Vice President Kamala Harris hasn't revealed her policies as a Democratic presidential candidate yet. But her economic proposals are being called "insane" and "un-American" by "Shark Tank" star Kevin O’Leary.
O’Leary, the chairman of O’Leary Ventures, didn't hold back on "Kudlow" Wednesday. He critiqued the recent actions Harris has rolled out in her campaign.
Harris proposed giving an average of $25,000 to all first-time homebuyers to combat the housing crisis.
She claimed that over four years, more than 4 million people would receive this assistance if she wins.
O’Leary slammed the idea, calling it "crazy" and "insane." He argued that "$25,000 free helicopter money" would never happen.
He explained that giving out money like this would just cause prices to rise. Sellers would simply raise their prices knowing buyers had extra cash.
O’Leary also pointed out that supply problems and "punitive" regulations need to be addressed first to increase market supply.
Harris also suggested price controls to combat rising rental costs.
O’Leary criticized this too, calling it "Soviet-style pricing." He explained that price control leads to buildings falling apart, as there's no incentive for upkeep.
He added that price controls would distort markets, reduce supply, and collapse CapEx on buildings.
"I don’t know where these ideas are coming from," O’Leary stressed. "These are really bad ideas."