Category: News

Bipartisan lawmakers unveil “Invest in America Act”

Posted on by Trey Jackson

Legislation would spur American job creation and investment in U.S. communities, infrastructure and Opportunity Zones

 
(WASHINGTON, DC) — The American Institute of Architects (AIA) and The Real Estate Roundtable (RER) are pledging support for the “Invest in America Act” (H.R. 2210), which was unveiled yesterday afternoon by U.S. Reps. John Larson (D-CT) and Kenny Marchant (R-TX).
 
The legislation has the potential to create as many as 284,000 American jobs and attract as much as $125 billion in global investment in U.S. communities, which would support addressing America’s aging buildings and crumbling infrastructure. 
 
The legislation does so by repealing the “Foreign Investment in Real Property Tax Act” (FIRPTA). Originally enacted in 1980, FIRPTA is an arcane tax that deflects global capital from U.S. cities and towns by imposing a capital gains tax on global investors that finance any U.S. real property. Consequently, the law greatly inhibits state and local leaders from partnering with global investors—in addition to leveraging domestic partners—to improve their communities, including renovating aging buildings; constructing roads, bridges, tunnels, hospitals and airports; developing affordable housing; and utilizing new Opportunity Zones.
 
“Under current law, global investment is discouraged in the United States and investors are driven to other countries,” said AIA EVP/Chief Executive Officer Robert Ivy, FAIA. “This legislation will put the U.S. on equal footing in the competition for investment dollars, which can be put directly into American communities through partnerships with local and state governments. This will result in meaningful jobs not only for architects but other professionals in design and construction as well as manufacturing and service industries.”
 
A partial repeal of FIRPTA occurred in 2015 with passage of the “Protecting Americans from Tax Hikes Act.” Changes to the law increased global investment in U.S. cities of all sizes and locations by 33 percent, proving that a full repeal would have a significant benefit to many more state and local economies. 
 
“The FIRPTA regime is an anti-competitive outlier that deflects global capital to other countries,” said RER President and CEO Jeffrey DeBoer. “Our infrastructure challenges demand a holistic approach and innovative solutions. Now is the time to build on the recent success of the 2015 reforms by eliminating FIRPTA outright and unlocking private capital for even more job growth and infrastructure improvements.”
 
Learn more about the legislation by visiting the Invest in America Coalition’s website.
 

Opportunity Zones: Treasury Regs Expected Soon; Reporting Legislation Discussed; White House Hosts Opportunity and Revitalization Council Meeting

Posted on by Trey Jackson

President Trump yesterday hosted the first meeting of the White House Opportunity and Revitalization Council and introduced its new Executive Director – Texas state legislator and former NFL player Scott Turner – to lead a coordinated Administration effort to revitalize economically distressed communities.   (White House tweet, April 4 and Scott Turner intro video)

 

President Trump yesterday hosted the first meeting of the White House Opportunity and Revitalization Council and introduced its new Executive Director – Texas state legislator and former NFL player Scott Turner – to lead a coordinated Administration effort to revitalize economically distressed communities.   (White House tweet, April 4 and Scott Turner intro video)

– enlarge White House photo above –
  • Trump stated during the cabinet-level meeting, “We’re providing massive tax incentives for private investment in these areas to create jobs and opportunities where they are needed the most.  This Council will further leverage federal resources and authorities to support these communities however possible.  We will work to streamline regulations, improve education, promote affordable housing, reduce crime, and expand jobs and skilled training for Americans all throughout our country.  Our actions will directly improve the lives of countless low-income Americans.”  (Remarks by President Trump at the White House Opportunity and Revitalization Council Meeting, April 4)
  • Treasury Assistant Secretary for Tax Policy David Kautter stated at an April 1 conference that the highly-anticipated, second set of Treasury Opportunity Zone (OZ) regulations could be issued in “a couple of weeks.”  Those regulations have been under review since mid-March and according to Kautter, their release will likely include a request for comments concerning the type of information the IRS should consider.  (Tax Notes, April 5)
  • Sen. Tim Scott (R-SC), who led the effort in Congress for enactment of the OZ program, said he is discussing legislation with Sen. Cory Booker (D-NJ) that would reinstate reporting requirements—including investor asset class, zones receiving investment, poverty reduction, and job creation—showing the effects of OZ tax breaks on local communities.  (BloombergTax, March 28 and March 27)
  • The OZ program’s goals and incentives were the focus of a Jan. 29 discussion during The Real Estate Roundtable’s State of the Industry Meeting, which featured Sen. Scott and Roundtable member Geordy Johnson (CEO, Johnson Development Associates, Inc.). (Roundtable Weekly, Feb. 15)
  • Last June, the Treasury Department designated more than 8,700 low-income census tracts in the United States, Puerto Rico, and territories as qualified Opportunity Zones. (IRS Notice 2018-48)  

Congress created the Opportunity Zone tax incentive program in the 2017 Tax Cuts and Jobs Act. Incentives reward Opportunity Fund investors with a capital gains deferral or exclusion on their invested capital in low-income communities.  (Roundtable  Opportunity Zones webpage)

House Ways & Means Committee Signals Upcoming Tax Legislation; Roundtable Weighs in Regarding Carried Interest, FIRPTA Repeal

Posted on by Trey Jackson

The House Ways and Means Committee this week signaled its upcoming tax policy priorities after holding a hearing on the 2017 Tax Cuts and Jobs Act (“TCJA”) entitled “The 2017 Tax Law and Who It Left Behind.”  The March 27th hearing was the first one focused on the TCJA since Democrats took control of the House, with policymakers examining which provisions they plan to reverse or refine. 

House Ways and Means Committee Chairman Richard Neal (D-MA) signaled the committee’s upcoming tax policy priorities  . 

  • Ways and Means Chairman Richard Neal (D-MA) on Wednesday also announced the committee will hold its first legislative mark-up next week on bills to encourage retirement savings (H.R. 1007) and bipartisan IRS reform. “Our plan here is to move legislation and we’re going to start doing that next week,” Neal said. He indicated that bills addressing other tax issues, including a tax extender package, must first be negotiated with Senate Finance Chairman Charles Grassley (R-IA).  (BGov and CQ, March 27)
  • A future Ways and Means mark-up may also address “technical corrections” to the TCJA.  On March 26, House Ways and Means Committee members Jimmy Panetta (D-CA) and Jackie Walorski (R-IN) introduced the Restoring Investment in Improvements Act. 

The House bill (H.R. 1869) would correct a TCJA mistake that inadvertently lengthened the cost recovery period for qualified improvement property (QIP).  A companion bill in the Senate (S. 803) was introduced earlier this month by Sens. Pat Toomey (R-PA) and Doug Jones (D-AL).  (Roundtable Weekly, March 15).  The Roundtable strongly supports the legislation.

Comment Letters – Carried Interest and FIRPTA Repeal

The Roundtable and 13 other national real estate organizations sent a letter this week to members of the House Ways and Means Committee about the adverse impact that recently introduced carried interest legislation (H.R. 1735) would have on U.S. real estate and entrepreneurial risk taking.

  • The letter notes how the bill would result in a huge tax increase on Americans who use partnerships in businesses of all types and sizes – and would be particularly harmful to the nearly 8 million partners in U.S. real estate partnerships.  

    The Roundtable and 13 other national real estate organizations submitted comments about recently introduced carried interest legislation (H.R. 1735).

     

  • The March 26 letter states, “The false narrative surrounding the carried interest issue is that it targets only a handful of hedge fund billionaires and Wall Street executives.  The carried interest legislation is far broader and would apply to real estate partnerships of all sizes—from two friends owning and leasing a townhome to a large private real estate fund with institutional investors.”
  • Additionally, The Roundtable and 19 national trade organizations – representing every aspect of constructing, developing, financing, owning, and managing real estate and infrastructure in the United States – wrote to Ways and Means Committee Members and other key House lawmakers on March 28, urging them to support the Invest in America Act. 
  • The legislation would repeal the arcane and punitive Foreign Investment in Real Property Tax Act (FIRPTA) of 1980.  FIRPTA imposes a discriminatory layer of capital gains tax on foreign investment—a tax burden that does not apply to any other asset class.  Private investors cite FIRPTA as a principal obstacle to attracting greater foreign capital for infrastructure projects. (Roundtable  FIRPTA Letter, March 28)
  • Reps. John Larson (D-CT) and Kenny Marchant (R-TX) are expected to introduce the bipartisan legislation soon.

Repealing FIRPTA is a key policy action Congress could take to help spur infrastructure improvements and contribute to economic growth, according to recommendations submitted March 20 by The Real Estate Roundtable to the House Ways and Means Committee.  (Roundtable Statement for the Record)

Democrats Reintroduce Legislation to Tax Carried Interest At Ordinary Income Rate

Posted on by Trey Jackson

Legislation to reform the taxation of carried interest was introduced on March 13 by Sen. Tammy Baldwin (D-WI) and House Ways and Means Committee member Bill Pascrell, Jr. (D-NJ).  (News releases: Baldwin and Pascrell)

Legislation to reform the taxation of carried interest was introduced on March 13 by Sen. Tammy Baldwin (D-WI) and House Ways and Means Committee member Bill Pascrell, Jr. (D-NJ). 

  • The Carried Interest Fairness Act of 2019 would reverse decades of partnership tax law by characterizing profits earned through certain investment partnerships as ordinary income.  The legislation would recast capital gains earned by some partners—including gain associated with the sale of appreciated real estate—as income taxable at the maximum individual rate.  The current top capital gains rate is 20 percent and the top tax rate on ordinary income is 37 percent.  
  • Similar legislation was introduced in the 115th Congress.  The 2017 tax overhaul included a change to carried interest taxation, increasing the length of time from one to three years that partners with a carried interest must hold their investment to qualify for long-term capitals gains treatment. (The Hill, March 13)
  • The Democrats’ carried interest bill is under consideration by congressional tax-writing committees as a possible revenue offset for separate legislation to extend temporary tax breaks that lapsed on Jan. 1, 2018.  According to one press report, when asked whether carried interest could be an offset for his tax bill, House Ways and Means Chairman Richard Neal (D-MA) responded, “I think you’re on the right track.”  (CQ password-protected, March 14)

The Real Estate Roundtable opposes proposals such as the Carried Interest Fairness Act.  General partners earning a carried interest in a real estate partnership bear significant risks beyond direct capital contributions.  These risks can include funding predevelopment costs, guaranteeing construction budgets and financing, and exposure to potential litigation over countless possibilities. 

Roundtable’s DeBoer Profiles Industry Policy Agenda, Including TRIA, Infrastructure, FIRPTA

Posted on by Trey Jackson

Roundtable President and CEO Jeffrey DeBoer yesterday discussed the organization’s national policy priorities in the current Congress with Roundtable Board Member Holly Neber (CEO, AEI Consultants and President, CREW Network) during the 2019 Connect Los Angeles conference.  (Watch video of DeBoer’s discussion, March 21)

RER President and CEO Jeffrey DeBoer yesterday discussed the organization’s national policy priorities in the current Congress with Roundtable Board Member Holly Neber during the 2019 Connect Los Angeles conference  . 

The policy discussion, “What’s Next!? What’s Happening in Washington and What Does it Mean for Your Business?” explored topics such as terrorism, infrastructure, foreign investment and tax reform before a standing-room only crowd of more than 500. (Video, LA Connect)

  • DeBoer profiled several compelling policy issues of importance to commercial real estate, including terrorism risk insurance.  DeBoer explained, “… TRIA, the Terrorism Risk Insurance Act, put in place after 9-11 because the direct insurance industry and the resinsurance industry said they couldn’t measure and predict a terrorism attack.  If they can’t measure and predict it, they can’t offer the product.  If they can’t offer the product, businesses can’t get all-risk insurance.  If you can’t get all-risk insurance, you can’t get financing.  So this issue of TRIA being extended … since being in place since 2002, is very important to liquidity. It’s very important to market stability.  And we want to get it extended by the end of this Congress, by the end of 2020.”    
  •  TRIA was enacted in 2002 and was extended in 2005, 2007 and 2015. Without Congressional reauthorization, the program will expire on December 31, 2020.
  • DeBoer also addressed the need for Congress to pass legislation that will address infrastructure improvements on a national level.  “We need to recognize that we are in a new transportation revolution.  And it’s changing and we’re going to change in the next 10, 15 years; the way we access our infrastructure.  We want to get this infrastructure bill done.  We want to get it as broad as possible.  We want to bring in as much private capital as we can,” DeBoer said, emphasizing that public-private partnerships can play a major role in infrastructure improvement projects.  (see Infrastructure story above)
  • He also discussed tax policy priorities, including repeal of the Foreign Investment in Real Property Tax Act (FIRPTA) and recently introduced legislation that would change taxation of carried interest (see Tax Policy story above).

The Roundtable released its 2019 National Policy Agenda during its January State of the Industry Meeting in Washington (Roundtable Weekly, Feb. 1).  

House Ways and Means Committee Explores Funding for National Infrastructure Improvements

Posted on by Trey Jackson

The tax-writing House Ways and Means Committee held a hearing this week on the need to launch a national infrastructure improvement program and potential funding sources.  

The Joint Committee on Taxation issued an “Overview Of Selected Internal Revenue Code Provisions Relating To The Financing Of Public Infrastructure.”

    • Highway Trust Fund
    • Airport and Airway Trust Fund Excise Tax
    • Inland Waterways Trust Fund Excise Tax
    • Harbor Maintenance Trust Fund Excise Tax
    • Tax-Exempt Financing for Public Infrastructure; and
    • Public-Private Partnerships

The hearing covered the looming shortfall in the Highway Trust Fund and the viability of potential revenues sources – such as an increase in the gas tax and the imposition of a Vehicle Miles-Traveled fee– to help finance increased infrastructure spending.

House  Ways and Means Chairman Richard Neal (D-MA) said President Trump’s interest in “a massive infrastructure package,” shows Congress has “a real opportunity to work together and do something big here.”  (Chairman Neal statement, March 6)commercial real estate market. 
  • Ways and Means Chairman Richard Neal (D-MA) noted how “meaningful, sustained investments in our nation’s infrastructure” would create more jobs, encourage a more competitive business climate and revitalize local communities.  Neal also said President Trump’s interest in “a massive infrastructure package,” shows Congress has “a real opportunity to work together and do something big here.”  (Chairman Neal statement, March 6)
  • President Trump stated during his January State of the Union address, “I know that Congress is eager to pass an infrastructure bill. And I am eager to work with you on legislation to deliver new and important infrastructure investment, including investments in the cutting edge industries of the future. This is not an option, this is a necessity,” Trump said.  (Roundtable Weekly, Feb. 8)
  • The Roundtable’s 2019 Policy Agenda notes that every $1 billion spent on infrastructure creates an estimated 13,000 jobs.  “The quality of infrastructure systems—including transportation, utilities, and telecommunications—has been cited as the most important factor influencing real estate decisions around the world. The productivity of our cities, towns and workforce depend on systems that safely and reliably transport people, supply power, and share information across the built environment,” according to the report.   (The Roundtable’s 2019 Policy Agenda Infrastructure section.)

The Roundtable sent a comment letter to President Trump in Jan. 2018 offering specific suggestions on how innovative financing sources may be used to help pay for infrastructure improvements – and how restructuring a lengthy permitting process and cutting unnecessary red tape will help control project costs and delays. 

Roundtable Warns of Potential Economic Harm if New Duties are Imposed on Fabricated Structural Steel Imports

Posted on by Trey Jackson

The Commerce Department has initiated investigations into whether a key material used in major real estate and infrastructure projects – fabricated structural steel (FSS) from Canada, China and Mexico – is being sold in the U.S. for less than fair value.  (Commerce Department announcement, Feb. 26)

The Commerce Department has initiated investigations into whether a key material used in major real estate and infrastructure projects – fabricated structural steel (FSS) from Canada, China and Mexico – is being sold in the U.S. for less than fair value.

  • The Roundtable on March 4 wrote to the U.S. International Trade Commission (ITC) urging a cautious approach to the investigation, emphasizing the potential economic harm that new tariffs could cause.  Roundtable President and CEO Jeffrey DeBoer concludes in the letter that “… unless supported by conclusive evidence of unfair dumping or subsidies, I urge you to reject calls for new tariffs on U.S. imports of fabricated structural steel.”  (Roundtable comment letter, March 1)
  • The antidumping and countervailing duty investigations are based on petitions from the American Institute of Steel Construction.  If  Commerce and the ITC affirm that dumped and/or unfairly subsidized U.S. imports of fabricated structural steel from Canada, China, and Mexico are causing injury to the U.S. industry, punitive duties could be imposed on those imports.  (Reuters,  Feb. 26)
  • The Roundtable letter emphasizes the negative effects of FSS tariffs.  “New duties could have a chilling effect on job creation and productive investment, slowing economic growth and reducing employment in industries directly and indirectly affected by real estate development,” DeBoer states.
  • In 2017, imports of fabricated structural steel from Canada, China, and Mexico were valued, respectively, at an estimated $658.3 million, $841.7 million, and $406.6 million  (Commerce Department Fact Sheet).
  • Rising costs due to the shortage of skilled labor are currently putting pressure on new real estate development.  Steel prices in the United States also rose significantly after the imposition of 25 percent tariffs on many steel imports last March. (Roundtable Weekly, March 9, 2018)
  • The declining competitiveness of domestic steel fabricators could be attributed to the unfortunate downstream economic consequences of steel tariffs imposed last year – and may not reflect clear evidence of dumping or illegal subsidies.
  • As The Roundtable letter notes, “… there is significant cross-border integration and cooperation in the fabricated structural steel industry.  Foreign fabricators operate facilities in the United States, utilize U.S.-made steel in their finished products, and regularly form joint ventures with U.S. firms to take on large and complex projects.”
  • DeBoer also states, “… rather than spurring real estate and infrastructure developers to purchase fabricated steel from domestic sources, unjustified government intervention in the form of new duties may lead potential U.S. buyers to shelve projects that would create well-paying jobs and produce a lasting economic impact in communities.”

The ITC is scheduled to make its preliminary determinations by March 21, 2019.

 

Rural-Urban Coalition Supports Legislative Reforms for Stronger EB-5 Investment Program In Lieu of Inadequate Regulations

Posted on by Trey Jackson

Comprehensive legislative reforms to the EB-5 investment program are needed to provide stronger safeguards to combat fraud and safeguard national security while balancing rural and urban areas’ access to the program, according to a coalition of 11 national industry organizations. (Coalition letter, March 8)

A coalition of 11 national industry organizations recommends comprehensive legislative reforms to the EB-5 investment program are needed to provide stronger safeguards to combat fraud and safeguard national security while balancing rural and urban areas’ access to the program. (  Coalition letter  , March 8)

 

  • The coalition—in a letter sent today to the Office of Management and Budget’s (OMB) Director Mick Mulvaney—maintains that regulations proposed during the Obama era lack national security and anti-fraud provisions essential to overhaul the program.  These proposed regulations also do not provide for a “set aside” of EB-5 investment visas for projects in so-called “Targeted Employment Areas” – a key policy component of stakeholder negotiations to encourage fair access to EB-5 capital in urban, suburban, and rural communities.
  • The letter also recommends that EB-5 Targeted Employment Areas should overlap with Opportunity Zones designated by the Treasury Department in June 2018.  Both geographic designations are census tract-based and share the common objective to channel investment capital to the nation’s distressed communities.  “We cannot discern a sound policy basis to establish two different sets of census tract designation criteria to achieve the same policy objective,” the organizations wrote.
  • President Trump on December 12, 2018 signed an Executive Order directing all federal agencies (including OMB) to consider how their programs can enhance revitalization efforts in new Opportunity Zones.  (White House statement and  PBS Video, Dec. 12, 2018)
  • The coalition letter concludes that final publication of these rules by the Department of Homeland Security would undermine congressional efforts to improve and sustain the EB-5 program over the long term.  “Our organizations continue to believe that congressional action is the best way to achieve lasting reform,” the letter states.  

Sen. Tim Scott (R-SC) – who led the effort in Congress for enactment of the Opportunity Zones program – discussed its goals and incentives on Jan. 29 in a discussion with Roundtable member Geordy Johnson (CEO, Johnson Development Associates, Inc.) during The Roundtable’s State of the Industry Meeting (Roundtable Weekly, Feb. 15)

The Real Estate Roundtable Elects New Board and Committee Leadership for FY2017

Posted on by Trey Jackson

(WASHINGTON, D.C.) — At The Real Estate Roundtable’s Annual Meeting on June 14-15, members approved the organization’s leadership for their fiscal year beginning July 1, 2016. 

William C. Rudin (Rudin Management Company, Inc.) was elected to his second year as the organization’s chairman. Joining him on the Board of Directors, as of July 1, are: 

  • Brian Harnetiaux, Senior Vice President of Asset Management, McCarthy Cook & Co.
    Chair and Chief Elected Officer, Building Owners & Managers Association (BOMA) International
  • Elizabeth I. Holland, CEO/General Counsel, Abbell Associates
    Chairman, International Council of Shopping Centers
  • Jodie W. McLean, CEO, EDENS
  • Stephen P. Weisz, President and CEO, Marriot Vacations Worldwide Corporation
    Chairman of the Board, American Resort Development Association.

Stepping down from the Roundtable board are:  

  • Stephen D. Lebovitz, President and CEO, CBL & Associates Properties, Inc.
    Immediate Past Chairman, International Council of Shopping Centers
  • George M. Marcus, Chairman, Marcus & Millichap Company.

The full board list and committee leadership for FY 2017 can be found online at www.rer.org. 

For FY 2017, The Roundtable has added a Membership Committee to continue its efforts to maintain a balanced and diverse membership, co-chaired by Jeffrey B. Citrin (Managing Principal, Square Mile Capital Management LLC), and Anthony J. LoPinto (Global Sector Leader, Real Estate, Korn Ferry).

The Sustainability Policy Advisory Committee (SPAC) will continue to be led by Anthony E. Malkin (Chairman & CEO, Empire State Realty Trust), and Joyce S. Mihalik (Vice President, Design Services, Forest City Realty Trust) will serve as the new vice chair. 

The Real Estate Capital Policy Advisory Committee (RECPAC) will be co-chaired by Dennis Lopez (Global Chief  Investment Officer, AXA Real Estate Investment Managers), Mark Myers (Executive Vice President, Wells Fargo), and Diana Reid (Executive Vice President, PNC Bank) will serve as vice chair. 

The Research Committee will be chaired by Michael Bilerman (Managing Director, Citi Investment Research).

As for the Tax Policy Advisory Committee (TPAC), Frank G. Creamer, Jr. (Senior Advisor, Trimont Real Estate Advisors) will remain chair, and Jeffrey S. Clark (Senior Vice President, Global Tax and JV Accounting, Host Hotels & Resorts Inc.) will serve as vice chair. 

The Homeland Security Task Force (HSTF) leadership remains the same, with co-chairs Joseph Billy Jr. (Vice President/Global Security, Prudential), and J. Christopher Woiwode (Vice President, Security, Macerich). 

Roundtable Chairman William C. Rudin acknowledged the contributions of outgoing board members and our policy advisory committee leaders. “Thanks to the dedication, knowledge, and the leadership of our outgoing board and committee leaders, The Roundtable this past year made tremendous strides in all areas of our policy issues; the 6–year extension of the Terrorism Risk Insurance Act (TRIA), congressional authorization for the voluntary “Tenant Star” program, significant reforms of the Foreign Investment in Real Property Tax Act (FIRPTA), critical improvements to legislation affecting how large and small partnerships are audited for tax purposes, and efforts to reinvigorated the debate over how to authorize the collection of taxes owed for online purchases and goods.”

“We look forward to the new leadership’s valuable insights, along with years of industry experience, as we continue to work with our 17 national trade association partners to jointly address key national policy issues relating to real estate and the overall economy.” added Rudin. 

“The Roundtable had a terrific year, raising the industry profile in positive and substantive ways, and adding value to policy issue discussion throughout Washington. The industry leaders on our board of directors took our well-informed, fact-based organization to a new level of thoughtful analysis of policy proposals. Throughout the year we quickly responded to policy challenges and we proactively advanced our perspective on important issues,” said Roundtable President and CEO, Jeffrey D. DeBoer.

 

Real Estate Roundtable Commits Cooperation on Productive Policy Agenda with President-Elect Trump and New Congress

Posted on by Trey Jackson
(WASHINGTON, D.C.) — Real Estate Roundtable CEO and President Jeffrey D. DeBoer today committed to
working on a positive policy agenda with President-Elect Trump and the 115th Congress on compelling issues

affecting the nation’s economy, job creation and the health of commercial real estate markets.

“We look forward to working with President-Elect Trump and the 115th Congress to positively boost job creation, expand the economy, and address the many important national policy issues relating to real estate and the national economy.

Strong real estate markets provide millions of American jobs, improve the well being of our local communities, support the interests of national security and defense, and help sustain the nation’s critical infrastructure in our towns, cities, and states. 

The strength of real estate, and the benefits the industry provides to all Americans, depends on fair, consistent, and forward-looking policy at all levels of government. Real estate public policies are non partisan. They should be based on objective economic principles, responsive to changing economic cycles and sensitive to societal demands. 

Tax and financial regulatory reform; infrastructure investment; immigration issues; energy policy; and, physical and cyber security each will present opportunities to advance the economy job creation and the stability of U.S. real estate markets. 

We are excited to offer our support, expertise and assistance to President-Elect Trump and to the new Congress. We are honored to contribute meaningfully to the strength and prosperity of our nation,” said DeBoer.

About The Real Estate Roundtable

The Real Estate Roundtable brings together leaders of the nation’s publicly-held and privately owned real
estate ownership, development, lending and management firms with the leaders of national real estate trade associations to jointly address key national policy issues relating to real estate and the overall economy. Collectively, Roundtable members’ portfolios contain over 12 billion square feet of office, retail and industrial properties valued at more than $1 trillion; over 1.5 million apartment units; and in excess of 2.5 million hotel rooms. Participating trade associations represent more than 1.5 million people involved in virtually every aspect of the real estate business.