Joe Biden has been elected the 46th president of the United States. And as he approaches taking office on January 20, his policy proposals loom. His housing plan suggests big changes lie ahead for the real-estate industry.
Biden's stated goals — which include implementing a $15,000 tax credit for first-time homebuyers and closing the racial wealth gap in housing — affect all socioeconomic classes.
Ultrawealthy real-estate investors, middle-class homeowners, renters in underserved communities, and everyone in between are all poised to have their lives changed by a Biden administration.
The impact, however, will ultimately depend on whether Biden can gain congressional approval for his ambitious — at times controversial — proposals. It's unclear whether they will make it through a split government, with a Democrat-leaning House of Representatives and a Senate where Republicans are likely to hold a slim majority.
That said, Business Insider unpacked how a Biden presidency would affect all kinds of stakeholders, from low-income individuals and first-time homebuyers to real-estate investors and foreign buyers of luxury real estate, and how each of the president-elect's policies are likely to play out.