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Trust This.
By Joseph E. Seagle, Esq. ● Oct 11, 2024
Smart Brevity® count: 6 mins...1580 words
👋 Happy Friday! Here’s hoping that everyone and their property survived Helene and Milton and experienced as little damage as possible. Monday is Columbus Day, and our offices will be on reduced staffing for this banking holiday.
Situation Awareness: I still have power and internet as of Wednesday evening, so I’m writing this newsletter earlier in the week than usual. Since mail-in ballots have already gone out and voting has started, we’re focusing this edition on the election.
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📊 1 big thing: Housing and Mortgage Policies on the 2024 Campaign Trail
With less than a month to Election Day, housing affordability and mortgage accessibility are taking center stage.
Why It Matters: The 2024 election presents a stark contrast between two competing visions for housing policy.
Kamala Harris and Donald Trump, have starkly different approaches to tackling these issues. Here’s a look at their proposals and how their past actions align with their current positions.
Kamala Harris: Focus on Affordability, Supply, and Equity
Policy Proposals: Harris has long emphasized housing affordability, particularly for low-income families.
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On the campaign trail, she has advocated for $25,000.00 in assistance for first-time homebuyers, increasing federal funding for affordable housing and strengthening rent relief measures against large corporate landlords.
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A cornerstone of her platform is addressing racial disparities in homeownership, with targeted proposals to help minority communities build wealth through homeownership.
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She has also outlined a plan to incentivize the construction of 3 million new housing units in four years to alleviate the supply-and-demand issues driving up home prices.
Past Actions: During her time in the Senate, Harris co-sponsored the “Rent Relief Act,” which provided a refundable tax credit to renters who spend over 30% of their income on housing. Additionally, she supported the “Fair Chance at Housing Act,” emphasizing stronger enforcement of anti-discrimination policies in the housing market.
What She’s Saying: Harris has continued to frame housing as a human right, focusing on closing the racial wealth gap and making homeownership more attainable. She’s doubling down on advocating for rent controls against large corporate landlords who receive federally-backed mortgages and federal subsidies to lower mortgage rates for first-time buyers.
The Takeaway: Harris’s housing policies emphasize equity, accessibility, supply, and government intervention to protect vulnerable renters.
Donald Trump: Deregulation and Private Market Solutions
Policy Proposals: Trump, in contrast, has focused on deregulation and promoting private market solutions to the housing crisis.
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On the campaign trail, he’s proposed scaling back federal housing regulations to stimulate development and reduce costs. He has also suggested that he would attempt to take a more direct role in controlling the Fed’s ability to raise or lower its Lending Rate.
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His policies prioritize reducing the influence of federal agencies like the Federal Housing Finance Agency (FHFA) and privatizing Freddie Mac and Fannie Mae.
Past Actions: During his presidency, Trump’s administration rolled back several housing regulations, including key elements of the Fair Housing Act’s enforcement mechanisms. He also pushed for the loosening of Dodd-Frank financial regulations, which affected the mortgage market, making it easier for banks to lend but with fewer safeguards for borrowers.
What He’s Saying: Trump continues to advocate for reducing the role of government in housing, arguing that deregulation will spur development, lower costs, and create more opportunities for homeownership.
The Takeaway: Trump’s market-driven housing policies emphasize reducing regulatory burdens on developers and lenders. He positions himself as a pro-business candidate focused on unleashing private investment in housing while also aggregating more power to himself to control economic policy without Congressional oversight or an independent Fed Board of Governors.
The bottom line:
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Harris focuses on expanding access and supply through government intervention, while Trump seeks to reduce government oversight and empower the private sector and the executive branch.
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For real estate professionals, these policies could significantly impact development, lending practices, and the overall market dynamic.
Yes, but: Either candidate’s plan is dependent on which party controls the purse strings in Congress and the regulatory framework in the courts the morning after Election Day.
Go deeper: Associated Press; WUSF
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2. The VP candidates’ housing points
In the vice presidential debate, housing policy took center stage as Republican JD Vance and Democrat Tim Walz squared off. Their respective housing strategies for a post-election America reflect a deep divide in addressing the nation's housing crisis.
Why It Matters: Housing affordability has become a flashpoint in the 2024 election.
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With a nationwide shortage of more than 4 million homes, both campaigns have prioritized plans to address the affordability crisis. Vance and Walz, however, represent vastly different approaches.
The Details:
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Tim Walz: The Democratic candidate, Governor of Minnesota, emphasized a government-driven solution to housing shortages. He touted the $3 billion housing investment made in his state, which he claims has increased housing stock by 12%. Walz strongly advocates downpayment assistance, likening it to veteran home loans, which promote homeownership and generational wealth. He stressed that stable housing is the key to economic and social stability, stating, “Housing is a path to middle-class stability.”
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JD Vance: The Republican candidate, a senator from Ohio, framed his housing policy around reducing regulation and curbing immigration. Vance argues that illegal immigration contributes to housing shortages. He also underscored the need to tap into federal lands for new housing development. Vance was critical of the current administration’s regulatory environment, calling it a major obstacle to home building. He proposed a Trump campaign energy plan that he claims would lower housing costs by reducing energy prices.
What’s Next: Housing remains a pivotal issue as the election nears. Investors and real estate professionals will watch closely as the candidates present competing visions.
The Bottom Line: The candidates’ positions on housing reflect broader ideological divides. Walz advocates for government intervention to stabilize the housing market, while Vance favors deregulation and immigration controls to lower housing costs.
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Appropos to this week of Hurricanes, we’re re-releasing my conversation with Colleen Pacheco about everything you need to know about Florida insurance.
Listen in or watch on your favorite streaming platform.
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Ten things to know about the housing market right now. CoreLogic
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How the North Carolina Legislature left homes vulnerable to Hurricane Helene. New York Times (gift link).
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Hillsborough County Circuit Judge rules against MV Realty, calling its 40-year listing agreement “unconscionable.” WTSP
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Hurricane Milton could clobber Florida’s insurance market. Politico
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Hurricane Milton’s rapid intensification is part of a climate-fueled trend. NBC News
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4. Closing Thought: The 5 Levels of Leadership
The only time I use my drone is to document the state of our roof before a hurricane arrives and again after the hurricane passes. This is the "before" picture from Tuesday afternoon.
John C. Maxwell, a renowned expert on leadership, introduces a roadmap for personal and organizational leadership development in his book The 5 Levels of Leadership.
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Entrepreneurs often find themselves in positions where they need to lead, and understanding these levels will help them assess and grow their leadership capabilities.
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Here’s a summary of the five levels Maxwell outlines:
1. Position (Rights)
At this foundational level, leadership is based on the title or position you hold.
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People follow you because they have to.
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While it’s the entry point for many new leaders, relying solely on positional authority can limit effectiveness.
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Entrepreneurs at this stage should focus on learning and earning the respect of their teams.
Key takeaway: Don’t rely on your title; use your position to learn and grow.
2. Permission (Relationships)
This level is built on trust and relationships.
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People follow you because they want to, not just because they have to.
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Leaders at this level focus on connecting with their team members, understanding their needs, and building positive relationships.
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Entrepreneurs can elevate their leadership by showing empathy, listening, and fostering open communication.
Key takeaway: Leadership is about relationships, not just results. Build trust and connection.
3. Production (Results)
At this stage, leaders begin delivering results, and their teams follow because of their accomplishments.
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Entrepreneurs who demonstrate success and help their teams reach collective goals gain credibility.
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When a leader consistently delivers, they inspire others to do the same.
Key takeaway: Consistent results drive influence. Lead by example and deliver value.
4. People Development (Reproduction)
Great leaders invest in others.
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At this level, leadership focuses on developing team members, empowering them, and guiding their growth.
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Entrepreneurs who mentor, coach, and build a strong team not only strengthen their business but also ensure its long-term success.
Key takeaway: Invest in your people. Your success depends on their growth.
5. Pinnacle (Respect)
Few leaders reach this level.
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Here, leadership is about the legacy you leave behind.
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Leaders at this level are admired and respected for their leadership journey and for developing other leaders.
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Entrepreneurs who achieve this level are those who have influenced countless others and built an enduring, values-driven organization.
Key takeaway: Leadership legacy is built on developing other leaders and maintaining high personal integrity.
Bottom line: Maxwell’s 5 Levels of Leadership provides a clear path for growth. Entrepreneurs should focus on moving beyond the title, building relationships, achieving results, investing in their team, and leaving a legacy of leadership.
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Be on the lookout for our next issue! 👋
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