Category: Infrastructure

The House of Representatives will briefly return to Washington the week of Aug. 23 to vote on measures affecting the future of President Biden’s sweeping infrastructure agenda. (New York Times, Aug. 17) 

Two-Track Approach

• A group of nine moderate Democrats led by Rep. Josh Gottheimer (D-NJ) informed House leadership on Aug. 12 that they will not support a $3.5 trillion budget resolution encompassing “human” infrastructure initiatives unless the bipartisan “physical” infrastructure bill passed by the Senate last week is approved by the House and enacted. (Bloomberg, Aug. 17 and Roundtable Weekly, Aug. 13)

• The moderates’ letter to House Speaker Nancy Pelosi (D-CA) stated, “Some have suggested that we hold off on considering the Senate infrastructure bill for months – until the (budget) reconciliation process is completed. We disagree. We will not consider voting for a budget resolution until the bipartisan Infrastructure Investment and Jobs Act passes the House and is signed into law.” (Politico, Aug. 13)
• Progressive House Democrats countered with the opposite approach, stating that they will not support the bipartisan infrastructure plan unless it is tied to the massive budget reconciliation measure, which addresses child care, health care and climate change. (Axios, Aug. 18)
• Pelosi this week reiterated her two-track plan to advance both measures in the House despite having just a three-vote margin majority. Republicans are expected to oppose the sprawling “human” infrastructure budget resolution. (BGov, Aug. 18) 

CRE Impact 

The human infrastructure proposal that may be advanced in the House under budget reconciliation rules would be partially financed by raising taxes on businesses and wealthy individuals – and potentially include a variety of tax increases affecting commercial real estate.

•  The Real Estate Roundtable held an all-member Infrastructure Town Hall on Aug. 12 to discuss the Senate-passed infrastructure bill, what lay ahead in the House and the potential impact on commercial real estate.  Rep. Tom Suozzi (D-NY), a member of the tax-writing House Ways and Means Committee, joined Roundtable Chair John Fish (Chairman and CEO, Suffolk), Roundtable President and CEO Jeffrey DeBoer, and other Roundtable staff for the Town Hall discussion.  (Roundtable Weekly,  Aug. 13 and The Roundtable’s  Bipartisan Infrastructure Deal Fact Sheet and Tax and Fiscal Reconciliation Fact Sheet)  
• DeBoer, above, stated, “This [reconciliation] package may be financed with a variety of tax increases affecting step-up in basis, like-kind exchanges, carried interest and capital gains that would act as a cumulative drag on investment at the exact time when sectors of the economy need incentives to recover from the pandemic. The Roundtable urges Senate and House policymakers to be very cautious as they proceed on the reconciliation bill – so that one-step forward with the physical infrastructure bill is not met with two-steps backward from tax increases.” (Roundtable statement, Aug. 11)

• The Roundtable’s summaries of budget reconciliation tax issues that could directly impact commercial real estate include: 
  • Tax and Fiscal Reconciliation Fact Sheet

  • Budget Reconciliation: Tax Priorities

  • Bipartisan Infrastructure Deal Fact Sheet

  • Pandemic Risk Fact Sheet 

What’s Next

• Pelosi and House Majority Leader Steny Hoyer (D-MD) laid out a schedule for votes next Monday and Tuesday.
• The House is scheduled to vote Aug. 23 on a rule that governs floor debate on the $3.5 trillion budget resolution (S Con Res 14), the $550 bipartisan infrastructure bill (HR 3684) and a voting rights bill (HR 4). The chamber is then expected to vote Tuesday on the “human” infrastructure framework and the popular voting rights bill. (CQ, Aug. 16)
• Approval of the budget resolution would allow the development of legislation to move forward that could pass later this year under “reconciliation” rules without any Republican support. The Senate voted last week to advance the same measure. (Roundtable Weekly, Aug. 13)
• White House spokesman Andrew Bates this week told Bloomberg, “All three are critical elements of the President’s agenda, and we hope that every Democratic member supports this effort to advance these important legislative actions.” (Bloomberg, Aug. 17) 

Pelosi sent a note to her caucus this week, warning that any delay next week  “jeopardizes the once-in-a-generation opportunity” to enact Biden’s broader legislative priorities. (Politico, Aug. 17) 

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The Senate on Aug. 10 passed a historic, bipartisan $1 trillion+ infrastructure bill that would allocate $550 billion in new spending to improve the nation’s transit, utilities and broadband. The Infrastructure Investment and Jobs Act (H.R. 3684) was approved 69-30, with support from all Democrats and 19 Republican Senators, including Minority Leader Mitch McConnell (R-KY). (Wall Street Journal and New York Times, Aug. 10)   

Why it Matters 

• Real Estate Roundtable Chair John Fish (Chairman and CEO, Suffolk) on Aug. 11 commented, “With the Senate’s passage of this bill, we are one step closer to realizing a once-in-a-generation opportunity to rebuild and reimagine the buildings of tomorrow. We applaud both this historic investment in our nation’s infrastructure, and the members of Congress who have reached across the aisle to find common ground.”
• Real Estate Roundtable President Jeff DeBoer added, “By devoting more than a trillion dollars toward American infrastructure projects, this long-term investment in the nation’s roads, bridges, mass transit, high-speed rail, broadband, power grid, water pipes, and electric vehicle charging will prompt positive, transformational change for our communities and citizens.” (Roundtable statement, Aug 11)
• The Roundtable held an all-member Infrastructure Town Hall on Aug. 12 to discuss the Senate bill, its prospects in the House and what it means for commercial real estate. Rep. Tom Suozzi (D-NY), a member of the tax-writing House Ways and Means Committee, joined Roundtable Chair John Fish, Jeffrey DeBoer and other Roundtable staff for the Town Hall discussion. (See Tax Policy story below and  The Roundtable’s Bipartisan Infrastructure Deal Fact Sheet)
• Roundtable policy specialists also briefed members of the CREW (Commercial Real Estate Women) Network on Aug. 11 about how the infrastructure legislation could potentially impact CRE.  

BID Details 

• The 2,700-page Senate bill evolved from bullet points to legislation after a painstaking journey of more than a month by a group of bipartisan senators who negotiated with the Biden Administration. (Politico and Senate Group Joint Statement, Aug. 10)
• President Biden remarked about the Senate bill, “Forecasters on Wall Street project that over the next 10 years our economy will expand by trillions of dollars, and [the legislation] will create an additional 2 million jobs.” (White House Remarks, Aug. 10)
• The amounts that would be invested by the “Bipartisan Infrastructure Deal” (BID) to various infrastructure categories are listed in White House summaries and The Roundtable’s BID Fact Sheet. 
• The BID seeks no tax increases on families or businesses as “pay-fors.”
• The Senate bill includes Roundtable-supported measures that will utilize public-private partnerships to reach ‘physical’ infrastructure goals, streamline the federal permitting process, and improve key federal energy data used in EPA building labels.

What’s Next 

• The Senate’s “physical” infrastructure package now goes to the House.
• House Speaker Nancy Pelosi (D-CA) has insisted that she will not bring up the Senate’s “physical” infrastructure bill until the Senate also passes a sprawling $3.5 trillion “human” infrastructure bill with funding for climate programs, health care, education and child care.  (New York Times, Aug. 10). 

Majority Leader Steny Hoyer (D-MD) announced the House will interrupt its summer recess and return to session on Aug. 23 to consider the Senate-passed budget resolution that Democrats have insisted is a precursor to votes on the bipartisan infrastructure deal. (NBC News, Aug. 10) (See “reconciliation” story below) 

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The Senate processed amendments this week on bipartisan legislation for hundreds of billions in new investments in the nation’s “physical” infrastructure. Majority Leader Chuck Schumer (D-NY) pushed to continue votes this weekend on the bipartisan measure – with further plans next week to separately consider an anticipated $3.5 trillion budget resolution for “human infrastructure” designed to pass with only Democratic support. (BGov, Aug. 6)

Bipartisan “Physical” Infrastructure Deal

• The Senate’s Bipartisan Infrastructure Investment and Jobs Act ( text as of Aug. 3 | section-by-section – also known as the “Bipartisan Infrastructure Deal” (BID) – proposes $550 billion in new infrastructure investment.
• Summaries and fact sheets from the Biden Administration break down the amounts invested in the BID’s various infrastructure categories. The bipartisan deal is estimated to create around 2 million jobs per year over the next decade.
• The bill needs 60 votes to pass in the Senate, requiring support from at least 10 Republicans.
• The BID includes no new tax increases. Most of its proposed “pay-fors” involve repurposing previously enacted COVID relief funds.
• Senate policymakers struggled to complete work on the bipartisan deal this week amid concerns over taxation on cryptocurrency and yesterday’s release of a score by the Congressional Budget Office score, estimating the bill would add $256 billion to the deficit over 10 years. (Politico, Aug. 5; Wall Street Journal, Aug 6; The Washington Post, Aug. 6)

The BID, Real Estate, and Community Development

• The Real Estate Roundtable has summarized elements of the BID of particular interest to real estate owners and community developers, that align with The Roundtable’s longstanding infrastructure policies.  [“Spending and Other Provisions Pertinent to Real Estate and Community Development”]
• The Roundtable’s summary addresses the BID’s provisions for:
  • Billions of proposed investments in various infrastructure asset classes dedicated to roads, bridges, mass transit, high-speed rail, broadband, the power grid, water pipes, and electric vehicle charging;
  • Supporting public-private partnerships;
  • Streamlining the federal permitting process; and
  • Improving the key federal energy data that supports EPA building labels (Roundtable Weekly, July 16) 

“Human” Infrastructure Package

• If the BID legislation is approved,  it would prompt the Senate to move to a $3.5 trillion budget plan that includes President Biden’s wide-ranging domestic priorities supporting “human infrastructure.”
• No Republicans are expected to support the $3.5 trillion measure. Democrats must first pass a joint budget resolution to avoid a Senate filibuster, that authorizes the use of special “reconciliation” rules and sets a course for passage on a party-line vote
• Senate Budget Committee Chairman Bernie Sanders (D-VT), above, signaled that the reconciliation package would include spending for health care, child care, education, paid family and medical leave, and affordable housing. Reconciliation is also expected to address immigration and climate change matters. ( Wall Street Journal, Aug. 3)

After Labor Day, Democratic members are expected to meet to decide on which provisions to include in the human infrastructure package, including tax increases on businesses and individuals.  

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The Senate on July 28 voted to advance a $1 trillion infrastructure package that would allocate $550 billion in new spending toward transit, utilities and broadband. The plan, which has not been translated into final legislation yet, was the result of a breakthrough in month-long negotiations between a bipartisan group of senators and President Biden. (White House Fact Sheet, July 28 | E&E Daily, July 29 | Roundtable Weekly, June 25) 

Historic Step Forward 

• The Senate vote of 67-32 included the support of 17 Republicans and all 50 Democrats – and kick-started the process of debating and amending the measure, which could draw enough support to pass the Senate next week. (BGov, July 29)
• Real Estate Roundtable President and CEO Jeffrey DeBoer yesterday stated, “The Real Estate Roundtable strongly supports the bipartisan agreement on infrastructure reached by the White House and senators this week – and we applaud the continued hard work of policymakers to work across the aisle to create legislation that will revitalize our economy and keep us globally competitive. The trillion-dollar+ infrastructure package is a positive, historic step forward. We look forward to its enactment and the well-paying jobs it will create, the economic growth it will spur on, and how it will benefit our long-term national competitiveness and productivity.” (Read DeBoer’s full statement, July 29)
• Roundtable Chair John Fish (Chairman & CEO, Suffolk) and 11 other Roundtable members joined more than 100 business leaders in a July 26 letter to Congress that urged policymakers to pass the bipartisan infrastructure package. (The Hill, July 28)
• The letter noted, “New jobs generated by investment in the nation’s mass transit, roads, bridges, airports, broadband and other essential assets will create training and re-employment opportunities for millions of Americans who lost jobs during the pandemic. The public-private initiatives that are created will accelerate recovery from losses suffered due to COVID-19.” (Business leaders’ joint letter, July 26) 

Infrastructure Package & CRE 

• The sweeping bipartisan plan would focus federal funds on physical infrastructure over five years for roads, bridges, rail, public transit, the power grid, water and broadband. (New York Times, July 28, “The Infrastructure Plan: What’s In and What’s Out” and Committee for a Responsible Federal Budget, July 29, “What’s in the Bipartisan Infrastructure Investment and Jobs Act?)
• The bipartisan package would also incorporate a bill passed by the Senate Energy Committee on July 15 that proposes spending more than $100 billion on energy initiatives, includes measures affecting commercial real estate. (Roundtable Weekly, July 16 and Reuters, July 14) 
• The Energy Infrastructure Act, introduced by Committee Chairman Joe Manchin (D-WV) includes provisions that would create an avenue for Congressional oversight to improve the Commercial Building Energy Consumption Survey (CBECS) – the key data set collected by the federal government on the basic characteristics of US commercial buildings, and how much energy they consume. (Roundtable Weekly, July 16)

Pay-Fors & Timing 

• Miller & Chevalier reported on July 28 that the bipartisan plan’s wide-ranging infrastructure investments would be paid from a variety of sources, including: 
  • certain unused COVID relief dollars;
  • certain states returning unused federal unemployment insurance aid; 
  • sales of future spectrum auctions;
  • extending fees on GSEs; economic growth resulting from a 33 percent return on investment in long-term infrastructure projects; and 
  • information reporting requirements related to cryptocurrency.
• Senate Majority Leader Chuck Schumer (D-NY), above, would need 60 votes in the upper chamber to avoid a Republican filibuster and pass the Bipartisan Infrastructure Investment and Jobs Act. Those votes would likely come from all 50 members of his caucus and at least 10 Republicans. (PoliticoPro, July 29)
• “My goal remains to pass both the bipartisan infrastructure bill and a budget resolution during this work period. Both,” he said. “It might take some long nights. It might eat into our weekends. But we are going to get the job done, and we are on track.” Although the Senate’s recess is scheduled to start Aug. 9, Schumer has said he could keep the chamber in session longer to pass the measures. (New York Times, July 29)  

“Human” Infrastructure Package 

• The Biden administration’s separate $3.5 trillion “human infrastructure” plan to invest in child care, paid leave, education and measures to curb climate change is traveling along a parallel budget “reconciliation” path – a process that would require the vote of every Senate Democrat to pass the bill without any Republican votes. (CNBC, July 29)
• Senate Budget Committee Chairman Bernie Sanders (I-VT) on July 28 said he has the 50 votes to pass a broad budget resolution next week that would lead to consideration of the package, according to Bloomberg. Sanders added, “It is my absolute conviction that you’re not going to have a bipartisan bill unless you have a reconciliation bill of $3.5 trillion.”
• However, Sen. Kyrsten Sinema (D-AZ) – the lead Democratic negotiator on the bipartisan infrastructure bill – this week told the Arizona Republic, “I have also made clear that while I will support beginning this process, I do not support a (reconciliation) bill that costs $3.5 trillion – and in the coming months, I will work in good faith to develop this legislation with my colleagues and the administration to strengthen Arizona’s economy and help Arizona’s everyday families get ahead.” (CNN, July 28) 

In the House of Representatives, Speaker Nancy Pelosi (D-CA) has insisted she will not consider either the infrastructure bill or budget measure until the Senate passes both. (CNBC, July 29) 

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Members of a bipartisan group of senators working on a $579 billion “physical” infrastructure proposal said Thursday that final details may be announced as early as July 26, after a procedural vote in the Senate earlier this week failed to allow debate on the evolving measure. (Bloomberg, July 22)

Bipartisan Deal

• The bipartisan group initially announced their tentative, broad infrastructure agreement with President Biden on June 24. Remaining issues to resolve are finalizing how to pay for the package including measures affecting funding for transit systems. (Roundtable Weekly, June 25 and BGov, July 22)
• One of the 22 Senate negotiators, Sen. Joe Manchin (R-WV), said, “We had an agreement on 99% when we walked out yesterday afternoon. The pay-fors are pretty much lined up.” (Bloomberg, July 22)
• Another negotiator, Sen. Mitt Romney (R-UT) added, “I think we’ll get it done over the weekend, and then I hope that we get another cloture vote next week, and that will succeed.” (PolitcoPro, July 22)
• The bipartisan proposal, if eventually translated into legislation, would need at least 10 Republican votes in the 50-50 Senate to avoid a filibuster and start debate on the measure.

Reconciliation

• If the deal fails, Democrats may consider paring the “hard” infrastructure proposal with a separate, $3.5 trillion “human” infrastructure plan that addresses climate change, child care and health care. A combined package could be pushed through Congress as part of a budget “reconciliation” process that would bypass the need for Republican votes. (CNBC, July 22)
• Senate Majority Leader Chuck Schumer (D-NY) on July 21 said he may delay the chamber’s August recess to pass both infrastructure packages. (Roll Call, July 21)
• House Speaker Nancy Pelosi (D-CA) yesterday reiterated that the House will not act on the Senate’s bipartisan infrastructure plan until the upper chamber also passes a reconciliation bill.  (Transcript of July 22 press conference)

Infrastructure Investment Analysis 

• A July 21 Analytics report by Moody’s Chief Economist Mark Zandi states that the emerging $4.1 trillion package of spending on physical and social infrastructure would benefit the economy and create jobs, despite being offset with tax increases.  (Washington Post and CNN, July 21)
• The report – “Macroeconomic Consequences of the Infrastructure and Budget Reconciliation Plans” – shows that infrastructure investments would increase inflation-adjusted economic growth by 0.6 percent by 2023 and create 650,000 new jobs by mid-decade. (The Hill and CQ, July 21)

CRE & Infrastructure

• Roundtable Chair John Fish (Chairman and CEO, Suffolk), above right, on July 21 discussed infrastructure issues, the impact of the pandemic on commercial real estate and the industry’s leadership role in national policy issues with Roundtable member Willy Walker (Chairman and CEO of Walker & Dunlop), left, on the Walker Webcast. (Bisnow and Connect, July 21)
• Fish noted that economic opportunities resulting from investments in physical infrastructure are equally as important as investment in social infrastructure. Fish noted Boston’s “Big Dig” transportation infrastructure project as an example of a large-scale public investment that returns enormous benefits for the larger community.
• “Boston made an almost $19 billion investment with the federal government in the Big Dig, and we have received probably $100 billion in returns today so far,” Fish said. “If we didn’t make those investments in the Big Dig back in the 1990s, early 2000s, the city of Boston would not be growing the way that it is right now.” (Walker Webcast and Bisnow)

Fish also commented on The Roundtable’s role in Washington and the importance of CRE industry leadership in the climate change debate. He emphasized that the vast majority of US buildings were constructed in the last century — and that with 40% of US energy use attributable to owners, tenants, and other occupants of residential and commercial structures, now is the opportune time for the industry to reimagine its positive role for future generations. (See 34:45 in the Walker Webcast) 

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The House yesterday approved a five-year, $760 billon surface transportation and water bill (H.R. 3684) with climate provisions, which Democrats plan to use in infrastructure negotiations with the Senate. The INVEST in America Act passed by a vote of 221 to 201, with only two Republicans joining Democrats in support. (Washington Post, July 1 and Invest in America Act Fact Sheet)

Must-Pass Transportation Funding

• The House bill does not detail pay-fors yet, but is considered must-pass legislation, as funding for the nation’s surface transportation programs expires on Sept. 30. (Roundtable Weekly, June 11)
• Roundtable President and CEO Jeffrey DeBoer last week said, “Americans depend on safe and efficient roads, bridges, and mass transit to commute all across the country. Our nation’s buildings and the people in them depend on reliable supplies of water, power, and broadband to function, and meet the evolving demands of business and individual tenants. In turn, infrastructure and real estate are synergistic, and have a two-way relationship.” (Roundtable news release, June 25)

Different Paths

• In the Senate, a bipartisan agreement was reached last week with the White House on the outlines of a package addressing “physical” infrastructure. The agreement nearly fell apart after President Biden said the bill was directly linked to the passage of a separate, multi-trillion dollar “human” infrastructure proposal. (RRoundtable Weekly, June 25)
• The Senate proposal includes $579 billion in new spending and was initially supported by 11 Republicans, although some have since objected. Ten Republican Senators would be needed to overcome a filibuster in the 50-50 chamber. (Bloomberg, June 25 and Punchbowl News, June 30)
• The costs for all the infrastructure “asset classes” in the bipartisan framework are detailed in a recent White House memo from Brian Deese, Director of the National Economic Council, and Anita Dunn, Senior Adviser. (Deese-Dunn memo)
• The Senate infrastructure agreement has not yet been translated into legislation. Republican and Democratic Senators disagree if they should move forward with a stand-alone bill, or insist on pairing it with a massive “social” infrastructure package. As Senate talks continue, the House bill passed this week could present another path toward a final infrastructure bill, since it comes with a Sept. 30 deadline. (Politico, June 30)
• House Speaker Nancy Pelosi (D-CA) plans to reference the House bill as a base for negotiating changes to the Senate’s $973 billion bipartisan infrastructure framework in the coming weeks. (BGov, June 30)
• House Transportation and Infrastructure Chair Peter DeFazio (D-OR), the lead sponsor of H.R. 3684, said, “I’m suggesting that substantial amounts of the policy in our bill should be negotiated by the White House, the Senate and the House to be part of that bipartisan proposal.” (New York Times, July 1)

What’s Next

• Senate Minority Leader Mitch McConnell (R-KY) this week said President Biden should encourage Pelosi and Senate Majority Leader Chuck Schumer to support the bipartisan proposal without a dependent, separate bill that would move through a restrictive budget “reconciliation” process. According to McConnell’s June 28 statement, “The President cannot let congressional Democrats hold a bipartisan bill hostage over a separate and partisan process..”

• White House Press Secretary Jen Psaki commented June 30 on the evolving infrastructure proposals, stating, “It’s up to leaders in Congress to move this forward. The President looks forward to signing both pieces of legislation into law.”  (White House Press Briefing transcript)

Senate Democrats are aiming to pass bipartisan infrastructure legislation and send it to the House before the August recess, in hopes that a package could arrive on President Biden’s desk by the end of September. (Reuters, June 29)

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Senate members announced this week that they are pursuing a two-track approach in assembling an infrastructure package in response to President Biden’s original multitrillion dollar proposal – a pared-down bipartisan plan, and a much larger Democratic plan that could advance on a narrow, party-line vote path. 

Bipartisan Framework

• In the wake of failed negotiations last week between the White House and Senate GOP leaders, a group of five Democrats and five Republicans began work on an alternative plan focused on “core, physical infrastructure.” The bipartisan Senate group expanded this week to 21 members, including 11 Republicans. At least 10 Republicans in the 50-50 Senate must approve a bill to reach the 60-vote threshold for passage. (Bloomberg and Washington Post, June 16)
• A draft outline of the bipartisan group’s infrastructure proposal published on June 16 by Politico revealed a framework that would cost $974 billion over five years, including $579 billion in new spending.
• President Biden originally proposed $2 trillion in new infrastructure spending, then signaled a compromise closer to $1 trillion. (Roundtable Weekly, June 11)
• The Senate group’s framework also includes numerous funding sources, such as unspent coronavirus relief aid and public-private partnerships. Since the document’s release, Republicans have provided assurances that a final framework would not include indexing the national gasoline tax to inflation, a proposal opposed by President Biden and House Speaker Nancy Pelosi (D-CA). (Politico and The Hill, June 17)

The Reconciliation Path

• Meanwhile, Senate Majority Leader Chuck Schumer (D-NY) this week met with Democratic senators on the Budget Committee to trigger the budget reconciliation process, which would allow a party–line majority vote of an infrastructure package, eliminating the need for Republican votes. (Associated Press, June 17)
• According to the AP, “Sen. Tim Kaine (D-VA) said the Budget Committee was unified in putting together a package that ‘gives us a latitude to do what we need to do — we can shrink it if there’s a bipartisan deal, we could do the broader deal if there isn’t.’”
• Schumer said he would like to pass next month both a bipartisan infrastructure package and a larger budget blueprint, which would address a follow-up Democratic legislative. (BGov, June 17)
• Additionally, Senate Budget Chairman Bernie Sanders (I-VT) said he is seeking a $6 trillion measure that would fund both Biden’s infrastructure proposals, including reforms targeting climate change and an expansion of Medicare. (Wall Street Journal and Washington Post, June 17
• Sen. Mark Warner (D-VA), a member of the bipartisan group leading infrastructure negotiations, said, “I know there needs to be reconciliation. But that also doesn’t mean that I accept all of what the president proposed and all of what Sen. Sanders has proposed.” (BGov, June 17)
• The Real Estate Roundtable, along with 16 other national real estate trade organizations submitted detailed comments in May to the Senate Finance Committee and House Ways and Means Committee as part of hearings on how to fund the administration’s infrastructure proposals. (Roundtable Weekly, May 21)

The Roundtable’s Annual Meeting this week also featured discussions with policymakers on the evolving infrastructure debate – and the organization plans to remain fully engaged with lawmakers on any eventual legislative proposal that could affect commercial real estate. 

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