, including new metro systems and airports. He also noted that India's civil aviation sector is set to grow significantly, with the number of airports increasing from 74 to 150. Puri lauded Houston as a global hub for energy innovation and said events like "Howdy Modi" in 2019 showcased the strength of Indian-American relations. The minister paid tribute to the contributions of the Indian diaspora in various fields, particularly in medicine and engineering, while emphasizing the importance of maintaining cultural traditions, even while living abroad. He expressed gratitude for the warmth and hospitality received from the Indian community in Houston, acknowledging their role in enhancing India's global image.

India advanced from 10th place in 2014 to become 5th largest economy in 2019: Petroleum minister Hardeep Singh Puri

<ul class="summary-list"><li>Affordable housing is one of America's top economic concerns heading into the election.</li><li>Detailed below is what Harris and Trump have proposed in order to address these worries.</li></ul><a target="_blank" href="https://www.businessinsider.com/harris-trump-presidential-election-swing-state-polls-sun-belt-2024-10">Election Day</a> is around the corner and some Americans are already casting their ballots in early voting. For many, affordable housing is a <a target="_blank" class="" href="https://www.bankrate.com/personal-finance/2024-election-and-the-economy-survey/">top</a> concern.In the third of Business Insider's five-part series for the final stretch before the election, BI is looking at the ways each candidate and their associated policies will impact the price of housing. (Read <a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10">part 1</a> about investments, and <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">part 2</a> about costs.)Vice President Kamala Harris and former President Donald Trump have both pledged to address high prices by <a target="_blank" class="" href="https://www.businessinsider.com/homes-free-government-land-real-estate-housing-prices-harris-trump-2024-8">boosting the supply of homes</a>. They've also floated plans to increase affordable housing while offering different viewpoints on home construction in rural and urban areas.Detailed below are four elements of the housing-price equation, and what both the Harris and Trump camps have either proposed or already done.<h2 id="1827e262-8518-4344-bd61-fda006799bbc">Increasing housing supply</h2>Harris has said she will work with the private sector and homebuilders to construct <a target="_blank" href="https://www.businessinsider.com/how-kamala-harris-plans-to-build-3-million-new-homes-2024-8">3 million more homes</a> by the end of her first term. She also plans to create a <a target="_blank" href="https://www.businessinsider.com/kamala-harris-economy-proposal-25k-first-time-homebuyers-down-payent-2024-8">$40 billion federal innovation fund</a> that encourages local governments to build housing.This is in response to an ongoing US housing shortage. The US was short about <a target="_blank" class="" href="https://zillow.mediaroom.com/2024-06-18-The-U-S-is-now-short-4-5-million-homes-as-the-housing-deficit-grows">4.5 million homes</a> in 2022, a recent Zillow report found. And that same year the number of US families increased by 1.8 million, but just 1.4 million housing units were built.The Democratic candidate also said she plans to expand the existing <a target="_blank" href="https://www.huduser.gov/portal/datasets/lihtc.html">low-income housing tax credit</a>, which incentivizes the rehabilitation or building of housing targeted at lower-income households."Harris is trying to increase the supply of townhomes, duplexes, and condos, so that people can have an easier step onto the housing ladder than what they currently have," Daryl Fairweather, chief economist at the real estate firm Redfin, told BI.Fairweather added that Trump has talked a little bit about cutting red tape, referring to building permits and zoning laws that prevent new housing developments, but that he hasn't provided details. He also said he would <a target="_blank" class="" href="https://www.eenews.net/articles/trump-vows-hell-cut-regs-to-build-housing-on-federal-land/">designate more federal land</a> for housing.Some experts have concerns that Trump's <a target="_blank" class="" href="https://www.businessinsider.com/trumps-tariff-outlook-trade-policy-income-tax-consequences-fiscal-crisis-2024-7">high tariff proposals</a> on materials like steel would make it harder to build housing. <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.piie.com/sites/default/files/2024-05/pb24-1.pdf">A report</a> published in May from the nonpartisan think tank Peterson Institute for International Economics predicts they will make construction more expensive. High construction costs have been a major factor in the US' <a target="_blank" class="" href="https://www.businessinsider.com/why-theres-a-housing-shortage-not-enough-homes-high-prices-2022-5">underbuilding of homes</a>.On the campaign trail, the former president has remarked that the housing supply will improve once <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-deport-20-million-immigrants-reduce-home-prices-rents-2024-7">millions of people are deported</a> from the country. Builders have argued that such an effort would only <a target="_blank" class="" href="https://www.nbcnews.com/politics/2024-election/trump-immigration-deportations-home-building-costs-rcna172886">drive up costs</a>, as immigrant labor makes up a vital part of the construction industry.Trump has also said he would <a target="_blank" href="https://www.cnn.com/2024/09/06/business/undocumented-immigrants-trump-mortgage-ban/index.html">ban mortgages for undocumented immigrants</a> to decrease demand on the housing market. <a target="_blank" class="" href="https://www.cnn.com/2024/09/06/business/undocumented-immigrants-trump-mortgage-ban/index.html">Experts have said</a> this group makes up a small portion of the US mortgage market.<h2 id="6cfbfb8d-3edd-447a-a479-1e8d09b5bb3b">First-time homebuyer assistance</h2>Harris has proposed offering up to <a target="_blank" href="https://www.businessinsider.com/harris-down-payment-assistance-plan-25000-housing-crisis-affordability-zillow-2024-8">$25,000 in down-payment assistance</a> for first-time homebuyers who have paid their rent on time for at least two years.Harris has also said she would offer tax incentives to homebuilders who prioritize "starter homes." Experts have said Harris' down-payment assistance plan would boost overall home prices because it would increase demand for mortgages <a target="_blank" class="" href="https://www.aei.org/research-products/report/determining-the-price-impact-of-harris-down-payment-assistance-proposal/">without solving supply issues</a>.Although Trump has said that he <a target="_blank" href="https://www.businessinsider.com/trump-biden-housing-crisis-policy-rising-home-prices-apartment-rents-2024-6">would offer tax incentives</a> to first-time homebuyers, his campaign has not released details about the amount of aid.As president, Trump proposed <a target="_blank" class="" href="https://www.businessinsider.com/trump-biden-housing-crisis-policy-rising-home-prices-apartment-rents-2024-6">major cuts</a> to the federal Department of Housing and Urban Development's budget, including slashing housing assistance and community development aid."Qualifying income for a household to be able to afford the typical price of a home right now is six figures," Jessica Lautz, the deputy chief economist and vice president of research at the National Association of Realtors, said. "That can be really impossible to imagine for someone who is a school teacher."<h2 id="622bc6c7-b5ce-4d83-9740-314714da24ed">Urban vs. rural housing</h2>In dense urban areas, Harris hopes her plan can usher in new construction by <a target="_blank" class="" href="https://www.businessinsider.com/yimbys-harris-housing-policy-walz-lower-home-prices-affordability-2024-8">removing some zoning restrictions</a> that prevent multifamily townhomes, condos, and duplexes from being built.Harris has emphasized her desire to expand housing in rural America in recent weeks. In a <a target="_blank" href="https://static.politico.com/6c/c1/6cc380c24392aef810eaf3ae648f/harris-campaign-rural-plan.pdf">memo</a> released in September, she said her plan would include $7.2 billion in infrastructure investments and potentially boost economic growth.While in the White House, Trump <a target="_blank" href="https://www.wsj.com/articles/well-protect-americas-suburbs-11597608133">opposed</a> the construction of high-density housing in single-family zoned areas, arguing that he would "save" the suburbs from the Democratic Party. It's unclear if Trump still wants to pursue similar policies.While in office in 2017, Trump proposed a budget for the 2018 fiscal year that <a target="_blank" href="https://www.washingtonpost.com/news/post-nation/wp/2017/05/23/heavy-cuts-to-rural-development-and-infrastructure-in-latest-trump-budget/">would have significantly cut</a> rural housing subsidies. The bulk of these proposals never came to fruition.<h2 id="e4a11dbe-840d-4cd2-960e-91b271fa111b">Action against big landlords</h2>Harris has said she will take action against "<a target="_blank" href="https://www.businessinsider.com/kamala-harris-ban-landlords-raising-rent-algorithms-realpage-2024-8">corporate landlords</a>," and call on Congress to remove tax benefits from investors who acquire 50 or more single-family rental homes. Her planned investment in a federal innovation fund would also incentivize cities to build more rental options.This is in response to <a target="_blank" href="https://www.census.gov/newsroom/press-releases/2024/renter-households-cost-burdened-race.html">nearly half</a> of America's renters in 2024 being considered "cost-burdened," meaning at least 30% of their income goes to housing. In some cities, <a target="_blank" href="https://www.businessinsider.com/cities-wage-growth-rent-increases-texas-housing-costs-florida-nyc-2024-5">higher rents are also outpacing wages</a>.While Trump has called for the construction of more housing — which would include rental units and homes — he has not provided details about how his plan would specifically impact renters. While in office, Trump <a target="_blank" href="https://www.presidency.ucsb.edu/documents/executive-order-13945-fighting-the-spread-covid-19-providing-assistance-renters-and#:~:text=Prior%20to%20passage%20of%20the%20Coronavirus%20Aid,">implemented</a> a temporary eviction moratorium to keep Americans housed during the pandemic.

How the cost of housing is expected to change under Trump or Harris

<ul class="summary-list"><li>A Trump win would benefit energy and financial stocks the most, RBC analysts say.</li><li>They point to Trump's proposed corporate tax cuts and lighter regulation of oil and gas firms. </li></ul>A Donald Trump win in November could be the best outcome for stocks, and two sectors in particular would benefit the most, according to RBC Capital Markets.The bank pointed to stocks in the energy and financials sectors, which former President Donald Trump's policies have long supported.Those sectors would see the most upside from a Trump win, especially if Republicans take both the White House and Congress, the analysts say."Some of the traditional Trump trades continue to emerge in policy assessments. Among our US analysts, Energy and Financials had some of the most bullish tilts in a Republican sweep scenario, and some of the most bearish tilts in a Democratic sweep scenario," analysts said in the report.The report, released Wednesday, draws insights from a survey of RBC analysts.The analysts say a Democratic sweep would be bearish for energy and financials, while a split Congress and win from Vice President Kamala Harris would be more neutral.<h2 id="6f0e8ee9-5b23-4b7b-8652-9193b70c2854">Energy</h2>The analysts say Trump's policies favor domestic fossil fuel production, since they aim to reduce regulatory requirements, which would lower costs. That would likely drive further oil and gas production, they say.They add that less regulation would move pipeline costs lower, which would allow for more construction in transporting and storing infrastructure.Harris's energy policies, on the other hand, would shift more incentive to electric vehicles, posing downside risks to future oil demand, the analysts say."We think the conventional wisdom that Harris is more favorable to alternative Energy than Trump, and that Trump is more favorable to traditional Energy than Harris, is generally correct and that their biases here are one of the biggest differences from an investment perspective between the two on domestic policy," the analysts said.They note, however, that Harris's pledge to continue allowing fracking is a positive for the industry."Harris' insistence that she would not ban fracking makes her less of a risk for traditional Energy than some have believed," they wrote.They acknowledge, too, that Trump's impact on energy and industrial stocks that have benefited from the IRA is "complicated," and that domestic production has reached higher levels under Biden than they did under Trump.<h2 id="224d937d-67af-4f7a-be3c-f2596a6a0209">Financials</h2>For financials, the analysts say that Trump's corporate tax cuts are the biggest reason for their bullish outlook.In a speech last month, Trump said he would push to lower the corporate income tax rate to 15%. During his presidency, his 2017 Tax Cuts and Jobs Act lowered the corporate tax rate to 21%, a decrease from 35%.Harris, meanwhile, plans to raise the corporate tax rate from 21% to 28%.The analysts also see Trump, and Republicans in general, creating a more favorable regulatory environment with less oversight for financials. "Specifically, we believe the regulatory approval process for larger bank deals would be less onerous and the timelines could be accelerated, which would help stimulate more M&amp;A across our space," RBC's regional bank analysts said.Some officials, though, have sounded the alarm on Trump's anti-regulatory stance. Last week, Treasury Secretary Janet Yellen criticized the former administration, saying it didn't do enough to protect the economy."Put simply, we were without crucial tools to identify and help respond to risks to financial stability," she said, noting that the Financial Stability Oversight Council lost funding and staffing during Trump's presidency.<h2 id="a2394f4c-ac96-4e75-a5d8-06fd810bcd4f">Election results to bring more stability</h2>Overall, the analysts say that the more important outcome is simply the end of the election, which has drummed up considerable uncertainty and volatility for markets ahead of the November 5 contest. "The survey results add to our growing belief that the thing that may matter most for US equities (for 2024) is getting past the event so companies and investors know what they are dealing with," the analysts said.

These 2 sectors of the stock market are poised to benefit most if Trump wins in November, RBC says

<ul class="summary-list"><li>High housing costs, driven in large part by a shortage of homes, are keeping inflation sticky.</li><li>Trump has pledged to lower housing costs.</li></ul>Housing costs were responsible for about 2/3 of <a target="_blank" class="" href="https://www.businessinsider.com/inflation-october-cpi-consumer-price-index-federal-reserve-interest-rates-2024-11">overall inflation</a> over the past year.President-elect Donald Trump has promised to lower those costs, and economists think some of his policy proposals could do just that. The most promising are cutting federal regulations on construction, opening up federal land for housing, and lowering energy costs.However, his proposals to increase tariffs, deport millions of immigrants, and cut housing assistance could increase home prices and rents. The inflationary effects of these policies could prevent the Federal Reserve from <a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cuts-uncertainty-trump-presidency-inflation-tariffs-2024-11">continuing to cut interest rates</a>.Ultimately, housing policy experts and industry leaders say housing costs will largely depend on how much new supply can be delivered to the market, which is suffering from a <a target="_blank" class="" href="https://zillow.mediaroom.com/2024-06-18-The-U-S-is-now-short-4-5-million-homes-as-the-housing-deficit-grows">severe shortage of homes</a>.Karoline Leavitt, a spokesperson for the Trump-Vance transition team, told Business Insider in a statement that Trump "will deliver" on "lowering housing costs for all Americans."Here are the major Trump proposals and how they're expected to affect housing costs.<h2 id="83e6f785-033e-42e0-9de6-8470b9cef43d">Regulations</h2>Trump has <a target="_blank" class="" href="https://singjupost.com/full-transcript-trump-speaks-at-the-economic-club-of-new-york/?singlepage=1">promised</a> to reduce federal regulations that make home building more costly "with the goal of cutting the cost of a new home in half," he said.When it comes to housing, state and local governments <a target="_blank" class="" href="https://www.businessinsider.com/america-build-like-tokyo-housing-crisis-doom-loop-2023-10">control the majority of regulations</a> that most inflate housing costs by limiting or slowing down construction. But federal regulations also play a role. Jim Tobin, CEO of the National Association of Home Builders, told Business Insider that he'd like Trump to roll back some of the Biden administration's energy efficiency requirements, streamline regulations under the Clean Water Act, and loosen a requirement that Federal Housing Administration borrowers' homes be up to code.But Trump hasn't always favored cutting regulations to encourage more development. During his first term, he rescinded <a target="_blank" class="" href="https://www.nytimes.com/2020/07/23/us/politics/trump-housing-discrimination-suburbs.html">an Obama-era</a> rule designed to reduce racial segregation and said he would <a target="_blank" class="" href="https://www.politico.com/news/2020/07/29/trump-housing-policy-low-income-suburbs-386414">protect the suburbs</a> from low-income housing by allowing them to maintain strict local zoning laws. Experts say that if Trump continues to protect single-family zoning, that would further limit construction."We need all options on the table when it comes to increasing housing supply, which means allowing more density in suburbs or cities to allow more units to be produced," Tobin said.<h2 id="433280bd-da72-477a-a5b0-a9fb98993d77">Building on federal land</h2>Last year, Trump rolled out a plan to build up to <a target="_blank" class="" href="https://www.businessinsider.com/trump-freedom-cities-build-housing-conservatives-scoff-at-leftist-plan-2023-3">10 "freedom cities"</a> on federal land, featuring plentiful single-family homes. Since then, the president-elect has said his second administration would create "ultra-low tax and ultra-low regulation" zones on federal land for "large-scale housing construction."There's some bipartisan support for building homes on federal land, and housing experts say the proposal has the potential to increase the housing supply, particularly in Western states like Nevada, Arizona, and Utah, which have large tracts of federally owned land."Building towards affordable housing on these lands could have a transformative impact, especially because land costs are a major barrier," Maurice Page, executive director of the nonpartisan Nevada Housing Coalition, <a target="_blank" class="" href="https://www.businessinsider.com/homes-free-government-land-real-estate-housing-prices-harris-trump-2024-8">recently told Business Insider</a>.<h2 id="3071e368-bbc9-4dcc-9220-fad6b12c7c9f">Energy costs</h2>Vice President-elect JD Vance <a target="_blank" class="" href="https://www.youtube.com/watch?v=9pPCCh_t4h8">has promised</a> that the Trump administration would boost home building in part by drilling for more oil and making energy cheaper. Construction industry experts and economists say lower energy costs wouldn't hurt affordability but likely <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-drilling-oil-housing-rent-home-prices-construction-2024-10">wouldn't significantly increase construction or bring housing costs down</a>."Energy prices are significant, but they're not as significant as many other inputs," Anirban Basu, chief economist at the construction industry trade group Associated Builders and Contractors, recently told Business Insider.<h2 id="0aab8f5a-24a4-4d4b-af03-aa4d6c484f8b">Interest rates</h2>Trump has repeatedly said that his administration would tame inflation and, therefore, lower interest rates. During <a target="_blank" class="" href="https://singjupost.com/full-transcript-trump-speaks-at-the-economic-club-of-new-york/?singlepage=1">a speech</a> at the Economic Club of New York in September he said he'd bring mortgage interest rates down to 3% or lower. His say over rates is limited; the Federal Reserve controls interest rates and operates <a target="_blank" class="" href="https://www.nytimes.com/2024/08/01/business/economy/trump-interest-rates-fed.html">independently of the president</a>.Tobin said he expects mortgage rates will settle into a "new normal" of about 5 to 5.5% by 2026, lower than the <a target="_blank" class="" href="https://www.reuters.com/markets/us/us-30-year-fixed-rate-mortgage-rise-four-month-high-679-2024-11-07/">current 30-year fixed rate of 6.79%</a> but above the prepandemic average. "It's going to be a bumpy ride down," he added, noting that mortgage rates <a target="_blank" class="" href="https://www.nytimes.com/2024/11/11/business/economy/mortgage-rates-trump-inflation.html">recently rose</a> to a four-month high even as the Federal Reserve cut its benchmark interest rates.Many economists say that Trump's proposals to cut taxes, impose significant new tariffs on imports, and deport millions of immigrants <a target="_blank" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">would have an inflationary effect</a> and discourage the Federal Reserve — <a target="_blank" href="https://www.businessinsider.com/trump-inflation-interest-rates-fed-rate-cuts-fomc-meeting-outlook-2024-11">whose independence</a> Trump has threatened — from further cutting rates.When it comes to housing costs, <a target="_blank" class="" href="https://www.businessinsider.com/buying-home-not-easier-interest-rate-cuts-prices-rent-crisis-2024-8">many economists say</a> that even if mortgage rates come down, that could spur additional demand for housing, sending prices further up.<h2 id="4cba3ba3-082c-4c85-9e1e-0317e4daa343">Tariffs</h2>Trump <a target="_blank" class="" href="https://www.nytimes.com/2024/09/10/us/politics/trump-enthusiasm-tariffs.html">campaigned</a> on imposing a 60% tax on products from China and 10 to 20% tariffs on most other foreign goods. These include key building materials like lumber and steel, which make up a significant portion of the cost of building a home. Tariffs would also impact the prices of other materials and finished products, like air conditioning units and garage doors.Biden has kept some of those tariffs in place and even <a target="_blank" class="" href="https://www.npr.org/sections/money/2021/12/07/1061329725/why-is-the-biden-administration-increasing-the-cost-of-building-houses">raised taxes on Canadian softwood lumber</a>, which is crucial to the US home-building industry. Expanding the tariffs further would likely drive up building costs."If there are huge tariffs getting thrown around, that really hurts home builders," Ben Metcalf, a housing policy expert at UC Berkeley, told Business Insider. "those could be huge drags on cost and therefore on supply."<h2 id="3fbffb09-3764-4c37-b965-c4165bd9b487">Mass deportations</h2>Trump and Vance have repeatedly argued that their plans to deport millions of immigrants will alleviate housing affordability issues by lowering demand.But many <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-said-migrants-to-blame-for-expensive-homes-wrong-2024-8">economists</a> <a target="_blank" class="" href="https://www.nytimes.com/2024/10/11/business/economy/trump-housing-crisis-deportations.html">disagree</a> and posit that mass deportations would actually inflate housing costs. The construction industry is already short around <a target="_blank" class="" href="https://www.businessinsider.com/housing-crisis-national-shortage-construction-workers-job-demand-2024-5">500,000 workers</a>, and a further reduction in the labor force would <a target="_blank" class="" href="https://www.businessinsider.com/trump-deportations-immigration-homebuilders-remove-construction-workers-spike-costs-2024-11">slow down construction and inflate prices even more</a>. Immigrants are a key part of building housing as they make up <a target="_blank" class="" href="https://eyeonhousing.org/2023/12/immigrant-share-in-construction-highest-on-record/">about a quarter</a> of the construction workforce. An <a target="_blank" rel=" nofollow" class="" href="https://www.constructiondive.com/news/construction-workers-undocumented-presidential-election/729556/#:~:text=Immigrants%20entering%20the%20country%20illegally,all%20workers%20in%20construction%20jobs.">estimated 15 to 23%</a> of that overall workforce are undocumented immigrants."Just even the talk of mass deportations could send a chill through the entire immigrant employment sector," Tobin said. "Anything that constricts labor in the country will have an impact on us meeting those housing goals over the next few years."<h2 id="f3107caf-cafa-4d60-ad2b-15ff8c5770a5">Federal housing assistance</h2>During his first term, Trump repeatedly proposed major cuts to housing assistance for households with low incomes or members with disabilities. In <a target="_blank" class="" href="https://www.brookings.edu/articles/trump-administration-budgets-and-programs-for-people-of-limited-means/#housing-and-rental-assistance">each of his annual budgets</a>, he proposed stripping funding from many rental and homeownership assistance programs, including significantly cutting back on housing vouchers and <a target="_blank" class="" href="https://www.washingtonpost.com/news/wonk/wp/2018/04/25/hud-secretary-ben-carson-to-propose-raising-rent-for-low-income-americans-receiving-federal-housing-subsidies/">raising rent on low-income households</a> that receive federal aid.All of Trump's budgets also proposed dramatically cutting federal funding for programs that help build and renovate affordable housing. While Congress didn't approve those cuts, policy experts expect the next Trump administration to pursue the same goals. This would make it harder for lower-income Americans to afford homes and slow down affordable housing construction."I just don't think there's any interest by Trump or by a Republican Congress in investing in certain traditional HUD programs and investments," Metcalf said.

4 ways Trump's housing plans are expected to hurt homebuyers and 3 ways they could help

<ul class="summary-list"><li>The Biden administration has billions of dollars in aid for Ukraine remaining.</li><li>The clock is ticking on getting Ukraine that support before Trump takes office.</li></ul>President-elect Donald Trump will be returning to the White House, and that means the clock is now ticking on getting billions of dollars in US aid to Ukraine.Ahead of Trump's inauguration in January, the Biden administration will be rushing to get that assistance to Ukraine, a Pentagon spokesperson told Business Insider.There is currently just over $6 billion in US assistance to Ukraine left from April's foreign aid package, with more than $4 billion of that dedicated to pulling from existing US weapons stockpiles and over $2 billion for funding contracts with US defense companies.Biden administration officials <a target="_blank" class="" href="https://www.politico.com/news/2024/11/06/biden-trump-ukraine-assistance-00187897">told Politico</a> Wednesday that the White House is now in a hurry to get that security assistance out the door before Trump again takes office. That's no easy task, though, as doing so requires expediting slower processes to prepare shipments, and then there are also concerns that some shipments might not leave for Ukraine until after Trump's inauguration, leaving them vulnerable to external influence.A Pentagon spokesperson told Business Insider it's on track to get the Ukraine aid out before mid-January, but it'll be a heavy lift.<div type="image" title="US weapons in Ukr" height="683" width="1024" msid="115063939" hostid="261" sizebytes="59826"></div>It is unclear how long the available US aid might sustain Ukraine, as that will largely be decided by the tempo of Russian combat operations, George Barros, an analyst at the Institute for the Study of War, told BI.<a target="_blank" class="" href="https://www.businessinsider.com/ukraine-facing-powerful-russian-offensive-in-east-grim-outlook-2024-11">Russian forces have been conducting grinding offensives</a> in multiple sectors of the front line, with territory in the east falling to Russia. The fighting could slow down in the coming months, though, as both sides grapple with winter conditions and the strain of intense combat on their armies.Biden's race to get Ukraine the last of its approved aid comes amid concerns that once Trump takes office, the tap will be shut off. During his presidential campaign, Trump repeatedly criticized US assistance to Ukraine, at one point calling Ukrainian President Volodymr Zelenskyy "one of the greatest salesmen I've ever seen" and suggested he'd cut off future US aid or make Ukraine pay it back if support for the war-torn country continues.During his acceptance speech Tuesday night, Trump vowed to end wars, referring to Ukraine and conflicts in the Middle East, such as Israel's war in Gaza.After Trump's election win this week, Zelenskyy was among the first foreign leaders to congratulate him, posting on X that he is "interested in developing mutually beneficial political and economic cooperation that will benefit both of our nations." It was one of several such posts, a later one on Wednesday confirming that Zelenskyy had a "productive" phone call with Trump.<div type="image" title="A US-provided M142 HIMARS launching a rocket, surrounded by smoke and dust." height="1436" width="2160" msid="115063936" hostid="261" sizebytes="203660"></div>Beyond rushing US aid, there are other options for Biden to support Ukraine in his last few months as president, including lifting the long-standing restrictions on using <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-deep-strikes-inside-russia-meant-to-weaken-war-machines-2024-10">US-provided weapons for deep strikes in Russia</a>. Kyiv has repeatedly asked the Biden administration to do so, but the White House has maintained the position that such action would be escalatory. Analysts say it's necessary for Ukraine to fight most effectively.Barros said that the restrictions have given Russia a sanctuary that it uses as a shield to stage attacks on Ukraine at scale. "Biden's last act as president could help shift the tides in favor of Ukraine by depriving Moscow of this shielded area," he said. On the ground in Ukraine, there is "anxiety and uncertainty" following Trump's reelection, <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-soldiers-react-trump-election-win-war-russia-military-aid-2024-11">soldiers told BI</a>, although some remain hopeful that Trump could see supporting Ukraine as a winning effort and ultimately opt to push aid forward.Trump is unpredictable. How he <a target="_blank" class="" href="https://www.businessinsider.com/how-trump-could-handle-ukraine-war-if-reelected-scenarios-2024-10">proceeds with regard to Ukraine</a> could be anything from a continuation of aid to nothing. He has also signaled he wants to negotiate an end, but it's unclear what that may mean for Ukraine.After Trump's election win, NATO's chief Mark Rutte wrote in an opinion article that the military alliance can't afford to stop supporting Ukraine. Earlier this summer, NATO unveiled plans to <a target="_blank" class="" href="https://www.businessinsider.com/nato-fueling-ukraine-fight-concerns-about-us-politics-2024-7">assume more control</a> over Western efforts to train and equip Ukraine's military, a move seen as an attempt to shield support for Ukraine from political uncertainty in the US.

With Trump's White House win, the clock is ticking on over $6 billion in Ukraine aid

<ul class="summary-list"><li>Harris delivered a "closing argument" speech at the same spot Trump held his January 6 rally.</li><li>It was the VP's last chance at crystallizing the message of her short-lived campaign.</li></ul>On Tuesday evening, exactly one week out from the end of the 2024 race, <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris">Vice President Kamala Harris</a> delivered a speech in the heart of Washington, DC that her campaign described as their "closing argument."By the conventions of modern presidential campaigns, it was a strange place to do it. DC is obviously not a battleground state. Under the country's electoral system, it's difficult to think of an American city whose citizens' votes matter less in a presidential election.But the point wasn't to win votes in DC, but for the capital to serve as the stage for a message delivered to the rest of America. Her choice to hold the rally at the Ellipse, a 52-acre park sandwiched between the White House and the Washington Monument, was all-important. The <a target="_blank" class="" href="https://www.businessinsider.com/january-6-photos-timeline-slideshow-trump-capitol-riot-anniversary-2022-1">last time</a> a major political figure held a rally here, a portion of that crowd marched one mile east and breached the US Capitol in an effort to halt the certification of the 2020 election.Harris talked about January 6 in her rally, noting that former President Donald Trump "stood at this very spot" when he delivered his speech that day. She described Trump as "unstable" and "obsessed with revenge." But January 6 wasn't the centerpiece of her speech. She used the word "democracy" just once. The location of her address was intended to do the heavy lifting in getting that point across."It's like if something horrible happens in your own home," said Victoria Leacock Hoffman. The 61-year-old DC resident who works in theatre production said she felt a "little anxious pit" in her stomach when she initially learned that Harris' rally would be held on the same site of Trump's infamous speech. "But then I said, 'Oh, she's taking it back."That seemed to be the point of Tuesday night's rally. In the hours before Harris took the stage, attendees waved miniature American flags and "USA" signs to the rhythm of songs like Taylor Swift's "Shake It Off," Missy Elliot's "Lose Control," and Blacked Eyed Peas' "I Gotta Feeling." It was an effort to recapture the sense of "joy" that was prominent at the outset of Harris' campaign in July. Though most attendees were presumably from the greater Washington metro area, at least one voter said she made the trip all the way from Florida."It's a once-in-a-lifetime kind of event," said Mitzi Maxwell, a 69-year-old retired nonprofit arts manager from Orlando who brought her mother with her to the rally. "And it's compelling that it's in this location."Harris made use of the White House as her backdrop, dramatically motioning toward the building as she noted that "in less than 90 days, either Donald Trump or I will be in the Oval Office."But the presence of the building was also a reminder of its current occupant, President Joe Biden, and his conspicuous absence from the rally on Tuesday. Eager to portray herself as a clean break from the past, Harris has created some distance from Biden since his <a target="_blank" class="" href="https://www.businessinsider.com/what-happened-biden-trump-debate-takeaways-2024-6">disastrous debate performance</a> prompted a pressure campaign to get him to drop out of the race. Shortly after the rally ended on Tuesday, a clip of Biden <a target="_blank" href="https://x.com/AlexThomp/status/1851430398959480976">appearing to denigrate Trump supporters</a> began to go viral on social media, underscoring why he's been largely kept at bay."I have been honored to serve as Joe Biden's Vice President, but I will bring my own experiences and ideas to the Oval Office," Harris said during her speech. "My presidency will be different, because the challenges we face are different."As the vice president began her speech, the distance sounds of chants and sirens could be heard from pro-Palestinian protests roughly a hundred yards away, a reminder of the <a target="_blank" href="https://www.businessinsider.com/uncommitted-democrats-biden-gaza-israel-trump-blame-michigan-2024-3">discontent within the Democratic coalition</a> over both Biden and Harris' support for Israel amid the war in Gaza.Harris' speech was also aimed at providing a sense of focus for a candidate who's had to do a lot of different things at once — re-introducing herself as someone separate from Biden, rolling out a slate of policy proposals (while explaining why they haven't been enacted yet), and making a case against the opponent — all in the span of just three months.After tackling Trump at the outset, Harris quickly pivoted in her speech toward the economy, assailing Trump's <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">tariff plan</a> as an across-the-board tax on Americans. "Think about it: clothes, food, toys, cellphones," Harris said, listing a variety of consumer goods that are often imported from overseas.She re-upped her proposal to enact a <a target="_blank" href="https://www.businessinsider.com/grocery-costs-inflation-kamala-harris-ban-price-gouging-election-trump-2024-8">federal ban on price gouging</a> and spent a significant amount of time on her <a target="_blank" href="https://www.businessinsider.com/how-kamala-harris-plans-to-build-3-million-new-homes-2024-8">housing plan</a>. "For years, we have heard excuses about why America can't build enough housing. Enough with the excuses," Harris said. "I'm going to cut the red tape and work with the private sector and local governments to speed up building and get it done."That gave way to a variation of her typical stump speech, with references to abortion — "one does not have to abandon their faith or deeply held beliefs to simply agree the government should not be telling her what to do with her body" — and a slew of statements that appear to be geared more toward on-the-fence Republicans than her own base, including her pledge to sign a bipartisan border security bill into law and an affirmation that under her leadership, the US would have the "strongest, most lethal fighting force in the world."As far as closing arguments go, it may work — particularly when her opponent's own "closing argument" speech at Madison Square Garden was <a target="_blank" href="https://www.businessinsider.com/trump-madison-square-garden-rally-overshadow-economy-puerto-rico-2024-10">drowned out</a> by one comedian's offensive joke about Puerto Ricans.

Why Kamala Harris made her 'closing argument' in front of the White House

<ul class="summary-list"><li>Democrats hoped Vice President Harris could win the White House through the blue wall.</li><li>But once again, Donald Trump made inroads in three key states and flipped them into the GOP column.</li></ul>Shortly after Vice President Kamala Harris launched her presidential campaign, one of her first stops was in West Allis, Wisconsin. The Milwaukee suburb made up <a target="_blank" class="" href="https://www.businessinsider.com/wisconsin-kamala-harris-trump-presidential-swing-state-2024-7">a small piece of the electoral puzzle</a> in a state where elections are decided by the slimmest of margins.Harris repeatedly made stops in Wisconsin, Michigan, and Pennsylvania during her campaign. These states were part of the "blue wall," or the set of states that Democratic presidential nominees all won between 1992 and 2012.In 2016, Donald Trump breached that wall, winning all three states and blocking former Secretary of State Hillary Clinton from the White House. President Joe Biden in 2020 <a target="_blank" class="" href="https://www.businessinsider.com/joe-biden-sweeps-pennsylvania-michigan-wisconsin-battleground-states-election-2020-11">won all three states</a> with Harris as his vice-presidential running mate.This year, <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">Harris was shut out</a>. Trump won all three, securing the Oval Office once again.Here's why Harris ultimately faltered in the trio of blue wall states.<h2 id="ab5f2adf-3338-4516-a4b4-4b7628eab6e1">Navigating a difficult path</h2><div type="image" title="Kamala Harris and Tim Walz in front of a large &quot;Pennsylvania for Harris Walz&quot; banner." height="683" width="1024" msid="115152478" hostid="261" sizebytes="52852"></div>Ultimately, Harris lost Michigan, Pennsylvania, and Wisconsin by narrow margins.To secure the presidency, candidates must win at least 270 Electoral College votes, and Harris won 226 to Trump's 312. She came up short by 44 electoral votes, which she could have earned had she won Michigan (15 votes), Pennsylvania (19 votes), and Wisconsin (10 votes).Trump defeated Harris in Michigan by 1.4 points (49.7% to 48.3%). According to the latest results, <a target="_blank" class="" href="https://www.businessinsider.com/pennsylvania-election-results-trump-harris-blue-wall-2024-11">the president-elect won Pennsylvania</a> by 2.1 points (50.6% to 48.5%). And in Wisconsin, Trump defeated Harris by a 0.9-point margin (49.7% to 48.8%).These weren't blowouts, but even a small shift was enough to hand Trump the election.Also, Harris didn't win any other <a target="_blank" class="" href="https://www.businessinsider.com/what-are-2024-presidential-election-swing-states-trump-harris-polls-2024-11">major swing states</a> this year, which made it mathematically impossible for her to get to 270 electoral votes after the blue wall fell and GOP-leaning states stayed true to form.<div type="image" title="Donald Trump in Michigan." height="3510" width="5265" msid="115152479" hostid="261" sizebytes="484576"></div><h2 id="c4a27156-65ec-4186-a28c-35d049e48d6a">Harris' suburban performance wasn't strong enough</h2>Democrats went into the election hoping to make historic gains with suburban voters. The party believed those voters would continue to reject Trump's political brand as they did in 2018, 2020, and 2022.However, unlike 2020, when Biden won the suburbs by two points (50% to 48%) nationally, Trump this year <a target="_blank" class="" href="https://www.cnn.com/interactive/2024/politics/2020-2016-exit-polls-2024-dg/">won suburban voters</a> by four points (51% to 47%), according to exit polling conducted by Edison Research.In the blue wall, Harris performed well in many key counties, including Oakland County, just outside Detroit; Montgomery County, Pennsylvania, an affluent county adjacent to Philadelphia; and Dane County, which includes the Wisconsin capital of Madison and its surrounding areas.But it wasn't enough to offset Trump's rural and exurban strength, as well as his better-than-expected retention of support in critical areas like Waukesha County, Wisconsin, a suburban jurisdiction close to Milwaukee, and Bucks County, Pennsylvania, a crucial swing county near Philadelphia. Harris also had to overcome Trump's increased vote share with minority voters — <a target="_blank" class="" href="https://apnews.com/article/young-black-latino-men-trump-economy-jobs-9184ca85b1651f06fd555ab2df7982b5">notably among Black men and Latinos</a> — which cut into her margins in many cities.For example, Harris won Oakland County by 10 points. But Biden won it by 14 points in 2020. In a populous county filled with the sort of college-educated independents and disaffected Republicans that the Harris campaign was targeting, the vice president's margins had to be higher to counter Trump's gains in places like <a target="_blank" class="" href="https://www.nytimes.com/2024/11/03/us/saginaw-michigan-election.html">Saginaw County, Michigan</a> — a politically competitive jurisdiction that he won this year after losing it to Biden four years ago.Harris was also hurt by anger over <a target="_blank" class="" href="https://www.nytimes.com/2024/11/06/us/dearborn-michigan-trump-arab-voters.html">Biden's handling of the conflict in Gaza</a>. Many Arab American voters in Dearborn — a city just outside Detroit — flipped to Trump.<div type="image" title="Vice President Kamala Harris speaks in a factory, flanked by workers in yellow hard hats and safety goggles." height="3667" width="5500" msid="115152477" hostid="261" sizebytes="853798"></div><h2 id="9e629a15-b54c-4f68-8345-a47f0ebacf4a">The union vote wasn't united behind Harris</h2>After Biden stepped aside as the Democratic presidential nominee in late July, Harris was tasked with running a 107-day campaign. This involved broadening her profile and forging relationships with leaders accustomed to the president.While Harris was enthusiastically backed by myriad public-sector union leaders and large shares of their members, she also had to contend with <a target="_blank" class="" href="https://www.businessinsider.com/aoc-teamsters-union-endorsement-harris-trump-presidential-race-2024-9">non-endorsements</a> from the Teamsters and the International Association of Fire Fighters. Within the latter set of unions, many rank-and-file members backed Trump, despite Biden's strength with many of these members just four years ago.Organized labor is crucial for Democrats in the blue wall, and Harris' support wasn't deep enough to eclipse Trump's inroads.In Wisconsin, Trump won 51% of union households, compared to Harris' 49%, according to Edison Research.Harris won union households in both <a target="_blank" class="" href="https://www.washingtonpost.com/elections/interactive/2024/michigan-exit-polls/">Michigan</a> (58% to 40%) and <a target="_blank" class="" href="https://www.washingtonpost.com/elections/interactive/2024/pennsylvania-exit-polls/">Pennsylvania</a> (54% to 45%), but it still wasn't enough to win those states.Harris sought to craft her economic message around the needs of working-and- middle-class Americans — which included union workers — but Trump had an advantage on the issue that lasted through Election Day.According to CNN's exit polling, the economy was the most important issue for 32% of voters, and those voters broke for Trump by an overwhelming 80% to 19% margin.

The blue wall was Kamala Harris' clearest path to the White House. Here's why it faded away.

New Delhi: Realty firm <keyword id="20847750" type="General" weightage="20" keywordseo="house-of-hiranandani" source="keywords">House of Hiranandani</keyword> will invest Rs 3,200 crore to redevelop five housing societies in <keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>. The company has presence in <keyword id="19932542" type="General" weightage="20" keywordseo="mumbai-metropolitan-region" source="keywords">Mumbai Metropolitan Region</keyword> (MMR), Bengaluru, Hyderabad and Chennai. The company said it has signed additional redevelopment projects of 17 lakh square feet with a GDV (Gross Development Value) of Rs 5,000 crore. "The company has entered into registered development agreements with five major housing societies in Chembur and plans to invest Rs 3,200 crore," House of Hiranandani said in a statement. These five housing societies in Chembur comprising 459 tenants include redevelopment of Maitri Park in Chembur East, admeasuring about 9 acres and <keyword id="23131883" type="General" weightage="20" keywordseo="shrinagar-society" source="keywords">Shrinagar Society</keyword> in Chembur West, a cluster of four societies admeasuring about six acres. The company said it is in the process of securing necessary approvals and plans to complete the redevelopment within the next 4-5 years. <keyword id="23140485" type="General" weightage="100" keywordseo="surendra-hiranandani" source="keywords">Surendra Hiranandani</keyword>, Chairman and Managing Director, House of Hiranandani said, "Redevelopment of established societies is a new opportunity that House of Hiranandani would like to explore. Today, Mumbai city has no space for expansion. The older regions of Mumbai are full of old and dilapidated buildings with insufficient infrastructure." "Considering the scarcity of space, redevelopment of these buildings is an ideal solution that can unlock the potential of these spaces, create world class infrastructure and amenities for the residents and also transform the clogged spaces into planned sustainable and liveable communities," he said. House of Hiranandani has an experience of over four decades in the real estate industry. Along with residential, House of Hiranandani has also constructed over 12 mn square feet of area in the commercial sector. Till date, House of Hiranandani has delivered 25,375 homes and developed 45.82 million square feet of residential and commercial real estate.

House of Hiranandani to invest Rs 3,200 crore to redevelop 5 housing societies in Mumbai

<ul class="summary-list"><li>Donald Trump has pledged to lead a mass deportation campaign once elected.</li><li>That would create a major labor crunch for homebuilders, driving wages and costs higher.</li></ul>Donald Trump's vow to crack down on immigration doesn't bode well for priced-out homebuyers.The Republican presidential candidate has promised to lead the largest deportation campaign in US history if reelected. By one estimate, that could involve deporting up to <a target="_blank" href="https://www.businessinsider.com/trump-deportation-immigration-plan-impact-recession-risk-inflation-stagflation-labor-2024-6">1.2 million</a> people, though as many <a target="_blank" href="https://www.piie.com/blogs/realtime-economics/2024/trump-vs-harris-immigration-future-policy-proposals#_ftn1">11 million undocumented residents</a> live in the country.While there's room to debate the plan's feasibility, what's certain is that a sudden drain of the immigrant workforce could significantly hinder construction in the US, igniting deeper unaffordability for home market buyers.<h3 id="a76ec574-ba23-4a94-92de-608c0047e53f">A critical homebuilder workforce</h3>"If we did see mass deportations, I do think it would have a chilling effect on the labor market," Jim Tobin, CEO of the National Association of Home Builders, told Business Insider.He said immigrants are a critical component of the industry, as they help relieve a serious shortage of skilled labor. Foreign-born construction workers, who make up as much as a third of the sector's labor force, are often concentrated in specific trades required to build a home, such as plasterers and drywall installers, the Home Builders Institute <a target="_blank" href="https://hbi.org/wp-content/uploads/2024/06/Spring-2024-CLMR-HBI-NAHB-FINAL.pdf">reported</a>."We consistently see government data showing that we are anywhere between 200,000 to 400,000 workers short in our industry and that lack of skilled labor slows down the pace of construction, drives up labor costs, and ultimately leads to higher home prices, and a slower pace of home building," Tobin said.A <a target="_blank" href="https://gwbushcenter.imgix.net/wp-content/uploads/Immigrants-and-Opp-3.pdf">2022 George W. Bush Institute</a> study found that US metros with the highest immigrant population growth scored the lowest construction costs.Without the supply of these workers, history suggests housing costs are likely to rise.According to a <a target="_blank" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4729511">research paper</a> released earlier this year, home prices were found to rise in counties impacted by an immigration crackdown that spanned from late 2008 to 2014. The US "Secure Communities" program led to the deportation of over 300,000 undocumented immigrants in that time period, it cited.Given the pace of homebuilding, price effects were muted for two years after enforcement began, the study said. However, three years later, the average new construction property became 17% more expensive among tracked counties compared to the baseline.That translates to a $57,300 jump compared to the average property price before the program's implementation."Three years after SC rollout, the average county has foregone the equivalent of an entire year's worth of additional residential construction: 2,423 fewer buildings are permitted, and 1,997 fewer newly constructed homes enter the market," the authors wrote.Considering how wide-sweeping the Trump campaign's deportation effort could be, experts told BI that homebuilders would likely resort to wage hikes to attract domestic workers. These could be significant, given that the construction industry would be competing against other immigrant-dependent sectors.According to Tobin, mass deportation would also require the industry to redouble its efforts in attracting new domestic interest in the trades. "Whether that's kids coming out of out of high school, or adults that are looking for a new career, transitioning military that are coming out of the service. We would have to look at previously incarcerated."<h3 id="2780f5cd-9b64-4a83-a2ce-4c3dee812acf">What about demand?</h3>Trump's campaign has implied that cracking down on immigration will help ease housing unaffordability by effectively removing one source of demand. It's a talking point recently made by Vice President candidate JD Vance, who blamed "<a target="_blank" href="https://www.cbsnews.com/news/jd-vance-debate-immigration-housing-prices-real-estate-federal-reserve/">millions of undocumented immigrants</a>" for adding pressure on a supply-constrained housing market.While research has suggested immigrant demand plays a role in influencing prices, economists generally doubt that this is a <a target="_blank" href="https://www.nytimes.com/2024/10/11/business/economy/trump-housing-crisis-deportations.html">major driver</a>. Rents and home prices started surging in 2020 and 2021, at a time when net immigration inflows were close to the two-decade average, as tracked by the <a target="_blank" href="https://www.cbo.gov/publication/60569#:~:text=Over%20the%202021%E2%80%932026%20period%2C%20the%20net%20immigration%20of%20people,net%20immigration%20of%20that%20population">Congressional Budget Office</a>.Meanwhile, Trump's platform is also pushing another policy initiative that's unlikely to help housing costs: tariffs. The candidate has pledged to raise duties on virtually all imports to the US, raising them as much as 60% on Chinese imports."If you're going to add tariffs onto building materials, that cost is just going to be passed along to the homeowner or the renter," Tobin said, citing that there's a lack of evidence that tariffs will meaningfully increase production in the US. He pointed to <a target="_blank" class="" href="https://www.nahb.org/blog/2024/08/canadian-lumber-tariffs">a 15% tariff on Canadian softwood lumber</a> that has failed to do this.

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