NAHB Podcast: Election 2024 Predictions, and Housing Data Weighs on Builders
On the latest episode of NAHB’s podcast, Housing Developments, CEO Jim Tobin and COO Paul Lopez discuss the latest economic news and political events.
Earlier this week, President Biden proposed a two-year provision that would require housing providers with 50+ existing units to choose to either cap annual rent increases at 5% or lose accelerated depreciation.
“Rent control is as lazy a policy as you're going to find. If you truly care about lowering costs for renters, put more supply in the marketplace,” Tobin stated. “Rent control doesn't work. I don't care what side of the aisle you're on.”
“I guarantee you that the stakeholder community in town is bound together on this, and we're going to make sure that Congress — this never sees the light of day. This is just electioneering politics,” he added.
NAHB Chairman Carl Harris and First Vice Chairman Buddy Hughes attended the Republican National Convention this week, which included the announcement of former President Trump’s vice presidential candidate, Sen. J.D. Vance from Ohio. Tobin and Lopez also discuss what could happen ahead of the Democratic National Convention next month — which Harris and Hughes will also attend — in terms of President Biden’s candidacy and expectations for this election cycle.
Tobin and Lopez also touch on the last economic data in the NAHB/Wells Fargo Housing Market Index (HMI), which continues to be low as interest rates remain high. But in terms of forecasts, builders are starting to become more optimistic.
“I think the second half of this year — certainly moving into 2025 — there’s a lot of reasons to be optimistic,” Tobin stated. “But we were optimistic six months ago, right? So again, cautious optimism, but feeling better after these last couple months.”
Listen to the full episode below, and subscribe to Housing Development through your favorite podcast provider or watch all the episodes on YouTube.