Vice President Kamala Harris, the leading Democratic presidential candidate after President Biden withdrew from the race, has picked her running mate: the current governor of Minnesota, Tim Walz.
And if Harris plans to double down on Biden-era housing proposals, she chose well.
During his two terms as Minnesota’s governor, Walz has championed a number of affordable housing initiatives. At a time when housing affordability has climbed to the top of the priority list for many voters (especially Gen Z), the Harris campaign will no doubt highlight Walz’s record as they face Republican nominee Donald Trump.
That said, a few things could help or hurt this pairing on November 5th, 2024.
#1: Governor Walz does not own a home
According to Walz’s most recent financial disclosure, he owns no stocks, bonds or real estate.
As reported by NBC News, Walz and his wife, Gwen, sold their Mankato, Minnesota home and moved into the governor’s mansion in 2019, after he was elected. They listed their former home for $315,000—more than twice what they paid for it in 1997 ($145,000).
As for why Walz and his wife didn’t hold onto their four-bedroom Mankato home as a rental property, his busy schedule as governor likely played a role, as well as the physical distance between Mankato and St. Paul.
The fact that he hasn’t owned a home since 2019 (purchased nearly 20 years before) is only significant in that he has no recent experience making a home purchase. Neither does he have experience as a landlord.
Those details don’t say much about his ability to lead. But they could meaningfully influence his housing policy.
According to The Real Deal, Vice President Harris and her husband, Doug Emhoff, own a 3,500 home in Los Angeles that Emhoff bought in 2012. Harris also previously owned a condo in San Francisco (purchased in 2004) and another in D.C. (purchased in 2017). She sold both in 2021.
#2: He signed a $1 billion housing omnibus bill for Minnesota
Last year (2023), Walz signed a $1 billion housing omnibus bill—the largest single investment in affordable housing in Minnesota history.
The bill includes:
- $200 million for down payment assistance programs—with $150 million earmarked for first-generation home buyers purchasing their first home
- $200 million for housing infrastructure investments
- Other funding for workforce housing and homelessness assistance
The down payment assistance program offers qualifying buyers up to $35,000 as a forgivable loan. Half the loan is forgiven for homebuyers who stay in the home they purchased for a full decade. After two decades of living in the same home, the entire loan is forgiven.
The $150 million program is expected to help 4,500 qualifying first-generation buyers.
The omnibus bill also provided funding for a $350 million investment to “preserve and build” more than 4,700 housing units across Minnesota.
In a statement at the time, Walz said,
“As one of the largest costs for families and most foundational human needs, our administration is making a generational investment in housing. Housing is central to growing our workforce and ensuring Minnesotans’ health, safety, and financial security.”
#3 His progressive track record could alienate moderates
Voters who support the Biden-Harris administration’s proposals aimed at making home purchases and rents more affordable will likely appreciate Walz’s track record of actually implementing similar programs.
One of those is the aforementioned down payment assistance program for first-generation homebuyers, which recently went into effect.
The Biden administration has likewise proposed a variety of assistance programs for homebuyers, including a $10,000 tax credit for first-time homebuyers. That said, the administration’s latest housing proposals—including a national rent cap—have yet to obtain congressional approval.
Politicians on the other side of the aisle aren’t the only critics, either. There’s plenty of room for debate on whether the programs mentioned would provide effective and lasting relief for homebuyers or ultimately make housing less affordable.
If you’ve been watching the Hot Sheet every week on Mondays through Thursdays, you’ve heard Byron Lazine say, more than once, that trying to make housing more affordable by lowering the bar to homeownership doesn’t work—at least not as a standalone policy.
Buyers who no longer have to save for a down payment are more likely to enter the housing market (now or as soon as rates start dropping), ramping up competition for available homes and driving home prices up as a result, especially as housing supply remains low.
That said, among voters who support the Biden-Harris housing agenda, the addition of the Walz to the Democratic ticket could attract more votes. And for the time being, at least, it’s unclear what former president Trump plans to do to make housing more affordable.
On the other hand, Walz’s progressive track record could be a hard sell for moderates who are skeptical of the current administration’s housing agenda.
Stay tuned for updates as we learn more about the candidates’ housing policies. We know this is only one voting issue, but it’s a meaningful one for many Americans. And voter remorse is a real thing—on both sides of the aisle.
So, even if you’re not impressed with either candidate, it can’t hurt to know what you’re signing up for at the voting booth this November.
*Note: BAM does not endorse any candidate for the U.S. presidency. What we’re sharing here are facts gathered from multiple online sources revealing housing-related priorities for both Harris and Walz—to help our readers make informed decisions, just as you do for your clients.
