Author: abigail_grenadier

Fed Cuts Rates Again Amid Split Outlook; Hearing Targets Capital Rules

Posted on by abigail_grenadier

The Federal Reserve on Wednesday cut its benchmark interest rate by 25 basis points for the third straight meeting, lowering the federal funds target range to 3.50-3.75 percent. Fed Chair Jerome Powell emphasized that while policy is easing, the bar for additional reductions in early 2026 remains high.

Fed’s Decision

  • The Federal Open Market Committee (FOMC) vote was 9-3, with two policymakers preferring to hold rates steady and one seeking a deeper cut. (CNBC, Dec. 10)
  • Chair Powell said policy is “well positioned,” but stressed decisions are not on a preset path, citing mixed inflation signals and slowing but still resilient labor conditions. (Watch Press Conference)
  • The Chair noted that the latest projections show only one rate cut expected in 2026, signaling a potential pause in additional easing absent clearer labor and inflation trends.
  • Officials highlighted labor market softening as a key factor, with Chair Powell acknowledging it’s a “labor market that seems to have significant downside risks,“ even as inflation remains elevated.
  • He also expressed some optimism about growth, with the FOMC raising its outlook for 2026 GDP by half a percentage point, to 2.3 percent. (CNBC, Dec. 10)

Housing and CRE Outlook

  • Rate cuts alone won’t materially reprice CRE, as valuations and returns depend on multiple factors beyond monetary policy, and CRE has historically performed well even in higher-rate environments, industry analysts noted. (Connect CRE, Dec. 10)

  • Multifamily and industrial have already benefitted from the current rate environment, with multifamily development borrowing costs falling from 7.5-9 percent to ~6-7.25 percent and industrial cap rates expected to compress modestly. (Connect CRE, Dec. 10)

  • Commercial Mortgage-Backed Securities refinancing challenges remain acute, as lenders are unwilling to extend maturities without new borrower equity or substantive restructuring proposals. (Commercial Observer, Dec. 10)

Congressional Oversight & Capital Framework

  • At a House Financial Services Subcommittee hearing Thursday, witnesses largely urged regulators to calibrate the emerging Basel III Endgame proposal to support competitiveness, credit availability, and economic growth. (Watch Hearing)
  • Andrew Olmem (Partner, Mayer Brown) emphasized that capital decisions are policy choices: “Improperly calibrated requirements can reduce credit, raise borrowing costs, and slow wealth creation.”
  • GOP leaders on the subcommittee stressed the need for a tailored, data-driven framework that avoids the “gold-plated” standards identified by the Basel Committee.
  • Subcommittee Chair Andy Barr (R-KY) stated that the initial Basel III Endgame proposal was “deeply flawed” and pointed out that it has received bipartisan criticism. (Rep. Barr Press Release, Dec. 11)  

RER Advocacy

  • Thursday’s hearing was the latest in a series of recent steps policymakers have taken toward re-evaluating bank capital requirements.
  • Last week, RER and a coalition of leading business trade organizations encouraged prudential regulators to adopt requirements for large banks that support consumers, businesses, and the broader economy. (Roundtable Weekly, Dec. 5)

RER will continue to advocate policies that protect the safety and soundness of our financial system without harming credit flows and capital formation vital for CRE.   

House Introduces Bipartisan Housing Package

Posted on by abigail_grenadier

The House Financial Services Committee introduced a bipartisan housing package, the Housing for the 21st Century Act on Thursday, aimed to streamline housing development and improve affordability by updating outdated programs, removing unnecessary federal requirements, and increasing local flexibility. (One-pager; Text of the bill; Section-by-Section)

Housing for the 21st Century Act

  • House Financial Services Chairman French Hill (R-AR), Ranking Member Maxine Waters (D-CA), Subcommittee on Housing and Insurance Chair Mike Flood (R-NE) (who will be speaking at the joint RECPAC/Research Committee meeting on Jan. 21), and Subcommittee on Housing and Insurance Ranking Member Emanuel Cleaver (D-MO) unveiled the bipartisan legislation Thursday, proposing targeted updates to HUD programs, expand manufactured and affordable housing, and modernize local and rural development tools.
  • Chairman Hill said, “Our goal is to chart a path forward toward greater development capacity and a simplified regulatory framework. We look forward to moving this bill through regular order and working with our Senate counterparts in the new year to get a bill signed into law that reflects ideas from both chambers and delivers real results for American families.” (Press Release, Dec. 11)
  • Subcommittee Chair Flood added, “As housing gets more expensive, the American Dream of homeownership is slipping away for working families. This package is the product of bipartisan work in the Financial Services Committee to address some of the core issues driving up the cost of housing.”
  • The committee plans to integrate aspects of the Senate’s Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025 (S. 2651) with additional measures from the House Financial Services Committee.
  • One major distinction in the House bill is a provision to overhaul the HOME Investment Partnerships Program. (WashingtonExaminer, Dec. 11)

Senate – ROAD to Housing Act

  • The ROAD to Housing Act was ultimately excluded from the final text of the 2026 National Defense Authorization Act. (HousingWire, Dec. 8)
  • The bill incentivizes states and cities to boost housing supply by cutting red tape, streamlining federal inspections, and eliminating duplicative regulations. (Roundtable Weekly, Oct. 17, Aug. 1 )
  • The Senate’s bipartisan package advanced earlier this year with unanimous committee support in July and received full Senate approval in October, but House Republicans signaled they wanted more flexibility to advance their own housing legislation. (Multifamily Dive, Dec. 10)
  • Ranking Member Waters stated, “While I was disappointed ROAD was not included in the NDAA, there is clearly broad bipartisan support in both Chambers to advance housing legislation.”

The House Financial Services Committee intends to mark up its housing package next week, along with 20 other bills on the National Flood Insurance Program and community banking, among others. (PoliticoPro, Dec. 11)

The Roundtable’s Jeffrey DeBoer Recognized as One of DC’s “Top Lobbyists” for 2025

Posted on by abigail_grenadier

The Real Estate Roundtable (RER) President & CEO Jeffrey DeBoer was  recognized this week as one of the “Top Lobbyists” in Washington, D.C. for 2025, according to the prominent policy news publication, The Hill. This marks the eighth consecutive year that DeBoer has received this honor. (The Hill, Dec. 11)

  • The publication noted their annual list highlights the “industry’s savviest, most influential and well-connected advocates” who have made a meaningful impact on the course of policy and politics over the past year.
  • DeBoer stated, “I am honored to receive this recognition. And I share it with The Roundtable’s exceptional advocacy team and our deeply engaged membership. Together, we navigated the unprecedented pace and complexity of national policy debates this past year. From safeguarding long-standing tax rules in the historic One Big Beautiful Bill Act and preserving the ENERGY STAR program to pushing back on proposals that would have undermined real estate credit or discouraged investment, we ensured that the industry’s priorities were reflected in legislation that strengthens local budgets, economic growth, and job creation.”
  • DeBoer added, “We will continue working with policymakers to advance practical, pro-growth solutions that strengthen local economies, modernize energy and permitting systems, expand housing opportunities, and enhance long-term competitiveness.”

Roundtable on the Road

  • This week, Roundtable on the Road held a member gathering in Dallas hosted by RER Board members Ross Perot, Jr. (Chairman, Hillwood; Chairman, The Perot Group) and Kenneth Valach (CEO, Crow Holdings Development), along with RER member Michael Levy (CEO, Crow Holdings). The event brought together local real estate leaders for a candid discussion about federal policy developments in Washington and market conditions across the Southwest.
  • RER Chair Kathleen McCarthy (Global Co-Head, Blackstone Real Estate) and President & CEO Jeffrey DeBoer outlined the organization’s 2026 priorities and heard directly from members about challenges and opportunities facing regional markets.
  • RER SVP & Counsel Ryan McCormick spoke at the AICPA conference in Las Vegas this week, outlining the major tax issues shaping real estate investment, including the implications of the One Big Beautiful Bill Act, partnership tax developments, and the political outlook for additional tax changes in 2026. He emphasized that even modest adjustments to long-standing tax rules can significantly affect capital formation, investment decisions, and the economics of real estate ownership. (AICPA Conference – Watch Session)

All RER policy advisory committees will meet in person at the State of the Industry Meeting scheduled for Jan. 21-22, 2026.

Roundtable Urges Congress to Pass Bipartisan SPEED Act to Advance Energy Permitting Reform and Support Grid Demand

Posted on by abigail_grenadier

The Real Estate Roundtable (RER) wrote to congressional leadership this week, urging passage of the bipartisan SPEED Act (H.R.4776), calling the bill essential to strengthening grid reliability, lowering energy costs, and keeping pace with surging electricity demand. (Letter, Dec. 8)

Roundtable Advocacy

  • The House is expected to vote next week on the SPEED Act, the centerpiece of a broader GOP push to overhaul NEPA reviews and ease longstanding permitting bottlenecks.  (Letter, Dec. 8)
  • In the letter, RER emphasized that the bill is critical to improving energy affordability, meeting surging electricity demand, and ensuring the grid can support U.S. families, job creators, and long-term economic competitiveness. The current patchwork of federal reviews delays the delivery of affordable, reliable power to homes and commercial buildings.
  • RER noted the U.S. needs “as much electricity as possible, from as many sources as possible, delivered as quickly and cheaply as possible” to lead in artificial intelligence, re-shore manufacturing, and maintain global competitiveness.
  • Duane Desiderio, RER Senior Vice President & Counsel, stated, “Reliable, affordable power is essential to the buildings that support our communities and economy. Modernizing permitting is critical to improving energy affordability, strengthening the grid, and reducing costly project delays. RER supports policies like the SPEED Act to build the infrastructure our country needs for long-term economic growth.”
  • Excessive and redundant reviews under NEPA delay energy and housing projects, drive up costs, and stall critical grid upgrades. The bill would reduce duplicative reviews and frivolous lawsuits, harmonize categorical exclusions, and provide certainty for approved projects.
  • Edison Electric Institute (EEI) and a coalition of energy and utility groups also urged Congress to advance the comprehensive permitting reform bill to accelerate infrastructure deployment and strengthen U.S. energy dominance. (Roundtable Weekly, Dec. 5)

State of Play

  • House and Senate leaders were active this week, advancing and negotiating several permitting reform measures as momentum builds around the SPEED Act. (Axios, Dec. 11)
  • This week, Majority Whip Tom Emmer (R-MN) convened industry leaders to discuss how streamlined permitting can support affordability, data center buildout, and rising power demand, as House leaders move a series of related bills forward.
  • On Thursday, the House passed three GOP-led permitting bills to bolster grid reliability and accelerate energy project reviews, underscoring bipartisan interest in reducing regulatory delays amid rising power demand and affordability pressures. (PoliticoPro, Dec. 11)
  • Natural Resources Chair Bruce Westerman (R-AR) is aiming for a strong bipartisan vote to build momentum for Senate action. (UtilityDive, Dec. 10)
  • Senators Mike Lee (R-UT) and Martin Heinrich (D-NM) expressed optimism about ongoing bipartisan Senate negotiations with Environment and Public Works Chair Shelley Moore Capito (R-WV) and Ranking Member Sheldon Whitehouse (D-RI), noting that any deal should make it easier to permit transmission and other major energy infrastructure. (PoliticoPro. Dec. 10)
  • The Trump administration has expressed support for congressional action on permitting reform, but has not taken a position on the SPEED ACT. (PoliticoPro, Dec. 8)

Permitting reform will be a featured topic at RER’s next all-member State of the Industry Meeting on Jan. 21–22, 2026, in Washington, D.C., as policymakers consider strategies to bolster energy infrastructure and support long-term economic growth.

Growing Bipartisan Effort in Congress Targets Barriers to Housing Supply and Affordability

Posted on by abigail_grenadier

Housing Hearing

  • The House Financial Services Committee examined regulatory obstacles driving the nation’s housing shortage during a hearing, “Building Capacity: Reducing Government Roadblocks to Housing Supply.”
  • Lawmakers and witnesses focused on zoning limits, lengthy permitting timelines, and other local and federal policies that restrict new construction and inflate costs. (Committee Press Release, Dec. 3)
  • Committee Chair French Hill (R-AR) said during the hearing the committee will assemble a housing and banking package later this month aimed at cutting red tape, strengthening community bank lending to homebuilders, and creating a more predictable development environment for builders, lenders, buyers, and renters. (Politico, Dec. 3)
  • Throughout the hearing, witnesses emphasized the need to cut red tape, streamline local permitting, and address workforce, tariff, and energy-rule cost pressures, while emphasizing the expansion of manufactured housing as a critical supply solution.
  • National Association of Realtors Immediate Past President Kevin Sears testified that zoning prohibitions and regulatory barriers at all levels restrict many communities from allowing diverse housing types. He added that lengthy permitting processes further slow development, and that federal incentives to encourage local governments to streamline approvals would be highly beneficial. (Watch Hearing; Committee Memo)

State of Play

  • The Senate Banking Committee has its own bipartisan housing policy package, the Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025 (S. 2651), which passed in October as part of its version of the National Defense Authorization Act (NDAA). (Roundtable Weekly, Oct. 17)
  • GOP leaders are now considering whether to add a revised or scaled-down version of the Senate’s legislation to the NDAA, but no final decisions have been made. (PoliticoPro, Dec. 3)
  • Chair Hill cautioned that members have not yet reviewed any legislative text and emphasized that the committee must be fully engaged in negotiations. He said in a statement late Wednesday that “any housing package must have the buy-in” of his committee. (PoliticoPro, Dec. 3)

Senate Housing Legislation

  • This week, Senators John Cornyn (R-TX), Michael Bennet (D-CO), Steve Daines (R-MT), Adam Schiff (D-CA), John Barrasso (R-WY), and Mark Kelly (D-AZ) introduced the More Homes on the Market Act, which would make housing more available and affordable by amending the tax code to allow sellers to exclude additional funds from capital gains taxes, incentivizing homeowners to sell and increasing market supply. (Sen. Cornyn Press Release, Dec. 3)
  • The More Homes on the Market Act would increase the exclusion to $500,000 for single filers and $1 million for joint filers, making it more financially desirable for homeowners to sell and increasing housing turnover.
  • “The American dream is rooted in owning a home and raising a family, but an outdated tax code not only prevents the next generation from being able to afford a home, but it also prevents seniors seeking to downsize from selling theirs,” said Sen. Cornyn. “This legislation would update the tax code to incentivize sellers and make homes more affordable, and I’m glad to support it.”

EB-5 & Workforce

  • Sen. Gallego (D-AZ) introduced the Building Housing for the American Dream Act this week, a bill that would redirect foreign capital from the EB-5 program into affordable housing construction. (Sen. Gallego Press Release, Dec. 4)
  • The bill would extend the lower $800,000 investment threshold to projects dedicated to the production, preservation, or rehabilitation of housing and would expedite processing for applications linked to affordable housing. (Bloomberg, Dec. 4)
  • “Creative policy solutions must be on the table to increase the housing supplies we need to address the national affordability crisis” said Jeffrey D. DeBoer, President and CEO of The Real Estate Roundtable.
  • “Senator Gallego’s Building Housing for the American Dream Act hits the mark. It recognizes that housing should be treated as infrastructure. It will attract overseas investment capital through the EB-5 visa program, helping to build more homes in markets across the country where there are serious housing shortages. It will accomplish these goals at no cost to taxpayers, and create jobs for American workers. This is a smart bill that should be included in long-term EB-5 reauthorization. We thank Senator Gallego for his leadership.”  (Sen. Gallego Press Release, Dec. 4)

RER will continue engaging with policymakers and industry leaders to promote bipartisan solutions and regulatory reforms that expand housing supply, improve affordability, and strengthen economic stability.

Regulators Signal Capital Relief as House Hearing Sharpens Focus on Bank Requirements

Posted on by abigail_grenadier

The House Financial Services Committee held an oversight hearing this week on prudential regulators, as federal agencies continue to reassess large bank capital standards. Ahead of the hearing, The Real Estate Roundtable (RER) and a coalition of business organizations urged regulators to modernize capital requirements to support lending, investment, and U.S. competitiveness.

House Financial Services Committee Hearing

  • Ahead of Tuesday’s hearing, Sen. Jerry Moran (R-KS) led a letter urging regulators to design the Basel III Endgame and GSIB Surcharge proposals to consider policies that would limit the adverse effects of disincentivizing banks from offering hedging products to industries sensitive to price volatility in commodity markets. (PoliticoPro, Dec. 2)
  • Federal Reserve Vice Chair for Supervision Michelle Bowman testified that regulators are not seeking to keep the “overall level of capital in the banking system the same,” leaving open the possibility that requirements may be reduced. (PoliticoPro, Dec. 2)
  • Trump-appointed regulators are negotiating a revised proposal to implement international Basel standards agreed to in 2017. The Biden-era draft would have significantly raised capital requirements and faced strong industry opposition. Earlier comments from Fed and FDIC officials suggested a “capital neutral” approach—but Bowman’s testimony indicated the final outcome could allow for lower aggregate requirements. (PoliticoPro, Dec. 2)
  • During the hearing, Rep. Andy Barr (R-KY) pressed regulators on whether they intend to issue a revised Basel III proposal that “predetermines a capital-neutral outcome even if some risks continue to be over-capitalized.” (PoliticoPro, Dec. 2)

Roundtable Advocacy

  • Ahead of the hearing, RER and a coalition of leading business trade organizations urged prudential regulators to examine and modernize large bank capital requirements so they continue supporting consumers, businesses, and the broader U.S. economy. (Letter, Dec. 2)
  • The coalition letter underscored the negative economic impacts of inappropriately calibrated capital rules, highlighted risks to American competitiveness, and commended ongoing agency efforts to improve the regulatory framework. (News Release, Dec. 2)

Enhanced Supplementary Leverage Ratio (eSLR)

  • The FDIC, OCC, and Federal Reserve signed off on the final version of a rule that reduces the size of the capital buffer large banks must maintain against total assets—recalibrating the enhanced supplementary leverage ratio to better reflect post-crisis market conditions. (Reuters, Nov. 25; PoliticoPro, Nov. 26)
  • The final rule, largely unchanged from the June proposal, adds a new cap on subsidiary-level capital buffers, a shift regulators say will modestly reduce aggregate requirements. (Roundtable Weekly, June 27)
  • The rule takes effect April 1, with banks permitted to adopt the looser standards starting Jan. 1. The FDIC also approved a proposed rule to lower leverage requirements for smaller banks.
  • In August, RER and Nareit provided comments to the FDIC, Treasury, and OCC supporting key elements of the proposed eSLR adjustments. (Letter, August, 15)
  • These changes add momentum to broader efforts to recalibrate bank capital rules ahead of the Basel III Endgame proposal expected in the coming months. (PoliticoPro, Nov. 26)

As regulators continue work on a revised Basel III Endgame proposal, RER will remain engaged to ensure capital reforms protect safety and soundness without constraining credit flows essential to commercial real estate, economic activity, and long-term investment.

Roundtable Commends Treasury for Proposed Repeal of FIRPTA “Look-Through” Rule, Urges Quick Adoption of Final Regulations

Posted on by abigail_grenadier

The Real Estate Roundtable (RER) submitted a comment letter this week urging the Treasury Department and IRS to finalize proposed regulations (REG-109742-25) that would repeal the Foreign Investment in Real Property Tax Act (FIRPTA) “look-through” rule for domestically controlled real estate investment trusts (REITs). (Letter, Dec. 5)

RER Advocacy

  • In October, Treasury and IRS issued a Notice of Proposed Rulemaking to repeal the FIRPTA “look-through” rule, a major policy shift advocated by RER, which has opposed the rule since it was first proposed in 2022. (Roundtable Weekly, Oct. 24)
  • In 2024, in an act of broad regulatory overreach, Treasury finalized a new look-through rule to determine whether an entity qualifies as domestically controlled for FIRPTA purposes. The practical effect was to subject a significant share of previously tax-exempt foreign investment in U.S. real estate to U.S. capital gains tax. The rule was finalized with only modest transition relief.
  • In March, RER submitted a letter to the new administration outlining concerns with the regulation and urging its withdrawal on the grounds that the look-through rule reversed decades of well-settled tax law, severely misconstrued the statute, and contradicted congressional intent. (Roundtable Weekly, March 21)
  • Treasury’s proposed rule would restore prior law by treating domestic C corporations as non-look-through entities, removing a regulatory barrier that has discouraged foreign investment in U.S. real estate and infrastructure.
  • This week’s letter highlighted the importance of foreign capital to U.S. construction, development, and housing production. In recent years, foreign investors have committed more than $40 billion to U.S. multifamily housing, financing new development, supporting construction jobs, and helping expand housing supply nationwide. (Letter, Dec. 5)

House Ways & Means Hearing – International Tax

  • The House Ways and Means Subcommittee on Tax held a hearing on Wednesday, “Promoting Global Competitiveness for American Workers and Businesses,” focused on how international tax policy affects U.S. competitiveness, investment, job creation, and economic growth. (Watch Hearing)
  • Former Ways and Means Chairman Kevin Brady testified that post One Big Beautiful Bill Act Treasury guidance can provide critical certainty and stability, adding that Treasury appears eager, as in 2017, to implement Congress’s intent in writing the law. (Brady Testimony)
  • Members also discussed the Organization of Economic Co-Operation and Development (OECD) global minimum tax framework and the unresolved “side-by-side” agreement intended to shield U.S. companies from Pillar Two taxes.
  • House Ways and Means Chairman Jason Smith (R-MO) renewed his warning that Congress is prepared to reconsider retaliatory measures, including Section 899, if other nations fail to honor commitments to exempt the U.S. from the OECD global minimum tax framework.
  • Chairman Smith (R-MO) said, “The time for action is now for those G7 countries. We expect to see the technical work that has been done in these negotiations move forward this week.” (PoliticoPro, Dec. 4)

RER and other industry groups have warned that reviving Section 899 could negatively impact U.S. commercial real estate by deterring foreign investment, weakening capital formation, increasing borrowing costs, and dampening property values.

Business and Energy Leaders Press for Action on Permitting Reform

Posted on by abigail_grenadier

House lawmakers are set to vote before year’s end on a number of housing, energy, and permitting reform bills, with the bipartisan SPEED Act at the center of a broader push to address grid reliability and energy affordability.

SPEED Act

  • House Republicans are planning a floor vote the week of Dec. 15 on several measures, including the SPEED Act (H.R. 4776), which cleared committee on a bipartisan basis before Thanksgiving. (PoliticoPro, Dec. 5)
  • The measure would streamline National Environmental Policy Act (NEPA) reviews and curtail litigation. It is widely viewed as a foundation for Senate negotiations on broader permitting overhaul in 2026.
  • Senate Environment and Public Works Chair Shelley Moore Capito (R-WV) said House Natural Resources Committee Chair Bruce Westerman (R-AR) has generated “positive momentum” by striking a deal on a bipartisan amendment to his SPEED Act. The revisions would make it harder for the executive branch to cancel previously approved energy project permits. (PoliticoPro, Dec. 3)
  • On Thursday, a group of 30 House Democrats led by Rep. Scott Peters (D-CA) sent a letter to Rep. Westerman urging additional changes to the SPEED Act to secure more bipartisan support, while calling the bill a “huge step forward” for energy development. (PoliticoPro, Dec. 4)
  • “Permitting reform is going to be No. 1 issue from our perspective of getting through Congress,” said Jarrod Agen, executive director of the White House’s National Energy Dominance Council.” (PoliticoPro, Dec. 4)

Industry Support

  • Jeffrey DeBoer, RER President and CEO said, “Permitting reform is essential to strengthening the nation’s electric grid and infrastructure. The current patchwork of federal reviews delays the delivery of affordable, reliable power to homes and commercial buildings. The Roundtable supports efforts—like the SPEED Act—to modernize permitting, improve grid resilience, and ensure the infrastructure needed for long-term economic growth.”
  • EEI President Drew Maloney recently noted, “We support developing all energy sources. We need as many electrons on the grid as possible to help keep the grid reliable and costs low.” (NPR, Nov. 6)

Senate Energy Plan

Sustainable Renewable Energy Concept With Wind Turbines, Solar Panels And City Buildings Background.
  • This week, Sen. Ruben Gallego (D-AZ) unveiled an all-of-the-above energy framework, “Fostering American Energy Innovation and Affordability,” focused on affordability, reliability and efficiency. (Press Release, Dec. 4 | Axios, Dec. 3)
  • His plan promotes permitting reform for natural-gas pipelines and interstate transmission siting, and emphasizes investment in solar, wind, advanced nuclear, and geothermal energy as part of a broader push to modernize the grid and lower costs. (PoliticoPro, Dec. 4)

House Committee Advances Energy Affordability Measures

  • The House Energy and Commerce Committee advanced a slate of energy bills this week aimed at lowering energy costs and rolling back Biden-era efficiency rules. Most of the measures passed along party lines. (PoliticoPro, Dec.4)
  • Energy Choice Act (H.R. 3699): Passed 24–21; blocks state and local bans on natural gas connections to buildings. (A “ban on gas bans” aligns with RER’s 20-Point Policy Guide on Building Performance Standards)
  • Affordable Housing Over Mandating Efficiency Standards Act (H.R. 5184): Passed 30–16; shifts manufactured-housing oversight from DOE to HUD and overturns Biden-era efficiency standards that increase upfront housing costs. (Roundtable Weekly, Nov. 21)
  • Homeowner Energy Freedom Act (H.R. 4758): Passed 25–21; repeals portions of the Inflation Reduction Act, including electric-home rebates and related grant programs. (Roundtable Weekly, Feb. 28)

Up Next: GHG Protocol – Scope 2 Guidance

  • RER’s Sustainability Policy Advisory Committee (SPAC) in coordination with Nareit, is developing industry-wide comments on the GHG Protocol’s proposed revisions to its Scope 2 Guidance, now under public consultation.
  • RER will host a one-hour member discussion on Wednesday, Dec. 10, from 3:00–4:00 p.m. ET to help shape the industry’s responses to the Scope 2 survey. For more information, contact Duane Desiderio at ddesiderio@rer.org.

RER will continue working with lawmakers and industry partners to advance permitting reforms that expand energy supply, strengthen grid reliability, and support real estate investment across property types.

RECPAC Meeting Examines Market Shifts, AI’s Impact, and Fed Uncertainty

Posted on by abigail_grenadier

The Real Estate Roundtable’s Real Estate Capital Policy Advisory Committee (RECPAC) convened this week in New York to discuss market conditions, the evolving political and regulatory landscape, and emerging trends reshaping commercial real estate—including artificial intelligence (AI) infrastructure and the Federal Reserve’s policy trajectory.

Fall RECPAC Meeting

  • RECPAC met Thursday, under the leadership of RECPAC Co-Chairs Bryan McDonnell (Head of U.S. Debt and Chair of Global Debt, PGIM Real Estate), Rex Rudy (EVP, Head of Commercial Real Estate, US Bank), Miriam Wheeler (Global Head Real Estate Finance, Goldman Sachs Asset Management), and Working Group Chair Eric Wu (Sr. Managing Director, Real Estate, Blackstone) to discuss top policy issues heading into 2026.
  • RER Chair Kathleen McCarthy (Global Co-Head, Blackstone Real Estate) kicked off the meeting by welcoming RECPAC members and sharing her insights on real estate credit and capital markets. Other discussions included:
  • Roundtable Senior Vice President Chip Rodgers moderated a fireside chat with Alex Katz (Sr. Managing Director of Government Relations, Blackstone) and discussed the political environment, the recent elections, and issues affecting financial services policy, credit capacity, and capital formation.
  • Trey Morsbach (JLL Capital Markets) moderated a roundtable discussion with Kwasi Benneh (Morgan Stanley), Dan Mullinger (PNC Real Estate), Joel Traut (KKR), and Michael Lavipour (Affinius Capital) on real estate credit markets, liquidity, pricing, and financing.
  • Frank Long (Goldman Sachs) hosted a fireside chat with Eric Wu (Blackstone), followed by a discussion with Brian Baker (J.P. Morgan), Quynh Tran (SMBC), and Andrew Winchall (Blackstone Real Estate Debt Strategies) on the economics and energy demands of Artificial Intelligence (AI). AI is reshaping commercial real estate, as the massive energy demands and high costs of data centers redefine investment and financing metrics.

Interest Rates & The Fed

Tom Barkin
  • The Bureau of Labor Statistics released its September jobs report this week, but due to the government shutdown, it will not publish October or November payroll data until Dec. 16—a week after the Federal Reserve’s Dec. 9-10 policy meeting. (Axios, Nov. 20)
  • The absence of timely data is compounding internal divisions, as minutes show policymakers split over further rate cuts amid high inflation and weakening labor indicators. (Axios, Nov. 19)
  • Richmond Federal Reserve President Thomas Barkin noted the economy is in an “unattractive” balance and said upcoming data will be essential to determining the path forward. (Reuters, Nov. 18)
  • On Monday, Fed Governor Christopher Waller said a December cut was needed to stem further job-market deterioration. (NBC News, Nov. 20)
  • Speaking at the Central Bank of Chile Centennial Conference this morning, New York Fed president John Williams said, “I still see room for further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral.” (Axios, Nov. 21)

Roundtable on the Road

  • RER Senior Vice President & Counsel Ryan McCormick spoke at NYU’s Institute on Federal Taxation in San Francisco this week, outlining key One Big Beautiful Bill (OB3) Act implementation priorities, prospects for future real estate tax legislation, and major litigation and guidance affecting partnerships and real estate transactions.
  • Also this week, RER President & CEO Jeffrey DeBoer participated in Commercial Property Executive’s 2026 CRE Outlook webinar, highlighting interest rates, energy and housing affordability, immigration reforms, TRIA reauthorization, and capital-access challenges as key issues for the year ahead. He added that, despite uncertainty around tariff policy, “betting against the U.S. is a bad bet.” (Commercial Property Executive, Nov. 19)

Next on RER’s meeting calendar is the all-member State of the Industry (SOI) Meeting, which will include policy advisory committee sessions, on January 21-22, 2026, in Washington, DC.

House Committees Mark Up Key Housing and Energy Bills

Posted on by abigail_grenadier

Policymakers marked up a series of housing and energy measures this week focused on streamlining project approvals, updating efficiency standards, and addressing federal funding for state and local energy laws. The discussions highlighted bipartisan momentum around reforms to bolster grid reliability and reduce housing costs.

SPEED Act Mark Up

  • The House Natural Resources Committee on Thursday marked up the Standardizing Permitting and Expediting Economic Development (SPEED) Act (H.R. 4776) and adopted a bipartisan amendment limiting executive-branch authority to cancel energy project permits, a key issue in broader negotiations. (PoliticoPro, Nov. 20 | Watch Mark-Up)
  • The bill would amend the National Environmental Policy Act (NEPA) to streamline environmental reviews and reduce litigation delays for projects requiring federal funding and permits. (The Hill, Nov. 17)
  • House Natural Resources Committee Chair Bruce Westerman (R-AR) said, “NEPA reform helps everything. “It helps electrical transmission. It helps pipelines. It helps traditional energy sources. It helps new energy sources. It helps transportation and infrastructure projects.”  If NEPA reform passes “everybody wins,” he added.
  • Jeffrey DeBoer, RER President and CEO, said, “Permitting reform is essential to strengthening the nation’s electric grid and infrastructure. The current patchwork of federal, state and local approvals delays the delivery of affordable, reliable power to homes and commercial buildings. The Roundtable supports efforts—like the SPEED Act—to modernize permitting, improve grid resilience, and ensure the infrastructure needed for long-term economic growth.”
  • The SPEED Act is expected to continue to draw bipartisan support in the House. Ongoing Senate negotiations are reportedly addressing renewable-energy protections, emissions-reduction provisions, and a potential broader package blending transmission policy, clean-energy safeguards, and litigation limits. (E&E News, Nov. 17)
  • Rep. Scott Peters (D-CA) called the bill a “huge step forward,” and urged Democratic colleagues to support it, while seeking further adjustments to curb the executive branch’s ability to cancel energy project permits. (Press Release | PoliticoPro, Nov. 20)

House Energy & Commerce Mark Ups

  • On Wednesday, a House Energy and Commerce subcommittee marked up eight energy-related bills, reflecting contrasting approaches to energy affordability and building efficiency standards as lawmakers debate rising energy and housing costs. (PoliticoPro, Nov. 19 | Committee Press Release )
  • The subcommittee approved several CRE-relevant bills that now move to the full committee for consideration.
  • Energy Choice Act (H.R. 3699): Advanced by voice vote. Aims to prevent state/local laws that would ban the use of natural gas in buildings. (A “ban on gas bans” aligns with RER’s 20-Point Policy Guide on Building Performance Standards)
  • Affordable Housing Over Mandating Efficiency Standards Act (H.R. 5184): Advanced by voice vote. Aims to reduce stringent energy efficiency codes for manufactured housing and negatively impact housing affordability.
  • Homeowner Energy Freedom Act (H.R. 4758): Approved 16–14 along party lines. Aims to eliminate federal funding under the Biden-era Inflation Reduction Act, which provides grants to states and localities to support the highest-level energy codes, building electrification mandates, and other building performance standards. (Roundtable Weekly, Feb. 28)
  • Energy Subcommittee Chair Bob Latta (R-OH) said, “The legislation before us today represents an opportunity for this committee to implement reforms that re-prioritize energy efficiency policies toward the items that matter most to consumers: Affordability, availability, and durability.” (PoliticoPro, Nov. 19)

Climate Disclosure Law

  • In other energy news this week, a federal appeals court issued a preliminary injunction halting enforcement of California’s SB 261, requiring companies with at least $500M in global revenue to report climate-related financial risks starting January 2026. (ESG Dive | PoliticoPro, Nov. 18)
  • The court blocked SB 261, pending litigation over First Amendment concerns. It did not block SB 253, which requires corporations with $1B+ in revenue to begin reporting scope 1 and 2 emissions in 2026, and scope 3 in 2027. The trial on the First Amendment claim is scheduled for October 2026. (RER Fact Sheet, 2023; RW Sept. 2023)

RER will continue working with policymakers as Congress weighs permitting reform and energy policy measures that directly affect commercial real estate investment, housing supply, and the reliability of the nation’s power grid