NEWS: The Real Estate Roundtable Commends Senate Passage of the Bipartisan Infrastructure Deal, Urges Caution on Reconciliation Bill

  • August 11, 2021
The following statement by The Real Estate Roundtable was issued on August 11:

(WASHINGTON, D.C.) — The Real Estate Roundtable commends Senate policymakers and the White House for their bipartisan efforts to pass billions of dollars in new spending to improve the nation’s infrastructure and spur economic growth as the world continues to grapple with the Covid variant.  

Real Estate Roundtable Chair John Fish (Chairman and CEO, Suffolk) said, “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. It is our hope that this framework will not only spur job creation through investments in essential infrastructure but will also usher in a new era of collaboration in Congress.”

Real Estate Roundtable President Jeff DeBoer stated, “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 – much as our past national infrastructure efforts sparked historic innovations in transit systems, consumer conveniences and economic development.”

Deboer added, “The Roundtable also applauds the use of public-private partnerships to reach ‘physical’ infrastructure goals – as well as the included measures that will streamline the federal permitting process and improve key federal energy data that support EPA building labels.

This positive, historic step forward will be followed by a far different $3.5 trillion reconciliation bill that addresses ‘human infrastructure.’ This subsequent 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.

We look forward to the House passage of the bipartisan bill and the well-paying jobs it will create, the economic growth it will spur on, and the benefits it will bring to our long-term national competitiveness and productivity.  

The Roundtable also looks forward to working with lawmakers and our national real estate organization partners as the ‘human infrastructure’ package is transformed into legislation that will help the workforce, families and communities succeed and thrive,” DeBoer said.

The Real Estate Roundtable brings together leaders of the nation’s top publicly-held and privately-owned real estate ownership, development, lending and management firms with the leaders of major national real estate trade associations to jointly address key national policy issues relating to real estate and the overall economy.

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