By Cindy Chetti, Senior Vice President, Government Affairs, NMHC
Cindy Vosper Chetti is Senior Vice President for Government Affairs, with responsibility for managing NMHC’s federal legislative and regulatory advocacy strategy agenda. She also oversees NMHC’s political operations and the NMHC PAC. Learn more about Cindy.
As the 2024 presidential election approaches, our members find themselves at a critical juncture with policies that could significantly impact rental housing providers hanging in the balance. The similarities and differences between former President Trump and Vice President Harris on key issues related to housing, urban development and economic policy represent two distinct outcomes that could impact providers in a multitude of ways.
This analysis aims to shed light on the stances of the two candidates. By understanding these perspectives, members can better anticipate potential policy shifts and their implications for our sector in the coming years.
Use the drop-down feature below to dive into where the 2024 Presidential candidates stand on an array of policy issues—including those that impact rental housing.
Portions of this analysis are provided to NMHC by Brownstein Hyatt Farber Schreck, LLP.
Tax & Economy
- As vice president and as a presidential candidate in 2024, Harris has mostly advocated for the same tax policy priorities as President Biden, including touting the energy-tax provisions in the Inflation Reduction Act (IRA, Pub. L. 117-169) and committing to protect tax and audit rates for individuals and businesses earning less than $400,000 per year.
- In line with President Biden’s FY 2025 Budget request, Harris proposed raising the corporate tax rate from 21% to 28% and raising the capital gains tax rate. As part of her presidential campaign in 2019, she had proposed raising the corporate tax rate to 35%.
- As a senator, Harris’ most notable tax policy proposal was her introduction of the LIFT the Middle Class Act (LIFT Act), which would have established a refundable tax credit of up to $3,000 for single tax filers and $6,000 for joint filers with low or moderate incomes.
- Harris also introduced the Rent Relief Act of 2019, which would have created a tax credit for low- to moderate-income rent-burdened Americans.
- During her 2020 presidential campaign, Harris highlighted several concepts such as restoring the marginal income tax rate for the top 1% of earners to 39.6% and implementing an “income-based premium tax” of 4% on households making more than $100,000 to pay for her version of “Medicare for All.”
- One of Trump’s biggest priorities will be cementing his legacy through extending or making permanent the tax rate reductions in the Tax Cuts and Jobs Act of 2017 (TCJA, Pub. L. 115-97), including individual, business and estate tax rates.
- Trump has also proposed taking many TCJA provisions further, such as reducing the TCJA-enacted corporate tax rate of 21% to 20%.
- Trump has proposed numerous additional tax policy proposals on the campaign trail, including to eliminate federal taxation of tip income as well as eliminating the taxation of Social Security benefits.
- Trump has also expressed interest in greater taxation of university endowments.
- To offset the cost of ending the TCJA’s tax provisions, Trump has suggested imposing a 10% baseline tariff on all imports, with a 60% tariff on imports from China.
Kamala Harris
Donald Trump
Financial Services
- In the Senate, Harris introduced the Accountability for Wall Street Executives Act, which would empower state attorneys general and other state law enforcement to issue subpoenas while conducting investigations into national banks’ compliance with state law.
- She also supported legislation to require the Federal Reserve to conduct stress tests on large financial institutions to gauge their resilience to climate-related financial risks.
- Harris has been supportive of increased Consumer Financial Protection Bureau (CFPB) oversight of various lenders.
- As vice president, she announced the CFPB’s proposal to remove medical debt from credit reports, and her office coordinated with North Carolina officials on a pilot project to forgive medical debt for 2 million individuals.
- During her 2020 campaign, Harris proposed a financial transactions tax (FTT) that would consist of a 0.2% tax on stock trades, a 0.1% tax on bond trades, and a 0.002% tax on derivative transactions.
- In previous campaigns, Trump promised to repeal the Dodd-Frank Act and reduce burdensome, anti-growth regulations.
- During his first term, Trump issued an Executive Order (EO) outlining his “Core Principles for Regulating the United States Financial System.” The principles include empowering Americans to make financial decisions and requiring more rigorous regulatory impact analysis of proposed financial regulations.
- Trump also issued an EO requiring that agencies rescind two federal regulations for every newly created regulation.
- Trump has assumed a pro-cryptocurrency position on the campaign trail, a reversal from his stance on digital assets as president.
- He has repeatedly opposed ESG initiatives, vowing to end the Securities and Exchange Commission’s (SEC) climate rule and issue an executive order to limit employer offerings of ESG funds in retirement plans.
Kamala Harris
Donald Trump
Housing Policy
- While campaigning for president in July, Harris publicly voiced support for President Biden’s proposal for a 5% cap on annual rent increases, stating that “we will take on corporate landlords and cap unfair rent increases.”
- As California’s attorney general, Harris secured an $18 billion agreement as part of a settlement regarding bank servicing and foreclosure misconduct during the foreclosure crisis.
- Harris drafted and helped pass the California Homeowner Bill of Rights in 2013, which issued numerous reforms in the mortgage process and how foreclosures are handled.
- In the Senate, Harris sponsored the Rent Relief Act in 2018, a bill that would create a refundable tax credit for renters who earn below $100,000 annually and spend more than 30% of their income on rent and utilities.
- Harris sponsored the Housing is Infrastructure Act, which would provide $70 billion to address the public housing capital backlog, and other funds to support public housing.
- The Republican Party’s 2024 platform proposed opening portions of federal lands for new home construction, tax incentives to support first-time buyers, and rescinding “unnecessary” regulations.
- Trump wrote an op-ed with former HUD Secretary Ben Carson in 2020, criticizing efforts to eliminate local single-family zoning regulations.
- His administration terminated the Obama-era Affirmatively Furthering Fair Housing regulation.
- His administration also raised the threshold for providing disparate impact liability, rolling back the 2013 Disparate Impact Standard rule.
- Created Opportunity Zones as a way for businesses to invest in underserved neighborhoods through the 2017 Tax Cuts and Jobs Act.
- Trump’s Treasury Department released a plan to end the conservatorship of Fannie Mae and Freddie Mac.
- Issued and extended a federal eviction moratorium during the COVID-19
Kamala Harris
Donald Trump
Health Care
- Harris has cemented herself as a staunch advocate of abortion rights. She promises to codify abortion-related protections enshrined in Roe v. Wade into federal law.
- She has promised to expand and strengthen health care coverage provided by the Affordable Care Act (ACA) and reduce health care costs, pivoting from her previous support of a single-payer health care system.
- Harris supports extending Medicaid coverage in the 10 states that have not yet expanded it under the ACA.
- Harris continues to support efforts to lower the cost of prescription drugs and provisions included in the Inflation Reduction Act (IRA), including Medicare drug price negotiations. When Harris was running for president, she wanted to go further on drug pricing and proposed capping U.S. prices to the lowest ones negotiated by other countries to no more than the OECD average. Harris also previously endorsed “march- in” rights under the Bayh Dole Act.
- When Harris was attorney general of California, she focused heavily on health care consolidation and anticompetitive behavior in pharmaceutical, insurance and hospital industries. She filed an antitrust lawsuit to block a proposed $54 billion merger of two insurers.
- As vice president, she took the lead on medical debt initiatives and announced rules that ban medical debt from credit reports.
- Trump said he wants to leave abortion in the hands of the states after the Supreme Court overturned Roe v. Wade and declined to endorse a federal abortion ban. Trump has also advocated for exceptions and strongly supports the availability of in vitro fertilization (IVF).
- Trump has softened his “repeal and replace” approach to the ACA, instead highlighting that he is looking at alternatives to make it less expensive. He previously supported establishing Medicaid block grants, Medicaid work requirements and upper payment limits. His administration repealed the individual mandate tax penalty and protected insurance coverage for people with preexisting conditions.
- Trump has been critical of both the pharmaceutical industry and pharmacy benefit managers (PBMs), often rallying against the high cost of prescription drugs. His previous administration finalized regulations that allow states to import lower-cost drugs from Canada and issued regulations requiring hospitals and health insurers to provide consumers list prices for specific drugs and services.
- Trump continues to tout his prior efforts on the Most Favored Nation drug pricing proposal.
- Trump has promised to end surprise medical billing and increase fairness through price transparency, building on his previous administration’s efforts.
Kamala Harris
Donald Trump
Immigration Policy
- In March 2021, President Biden tapped Harris to engage Mexico and Northern Triangle countries on identifying and addressing the root causes of illegal migration across the region.
- In February 2024, Harris endorsed the Senate’s bipartisan border security package and would revive it if elected.
- During her 2020 presidential campaign, Harris issued a plan to expand the use of deferred action programs and pledged to use executive actions to prevent certain undocumented immigrants from deportations.
- In a May 2024 statement, Harris pledged to protect from deportation those enrolled in the Deferred Action for Childhood Arrivals (DACA) program.
- In January 2024, Harris called for a implementing a “meaningful pathway to citizenship” to address the current border situation.
- In her first Senate floor speech, Harris denounced Trump’s migration restrictions, declaring that “an undocumented immigrant is not a criminal.”
- In July 2021 remarks, Harris called on Congress to pass legislation to provide a pathway to citizenship for DACA recipients and Dreamers (H.R.16) and to reform the H-2A visa temporary agricultural worker program(H.R.4319).
- In November 2019, Harris said she would support lifting current per-country caps on H-1B visas.
- Harris twice sponsored legislation to expedite the reunification of separated families and promote the humane treatment of asylum- seeking immigrants (S.3227 & S.557), to prohibit the use of federal funds for building or expanding migrant detention facilities (S.2849 & S.2221), to improve the safety standards and resettlement processes for unaccompanied children (S.3624 & S.388), and to enhance protections for migrants facing immigration-related legal proceedings (S.2219 & S.349).
- In an April 2024 interview, Trump said his second term agenda would include deporting 15-20 million migrants from the United States; he also expressed openness in creating funding incentives for state and local law enforcement to assist with the federal government’s immigration enforcement.
- In a June 2024 interview, Trump floated a proposal to provide green cards to foreign students who graduate from U.S.-based colleges.
- In May 2023, Trump pledged to pass an Executive Order (EO) banning birthright citizenship on the first day of his second term in office.
- During his first term, Trump pushed for the construction of a wall along the U.S.-Mexico border; he has pledged to “complete” the wall if returned to the White House.
- During his first term, Trump utilized the Title 42 public health order to expel asylum seekers due to public health concerns.
- Under his guidance, DHS instituted the Migrant Protection Protocols (MPP) program in 2018, also known as the “Remain in Mexico” policy.
- Trump moved to rescind the Deferred Action for Childhood Arrivals (DACA) program in 2017.
- Soon after entering office, Trump signed EO 13769, which placed restrictions on admitting refugees from several Middle East and North African nations.
Kamala Harris
Donald Trump
Trade Policy
- Harris supported President Biden’s actions to limit dependence on Chinese goods, and she said China needs to be held accountable for its anticompetitive behavior, including intellectual property theft.
- In 2021, Harris met with World Trade Organization (WTO) Director General Ngozi Okonjo-Iweala and said they both “agreed on the importance of using trade to promote equity and economic growth.”
- Harris criticized Trump’s trade policies during his presidency, and she was one of 10 senators to oppose the USMCA.
- During her 2020 campaign, Harris said any trade deal she signed should protect workers and the environment.
- In a 2019 presidential debate, Harris stated, “I am not a protectionist Democrat,” and advocated for maintaining export markets for American goods.
- Harris has said she would have voted “no” on the North America Fair Trade Agreement (NAFTA).
- Harris opposed President Obama’s proposed Trans- Pacific Partnership (TPP) trade agreement.
- Trump touts his “America First” trade policy, which is aimed at eliminating the trade deficit and protecting American jobs.
- Trump proposed a 60% tariff on Chinese goods and phasing out Chinese imports of essential goods, as well as a 10% tariff on most other imports.
- Trump proposed levying tariffs on electric vehicles (EVs) from Mexico, stating China manufactures EVs in Mexico to avoid tariffs.
- In his first term, Trump withdrew from TPP negotiations, and he imposed tariffs amounting to roughly $380 billion worth of goods in 2018 and 2019, mostly on Chinese goods.
- Trump proposed revoking China’s Most Favored Nation status, and he criticized China’s admission into the WTO.
- Trump negotiated USMCA in 2018 and criticized NAFTA, which he threatened to withdraw from, as “the worst trade deal ever made.”
- Trump criticized the U.S.-Korea Free Trade Agreement (KORUS), and he oversaw its revision.
- Trump opposed Ngozi Okonjo-Iweala becoming director general of the WTO, and he threatened to pull the U.S. out of the WTO due to unfair treatment.
Kamala Harris
Donald Trump
International Affairs
- Harris gained a significant portion of her foreign policy experience during her time as vice president and would be expected to largely continue the existing policies of President Biden.
- The potential Harris administration would likely continue to pursue global labor and environmental issues.
- The potential Harris administration would likely continue to pursue global labor and environmental issues.
- She would likely continue to aid Israel, although she has been seen as more supportive of Palestine than Biden.
- Harris is expected to support existing policies designed to counter Chinese influence in Africa and the Indo- Pacific.
- Harris’s foreign policy team has largely been made up of establishment figures and would pursue a foreign agenda similar to past Democratic administrations.
- Trump has pursued an “America First” policy agenda that has often rejected the notion that America has a responsibility to manage world affairs.
- His will continue to focus on China, and his administration would look at policies that harm Chinese influence and strengthen U.S. engagement in the Indo-Pacific region.
- Trump would likely continue to provide aid to Israel and Taiwan. However, he has criticized support for Ukraine and would most likely push for a negotiated settlement in the conflict.
- A second Trump administration would also be expected to act more unilaterally and push NATO countries to take on a greater role in paying for the alliance’s defense.
- On labor issues, Trump would place an emphasis on protecting domestic manufacturing and would likely pursue protectionist policies that prevent jobs from going overseas.
- Trump would be expected to maintain strong relations with Middle East allies, such as Israel and Saudi Arabia, and would likely push for the expansion of the Abraham Accords and more action against Iran.
Kamala Harris
Donald Trump
China Policy
- Harris will likely follow the China competition strategy of the Biden administration. Although she is not as hawkish as Biden, Harris has called out the Chinese Communist Party for imposing territory claims on its small neighbors in the South China Sea. She has also reiterated U.S. support for Taiwan.
- During her time as senator, Harris signed on to legislation promoting the imposition of sanctions to individuals connected to human rights abuses in Hong Kong and Xinjiang. She has also committed to prioritizing China’s human rights abuses to Uyghurs and others in her presidential campaign and if she wins office.
- Harris has advocated for de-risking from China to protect American interests and jobs, emphasizing the importance of increasing domestic production capabilities and international alliances.
- Harris often acts in Biden’s place during crucial international gatherings of Indo-Pacific nations to boost alliances with Japan, South Korea and other regional powers. She has also led U.S. delegations during summits in Asia (like ASEAN or APEC) focused on increasing U.S. security and economic partnerships.
- Despite the “tough on China” sentiment, Harris has expressed interest to cooperate with China on climate change and anti-drug/fentanyl trafficking initiatives.
- During Trump’s first term has president, he took a hard stance on China by launching a trade war and hardening ties following the COVID-19 pandemic. In current campaign events, he has expressed plans to ramp up the trade war and impose tariffs of 60%–100% on every Chinese import to the United States.
- Trump’s policy focus is primarily an economic nationalist and protectionist approach, which is often seen in his stance on China. He supports a sharp decoupling from China and increasing restrictions on export controls and outbound investment.
- Trump wishes to go further than bipartisan action against China’s abusive practices, such as dumping goods at low costs to deter competition. He also wishes to stem the flow of U.S. technology and chips to China.
- Trump has often declined to commit to defending Taiwan against Chinese threats, claiming Taiwan should pay the United States for defense. However, many top Trump advisers and senior officials view U.S. support for Taiwan a priority for U.S. national security. The advisors and officials also advocate for continued close cooperation with Asian countries on the front line of Chinese aggression.
- Although Trump is known for being tough on China, he’s occasionally expressed his admiration for Chinese President Xi Jinping’s strength as its leader.
Kamala Harris
Donald Trump
National Defense Policy
- As vice president, Harris supported modernization and innovation within the military and integrating defense strategies with economic policies. She has also been vocal in her support of comprehensive assistance for veterans.
- Harris strongly supports NATO and has criticized Trump’s approach to the alliance, emphasizing the importance of maintaining robust international partnerships and coalition approaches to addressing global security challenges.
- Harris has emphasized a tough stance on China, advocating for reducing economic dependence and protecting American interests. She has supported policies aimed at de-risking from China and has criticized Trump’s tariffs for hurting the American economy without achieving a rebalance.
- Harris supports deepening alliances in Asia and the Indo-Pacific, endorses Taiwan’s self-defense and championed human rights legislation for Hong Kong and Uyghurs. She has played a significant role in fostering transatlantic cooperation and support for Ukraine.
- Harris advocates for a two-state solution for Israel and Palestine, has called for a temporary cease-fire in Gaza and has supported legislation to restrict arms sales and military assistance to Saudi Arabia.
- Trump focused on China as the foremost military threat to the United States and implemented measures to counter broader Chinese influence. His administration prioritized securing critical supply chains and protecting U.S. research and development from foreign interference.
- Trump oversaw a significant focus on rebuilding and modernizing the U.S. military, with over $2.2 trillion in defense spending. He also established the U.S. Space Force, modernized nuclear forces, enhanced missile defenses and elevated Cyber Command to a major warfighting command.
- Trump criticized European NATO allies for not investing adequately in defense, urging them to increase their security spending, emphasizing NATO’s commitment of 2% member spending on defense.
- Trump’s administration took action against terrorist networks, including military action against ISIS and eliminating Abu Bakr al-Baghdadi and Qasem Soleimani.
- Trump’s administration also utilized the maximum pressure campaign against Iran to deprive the government of the resources necessary to build weapons and fund terrorist proxies in the region.
- Trump’s administration initiated a comprehensive assessment of the U.S. defense industrial base and implemented measures to protect information and communications technology supply chains and secure.
Kamala Harris
Donald Trump
Labor & Workforce Policy
- In a recent speech, Harris vowed to sign the Protecting the Right to Organize Act should it reach her desk as president, which would enhance an employee’s ability to join labor unions and strikes without fear of employer retaliation, among other things.
- When Harris ran for president in 2020, she proposed requiring companies with 100 or more employees to obtain an equal pay certification every two years, demonstrating they are paying men and women the same for analogous work.
- Harris also promised to guarantee up to six months of paid family and medical leave for all working individuals, with workers earning less than $75,000 receiving full wage replacement. In addition, she vowed to create a new Office of Paid Family and Medical Leave.
- In the Senate, Harris cosponsored the Social Security Expansion Act to expand Social Security by $2,400 per year.
- Harris previously chaired the White House Task Force on Worker Organizing and Empowerment.
- In his Republican National Convention (RNC) platform, Trump said he will protect Social Security and make no changes to the retirement age.
- In his RNC platform, Trump said he will build up American manufacturing and ban companies that outsource jobs from doing business with the federal government.
- Trump has spoken out against a number of Biden’s regulations and is expected to repeal several finalized rules, including the Registered Apprenticeship, Independent Contractor and Fiduciary rules, or not continue to defend rules such as the recent Overtime, Noncompete and Joint Employer rules in ongoing litigation.
- Trump has proposed exempting tips from income taxes.
- During his 2020 State of the Union address, Trump called for paid family leave through allowing parents to borrow from their future selves, rather than provide a new source of funding to take leave.
Kamala Harris
Donald Trump
Education Policy
- In the Senate, Harris cosponsored the College for All Act, which would make four-year public universities free for anyone earning less than $125,000 and make public community college tuition free for everyone.
- As Attorney General of California, Harris erased $5.8 billion in loans for former students at Corinthians College, alleging they used deceptive and false advertisements and aggressive marketing campaigns.
- Harris has supported the Biden administration’s actions to forgive student loan debt and has reportedly advocated for additional loan forgiveness behind the scenes.
- In 2020, as a presidential candidate, Harris proposed cancelling debt for Pell Grant recipients who opened and operated a business in a disadvantaged community for at least three years.
- In 2020 and through her time in the Biden administration, Harris has vowed to pass the Child Care for Working Families Act and provide universal access to preschool for all three-and-four-year-olds. She also vowed to increase funding for Head Start and Early Head Start.
- Harris also committed to expanding the Department of Education’s Office for Civil Rights.
- As a graduate of Howard University, Harris has pledged to invest in the success of HBCUs.
- In his Republican National Convention (RNC) platform, Trump vowed to dismantle the Department of Education and allow states to have complete control over the education system. He has made similar statements dating back to his 2016 campaign, and his administration proposed merging the Education and Labor departments into one federal agency as part of a larger plan to restructure the government.
- In his RNC platform, Trump vowed to overturn the Biden administration’s final Title IX rule, create alternatives to traditional four-year college to reduce costs, expand 529 Education Savings Accounts, support parent choice in schools and make the expansion of the Child Tax Credit permanent.
- Trump has said he would cut federal funding for schools pushing “critical race theory, transgender insanity, and other inappropriate racial, sexual, or political content on our children.”
- In a 2023 campaign video, Trump proposed taxing and fining universities with large endowments to start a new institution that will be free for everyone.
- In Trump’s last proposed budget, he proposed cuts to the National Institutes of Health and the National Science Foundation and the elimination of funding to the National Endowments for the Art and Humanities.
Kamala Harris
Donald Trump
Agriculture Policy
- While in the Senate, Harris sponsored the Fairness for Farmworkers Act, a bill that would remove the minimum wage and overtime pay exemptions for farmworkers.
- She sponsored the Closing the Meal Gap Act, which would raise the baseline benefit for all SNAP households and allocate additional funds to those with large medical and housing expenses.
- Harris also cosponsored the Agricultural Worker Program Act, a measure that would provide a legal right to work in the United States for certain undocumented farmworkers.
- Harris voted for the 2018 Farm Bill and pushed for water infrastructure projects to be included in the Infrastructure Investment and Jobs Act (IIJA).
- As California’s attorney general, Harris appealed a federal ruling that struck down California’s ban on foie gras sales.
- Trump has proposed placing significant tariffs on American purchases from China, repeating a tactic he used as president in 2018. During Trump’s first term, China placed retaliatory tariffs on U.S. agricultural and food exports in response to Trump’s trade policies surrounding Chinese goods. Because of this, U.S. farmers saw lower commodity prices and reduced income from lost sales. Trump issued an aid package under the Commodity Credit Corporation (CCC) Charter Act to mitigate short-term losses to farmers, but U.S. agricultural markets and exports still suffered.
- Trump would seek to roll back federal regulations that place burdensome restrictions on U.S. farmers, including rules put forward by the Biden administration regarding the Clean Water Act, the Clean Air Act, the Endangered Species Act, Superfund and wetlands that limit land use to advance environmental protections.
- Trump’s “2024 GOP Platform to Make America Great Again” notes that Trump and Republicans are committed to protecting American workers, farmers and industries from unfair foreign competition.
Kamala Harris
Donald Trump
