If political party platforms mean anything, which admittedly is a dubious assumption, it appears the real estate and housing industries are safe from major gyrations no matter whether George Bush ascends to the presidency or Al Gore takes over his old boss's job.

Both the Democrats and the GOP pledge to hold high the dream of home ownership - but without forgetting the need for quality rental properties.

Neither want to see an end to the mortgage interest deduction.

Both uphold the right of all Americans - white, black, Hispanic or Asian - to buy and live in the best home, in the best neighborhood, they can afford.

In their platform, Democrats said they "are committed to building an America in which … no families or young adults surrender their God-given right to work hard and live the American dream.

"Part of that dream is home ownership," the Democrats write. "Under Democratic leadership, we have achieved an all-time high in home ownership, including among groups that have historically been left out. We are committed to continuing this progress, because home ownership is a foundation for building wealth and economic security for families, and it provides a vital anchor enabling neighborhoods to thrive.

"In too many communities, however, owning or renting an affordable home seems an impossible dream. Al Gore and Democrats have long defended the mortgage interest deduction and the Low Income Housing Tax Credit, and believe we must reinvigorate our communities and support our families through partnerships and targeted investments and eliminating community redlining by lenders that will better harness the power of markets to create the housing we need."

The Republicans, who contributed an entire section of their platform to home ownership, espoused essentially the same values, and in almost the same words.

"Home ownership is central to the American dream, and Republicans want to make it more accessible for everyone," the GOP platform writers said.

"That starts with access to capital for entrepreneurs and access to credit for consumers."

The Bush campaign believes the government should help low-income families move from renting to ownership. "For those families, and for all other potential home buyers, low interest rates make mortgages affordable and open up more housing opportunities than any government program.

"Affordable housing is in the national interest," adds the Republicans. "That is why the mortgage interest deduction for primary residences was put into the federal tax code, and why tax reform of any kind should continue to encourage home ownership. At the same time, a balanced national housing policy must recognize that decent housing includes apartments, and addresses the needs of all citizens, including renters."

Although neither candidate is necessarily bound to the planks in the platform, neither Bush nor Gore have indicated anything to suggest they would depart from their respective parties' housing script.

Published: August 15, 2000

Use of this article without permission is a violation of federal copyright laws.