This year’s home sales are falling to levels unseen since 1995. Republicans have been offering real solutions to this housing crisis, but on the campaign trail and in Congress, Democrats have proposed a familiar gimmick: another handout. They have announced a plan to give many first-time homebuyers $25,000 in down payment assistance.

Of course, free money always sounds appealing. But this idea is nothing more than election-year pandering, and it is dead-on-arrival in Congress. Even worse, the proposal would throw gasoline on the inflationary fire that has been hitting homebuilders, realtors, and customers alike.

Biden-Harris Kept Home Costs High

During the COVID-19 pandemic, demand increased for houses as supply chains slowed down – restricting access to construction materials such as softwood lumber, steel, and aluminum. Low interest rates kept that demand high even while the housing industry struggled to keep up. Consequently, prices rose.

As the nation recovered from the economic damage of that global public health emergency, the homebuilders needed the fundamentals that power all industries: laws that grow businesses, give workers options, and increase competition in the marketplace. Unfortunately, when the Biden-Harris administration took office, it made the existing problems worse.

In his first year, President Biden and his democratic majorities in Congress spent trillions of dollars, sending prices soaring across the economy. As always, those cost increases ultimately hit consumers – including homebuyers. When the cost of doing business got more expensive for builders and realtors, customers had to shell out more. The instability also made it harder for appraisers to estimate homebuilding costs, since supply chain disruptions caused construction delays and material prices fluctuated.

White House Stifles Job Market

Ratcheting up prices was bad enough, but the administration simultaneously presided over a nationwide workforce shortage. I have spoken with home builders who shared that they have struggled to attract and retain talent. They have found little help from the Biden-Harris administration. The White House has set national, one-size-fits-all standards on apprenticeship programs, making it harder to help workers of differing education levels acquire skills for high-paying construction jobs.

Meanwhile, the Department of Labor and Democrats in Congress have pushed policies meant to turn all independent contractors into employees. These measures threaten the flexibility enjoyed by 27 million American workers. They stifle the job market, and I have joined Republicans in opposing them.

Democrats Meddle in the Marketplace

The Democrats’ new down payment plan would continue manipulating the marketplace. Under their scheme, families making up to $300,000 would be eligible for the down payment tax credit. If the industry recognizes that every first-time homebuyer will have an extra $25,000, prices will rise.

This mass-scale handout proposal is so excessive that it distracts from smart ways Congress can help with housing accessibility. For example, I have joined a bipartisan group of senators on a bill that would offer targeted down payment aid to those who need it most – in contrast to the Democrats’ free-for-all. Our legislation would help low-income Americans trying to buy a home. These families are working hard to climb the economic ladder, and this aid can help accelerate their efforts while protecting the housing industry.

These are just a few of the Democrats’ misguided housing policies. Among the rest are the Biden-Harris administration’s burdensome energy efficiency standards. Homebuilders have told me that it is expensive to comply with these “green” regulations. As always, the buyer ultimately picks up the increased construction tab, often wiping out any savings they might have gained on their energy bill.

Home ownership is a core part of the American Dream. It stands for stability and helps families accrue generational wealth. In Congress, I will keep supporting everyone involved in this important industry, working to keep home ownership in reach for all Mississippians.