President Joe Biden has announced his decision to not seek reelection, following a poor debate performance three weeks ago that led to calls from his own party to step aside.
In a letter posted on X on Sunday, Biden officially put an end to the rumors and speculation that have been circulating since the debate. He also endorsed Vice President Kamala Harris.
“It has been the greatest honor of my life to serve as your President. And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” the statement said.
The National Housing Conference (NHC) released a statement following Biden’s decision to withdraw from the race, praising his advocacy for affordable housing and homeownership.
“President Joe Biden has been the most outspoken and passionate presidential voice for affordable rental housing and homeownership in 60 years,” NHC president and CEO David Dworkin said. “From his Inaugural Address to his last State of the Union he has advocated housing policies intended to restore the American Dream and help those most in need.
“On some of these issues, NHC has been a strong advocate, on others we have expressed constructive concerns. We look forward to engaging with all candidates to address the nation’s housing crisis and look forward to working with whomever wins in November.”
As the Republicans have already nominated Donald Trump and J.D. Vance to lead the party, the focus now shifts to the upcoming Democratic convention and the transition of support from Biden to Harris.
The election is fast approaching, with both parties working to secure votes amid a tumultuous election cycle. HousingWire is closely monitoring how the election could impact the housing market and industry professionals.
- Potential leaders at the Federal Reserve, the Federal Housing Finance Agency (FHFA), the Consumer Financial Protection Bureau (CFPB), and the Department of Justice.
- Regulation and enforcement of housing issues, including appraisal bias, fair lending concerns, and the role of Realtors.
- The future of Fannie Mae and Freddie Mac under continued conservatorship.
- Economic policies affecting housing, such as tariffs, taxes, and incentives for housing development.
With so much at stake, HousingWire is committed to providing comprehensive coverage of housing-specific topics that are crucial for professionals in the industry.
Stay tuned for features on influential housing leaders from both parties and continued coverage of NAR’s commission lawsuit settlements, federal incentives for homeownership, and more.
If you need a refresher on any of the election-related issues mentioned above, check out our recent coverage.
Editor’s note: This story was updated with comments from the National Housing Conference.
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