In a two-part series, THE CITY explores the economic proposals of Donald Trump and Kamala Harris and their potential impact on key issues in New York City. Harris has proposed a federal effort to increase home construction, while Trump focuses on themes like deporting immigrants to lower housing costs. Harris plans to support infrastructure and climate change measures, while Trump may repeal the 2021 Infrastructure Investment and Jobs Act. Billions of dollars in funding for projects in New York are at stake in the presidential election.
Donald Trump and Kamala Harris hold conflicting views on various economic issues that will impact New York, from taxes and housing to infrastructure and climate change. The implementation of their proposed policies would require Congressional action, which may prove challenging if the opposing party gains control. THE CITY has analyzed their campaign proposals and their potential effects on New York City, focusing on taxes, poverty, development, and infrastructure.
One significant proposal by Kamala Harris is a federal initiative to increase the construction of new homes, addressing the national housing crisis. This marks a departure from previous presidential candidates and aligns with efforts in New York to combat zoning restrictions and promote housing growth. Harris’s plan includes tax credits for first-time homebuyers, increased funding for affordable housing, and a $40 billion fund to support local governments in building housing.
In contrast, Trump emphasizes deportation to reduce competition in the housing market, a strategy that experts believe may have inflationary effects. He also advocates for lower interest rates and building on federal land, though the latter is less relevant in urban areas like New York City. Trump has traditionally opposed zoning reforms but recently acknowledged their potential impact on housing availability.
The 2021 Infrastructure Investment and Jobs Act allocates nearly $40 billion for local infrastructure, climate initiatives, and mass transit, with potential implications for New York projects. While Harris is likely to uphold commitments under this law, Trump and other Republicans may seek to redirect the funds for other purposes, jeopardizing ongoing projects. For instance, the Gateway rail tunnel project and MTA funding are key beneficiaries of the infrastructure law.
The Adams administration in New York City has secured additional funding for various infrastructure projects, totaling billions of dollars. However, the future of these investments could be uncertain depending on the outcome of the presidential election. Congestion pricing, a critical component of the MTA capital plan, faces uncertainty as Governor Kathy Hochul considers its implementation. A Harris administration may support this initiative, while Trump has expressed intentions to cancel it if elected.
In conclusion, the economic policies of the presidential candidates will have far-reaching consequences for New York City, affecting housing, infrastructure, and climate initiatives. The outcome of the election and subsequent Congressional actions will shape the future trajectory of these key economic issues in the city.
Source: TheCity.NYC
