President Joe Biden made a surprising announcement on Sunday, revealing that he will not seek reelection. This decision comes after a lackluster debate performance that led to pressure from his own party to step down.
In a letter shared on X, Biden officially put an end to the rumors that have been circulating since the June 27 debate. He also threw his support behind Vice President Kamala Harris.
“It has been an incredible honor to serve as your President. While I had planned to run for reelection, I believe it is best for my party and the country for me to step aside and focus on my duties as President for the remainder of my term,” Biden stated.
Shortly after Biden’s announcement, the National Housing Conference (NHC) issued a statement praising his dedication to affordable housing initiatives.
“President Joe Biden has been a strong advocate for affordable rental housing and homeownership, making him the most vocal presidential supporter of housing policies in decades,” said NHC president and CEO David Dworkin.
With Biden out of the race, the Republicans have officially nominated former president Donald Trump and J.D. Vance to lead their party. The upcoming Democratic convention will determine whether delegates originally pledged to Biden will support Harris or if there will be a “mini-primary” for other candidates.
The election is just 106 days away, and both parties are working hard to secure votes amidst a tumultuous election cycle.
At HousingWire, we are closely monitoring how the election could impact the housing market and industry professionals. We are analyzing how each party may approach key issues related to housing:
- Leadership at the Federal Reserve, Federal Housing Finance Agency (FHFA), Consumer Financial Protection Bureau (CFPB), and Department of Justice.
- Regulation and enforcement of housing issues such as appraisal bias, fair lending, and the role of Realtors.
- The future of Fannie Mae and Freddie Mac.
- Economic policies affecting housing, including tariffs, taxes, and incentives for housing development.
This election carries significant implications for those in the mortgage, real estate, and housing sectors. Our aim is to provide comprehensive coverage of housing-related news and information that is not available elsewhere.
This week, we will feature articles on influential housing leaders from both parties and continue to report on NAR’s commission lawsuit settlements, federal incentives for homeownership, and more.
For those seeking more information on election-related topics, check out our recent coverage.
Editor’s note: This story has been updated with comments from the National Housing Conference.
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