The bill, sponsored by House Financial Services Subcommittee on Housing and Insurance Chairman Mike Flood (R-NE), would extend the Terrorism Risk Insurance Program for seven years beyond its current Dec. 31, 2027 expiration. (Rep. Flood Press Release | PoliticoPro, June 29)
The measure would also increase the minimum loss threshold for an event to qualify as an act of terrorism under the program from $5 million to $10 million beginning in 2029 and establish a 90-day timeframe for Treasury certification determinations. (Insurance Journal, June 30)
The House Financial Services Committee previously advanced the legislation in January by a 51-2 vote. (Roundtable Weekly, Jan 23)
Following the Sept. 11 attacks, terrorism insurance became largely unavailable, disrupting commercial real estate financing and delaying billions of dollars in transactions. TRIA has since provided a public-private mechanism to maintain access to coverage that the private market alone cannot fully provide.
The coalition emphasized TRIA remains a critical public-private partnership that ensures the continued availability of terrorism insurance coverage and supports the broader economy. (Letter, June 29)
“While no insurance program can eliminate terrorism risk, TRIA provides a critical economic backstop that helps businesses, lenders, and insurers manage the financial consequences of an attack,” said RER President and CEO Jeffrey D. DeBoer. “We urge the Senate to act promptly on a long-term reauthorization well in advance of the program’s expiration at the end of 2027.”
This week, RER continues to work through CIAT and with other business and insurance organizations to encourage Senate leaders to include TRIA reauthorization in the FY2027 National Defense Authorization Act (NDAA).
However, the Fiscal Year 2027 National Defense Authorization Act (NDAA) (H.R.8800) is currently stalled in the Senate.
RER and its coalition support Amendment #5879, offered by Sens. Dave McCormick (R-PA), Tina Smith (D-MN), Thom Tillis (R-NC), and Ruben Gallego (D-AZ), for inclusion in the FY 2027 NDAA. The amendment is identical to the Senate TRIA reauthorization bill, S. 4395, and would extend TRIA for seven years. (Roundtable Weekly, May 1)
RER’s advocacy builds on comment letters submitted to the House Financial Services Committee in September 2025 and January 2026, urging action well before TRIA’s scheduled expiration. (Letter, Jan., 2026 | Letter, Sept., 2025) (Roundtable Weekly, Jan 23)
Amendment #5879 to the FY2027 NDAA could provide a path for sending a seven-year TRIA reauthorization to the president’s desk this year.
RER and its industry partners urge Senate leaders to include the amendment in the NDAA and secure a long-term extension well ahead of the program’s 2027 expiration.
The landmark, bipartisan, bicameral 21st Century ROAD to Housing Act became law Saturday without President Trump’s signature, culminating months of congressional work and advocacy by The Real Estate Roundtable and its housing coalition partners. (NYT, July 11| Bill Text | One-pager | Section-by-Section, June 24)
State of Play
The Senate approved the final package 85–5 on June 22, followed by a 358–32 vote in the House on June 23. (Roundtable Weekly, June 26)
President Trump canceled a planned June 24 signing ceremony and later declined to sign the measure in protest over the Senate’s failure to pass the unrelated SAVE America Act. (Axios, July 10 | 11)
Because he neither signed nor vetoed the housing bill, it became law July 11 under the Constitution’s 10-day provision. (CBS News, July 11)
The bill was championed by House Financial Services Committee Chairman French Hill (R-AR), Ranking Member Maxine Waters (D-CA), Senate Banking Committee Chairman Tim Scott (R-SC), and Ranking Member Elizabeth Warren (D-MA).
“Homeownership should be within reach for more Americans, and this law moves us closer to that goal,” Chairman Hill said Saturday. (Rep. Hill Press Release, July 11)
Why It Matters
The bill is the most consequential housing package in a generation, with reforms aimed at increasing housing supply, boosting homeownership, and improving affordability. (One-pager | Section-by-Section, June 24)
The package advances major reforms to modernize federal housing programs, streamline environmental reviews, reduce barriers to construction, support manufactured housing, build more homes in Opportunity Zones, encourage transit-oriented development, and promote local zoning and land-use reforms. (Roundtable Weekly, May 22 | June 18)
For RER, a significant achievement is the removal of the Senate bill’s unconstitutional seven-year forced-sale mandate, which would have required certain owners to sell newly constructed build-to-rent homes to individual buyers. (RER Fact Sheet, July 17)
RER and other housing stakeholders warned that the mandate would be counterproductive—discouraging new construction and undermining efforts to increase housing supply.
RER Advocacy
Over the past several months, RER and its housing partners worked throughout the legislative process to preserve the package’s supply-focused reforms and remove the forced-sale mandate targeting build-to-rent housing through letters to Congress, coalition letters of support, and direct engagement with lawmakers.
RER also led efforts to raise constitutional concerns about the Senate’s forced-sale mandate, through a white paper by former U.S. Solicitor General Paul Clement, which characterized the provision as an unprecedented federal market intervention and outlined a “triple threat” to the U.S. Constitution. (RER’s One Pager, May 18 | RER Letter, May 12 | Roundtable Weekly, April 17)
“Enactment of the 21st Century ROAD to Housing Act is a historic bipartisan achievement that will help expand housing supply, reduce barriers to construction, and improve affordability nationwide,” said RER President and CEO Jeffrey DeBoer.
“This law protects private property rights and preserves the capital needed to build more homes, while advancing practical reforms to reduce regulatory barriers, modernize federal housing programs, and expand rental and homeownership opportunities. We commend Chairman Hill, Ranking Member Waters, Chairman Scott, Ranking Member Warren, and congressional leaders for their persistence in getting this comprehensive package across the finish line.” DeBoer said. (RER Fact Sheet, June 8)
DeBoer noted that the reforms will take time to reach the housing marketplace. “These reforms are significant, but they will take time to fully filter into the housing marketplace and begin correcting the supply imbalance caused by years of underbuilding and regulatory barriers,” DeBoer said. (RER Statement, June 18)
What’s Next
The institutional investor purchase restrictions are scheduled to take effect six months after enactment and expire after 15 years.
HUD, working with the Treasury, the Securities and Exchange Commission, and the Federal Housing Finance Agency, is directed to develop and implement regulations to avoid adverse effects on consumers and communities.
As federal agencies begin implementing the law’s numerous housing and banking provisions, RER will remain engaged throughout the process.
Federal and other officials continue to weigh a wide range of energy policies affecting commercial real estate. RER’s Sustainability Policy Advisory Committee (SPAC) is coordinating industry input to ensure these measures are practical, cost-effective, and grounded in real-world CRE development, operational, and financing decisions.
ENERGY STAR
Last month, the House Appropriations Committee approved a fiscal year 2027 agency spending bill with $33 million specified for ENERGY STAR—the same level as FY 2026.
The House bill’s accompanying report directs EPA to provide regular updates on the Memorandum of Agreement (MOA) governing the program’s planned transfer to the Department of Energy (DOE). (Roundtable Weekly, March 6)
Senate Appropriations Committee Chair Susan Collins (R-ME) also sent a July 2 letter to EPA Administrator Lee Zeldin requesting information about the transition, funding, and staffingfor ENERGY STAR. (Letter, July 2)
A short-term continuing resolution to extend current funding is increasingly likely. Congress is not expected to complete FY 2027 appropriations legislation by Sept. 30, the end of the present fiscal year.
ENERGY STAR is a critical program for CRE. According to the program’s National Buildings Registry, over 7 billion square feet of U.S. commercial floor space have been ENERGY STAR certified.
Why It Matters: CRE relies heavily on Portfolio Manager, ENERGY STAR’s standard energy and water benchmarking tool, for investor reporting, capital expense (capex) planning, building certifications, and compliance with state and local requirements.
RER is preparing comments on DOE’s “cost methodology” to better reflect CRE “hold” periods and loan maturity horizons. Comments are due Aug. 3.
California Building Performance Standard (BPS)
The California Energy Commission (CEC) released its draft Building Energy Performance Strategy Report. This report lays the foundation for a future statewide building performance standard in California for large commercial and residential buildings.
RER, ICSC, and Nareit are coordinating with the California Business Properties Association (CBPA) to discuss priorities for the real estate industry’s response to California’s pre-regulatory study.
The CEC will hold a public workshop July 29 (1 pm – 3 pm ET). Written comments regarding the report are due August 21. (CEC’s filing instructions here.)
The CEC study refers to ASHRAE Standard 100 as a “starting point” for a potential statewide building performance standard in California.
RER has coordinated with ASHRAE to hold a briefing session (Tuesday, July 28, 2 pm – 3 pm ET) to inform our members on Standard 100’s building energy consumption and emissions targets. (Register here)
Solar Tax Credits
On June 6, a federal court in D.C. ruled that the so-called 5% Cost Safe Harbor applies to all solar (and wind) projects, regardless of size, as a measure to show “beginning of construction” of construction for tax credit eligibility. The opinion cites an August 2025 comment letter submitted by RER, Nareit, ICSC, and NAIOP. (Aug. 8, 2025 CRE letter | Roundtable Weekly, June 12) | PwC “Tax Insight” June 8 | Holland & Knight alert, June 8)
Solar projects that “begin construction” between July 5 –Dec 31, 2026 must be “placed in service” by the end of 2027 to qualify for federal tax credits.
The court opinion found the IRS Notice 2025-42 issued last summer illegal. Under that notice, only “low output solar facilities” (1.5 MW or less) may establish the “beginning of construction” date for federal tax credit eligibility by spending at least 5% of total project costs.
Bottom line: Projects of 1.5 megawatts or less can rely on the 5% safe harbor under existing IRS guidance. The court rulingcurrently restores the safe harbor for larger projects as well, although uncertainty remains because Treasury could appeal or issue revised guidance. (RER’s Fact Sheet -Clean Energy Tax Incentives, Aug. 27, 2025)
Quick Hits
Data Centers: The North American Electric Reliability Corporation (NERC) is on track with its Large Load Action Plan to eventually register data centers and likely require them to ultimately report their electricity use and other grid impacts. (NERC Primer | 2026 “State of Grid Reliability” Full Report and Snapshot (June 24) | Roundtable Weekly (May 8)
California Climate Reporting Rule: The California Energy Commission (CEC) released its anticipated “draft strategy report” to lay the foundation for an eventual statewide BPS law. The deadline for companies’ first public emissions disclosures has been pushed back from this coming August to November 10. (ESG Today (June 25) | KPMG alert (June 25) | JD Supra (July 3)
Permitting Reform: Senate negotiators continue working toward a bipartisan permitting reform package ahead of the August recess, with transmission policy remaining a key sticking point. Lawmakers are also divided over environmental and historic preservation reviews and limits on the administration’s authority to revoke previously approved energy project permits. (E&E News, July 13)
RER’s SPAC will continue engaging federal agencies, Congress, state regulators, and industry partners as these initiatives develop. SPAC is chaired by RER Board MemberTony Malkin (Chairman and CEO, Empire State Realty Trust). SPAC’s Vice Chair is Tamara Chernomordik (Vice President, Kimco Realty).
Congress this week passed the 21st Century ROAD to Housing Act with overwhelming bipartisan support, clearing the Senate 85–5 and the House 358–32 after months of negotiations over the most significant federal housing package in decades. (Politico | Axios | CNBC | Bill Text | One-pager | Section-by-Section, June 24)
State of Play
House Republican leaders are transmitting the bipartisan housing bill to the White House following Speaker Mike Johnson’s (R-LA) meeting with President Trump on Thursday, starting the 10-day window for the president to sign or veto the measure once it is formally delivered. (Politico, June 26)
“Congress has work to do, and that’s what we’re going to do,” Johnson said after the meeting. He also said he expects Trump to sign the bill. (ABC News, June 25)
If Trump does not sign or veto the bill within 10 days, excluding Sundays, it becomes law without his signature under the Constitution. The bill passed both chambers this week with veto-proof majorities. (Axios, June 25)
The move follows the White House’s decision Wednesday to cancel a planned signing ceremony after Trump said he would not sign the measure until Congress passes the SAVE America Act. (Truth Social, June 24 | NYT, June 25)
In a joint statement, Senate Banking Committee Chairman Tim Scott (R-SC)and Ranking Member Elizabeth Warren (D-MA) called the Senate’s bipartisan vote “an important step toward addressing America’s housing affordability crisis” and said the bill reflects years of work with the White House, Senate, and House to increase supply and expand access to affordable housing. (Senate Banking Press Release, June 22)
After final passage in the House on Tuesday, Chairman French Hill said, “This is a true bicameral, bipartisan product that demonstrates what can happen when both chambers work together to deliver real solutions.” (Press Release, June 23)
Why It Matters
The bill is the most consequential housing package in a generation, with reforms aimed at increasing housing supply, boosting homeownership, and improving affordability. (One-pager | Section-by-Section, June 24)
The package advances major reforms to modernize federal housing programs, streamline environmental reviews, reduce barriers to construction, support manufactured housing, build more homes in Opportunity Zones, encourage transit-oriented development, and promote local zoning and land-use reforms. (Roundtable Weekly, May 22 | June 18)
For CRE, the most significant change remains the removal of the unconstitutional seven-year forced-sale mandate for build-to-rent housing, which would have required certain owners to sell newly built single-family rental homes after seven years. (RER Fact Sheet, June 8)
The Real Estate Roundtable (RER) and other housing stakeholders warned that the mandate would be counterproductive—discouraging new construction and undermining efforts to increase housing supply.
RER Advocacy
RER commended congressional leaders for their work to advance the amended 21st Century ROAD to Housing Act in a statement from RER President and CEO Jeffrey D. DeBoer. (RER Statement, June 18)
“This landmark, bicameral legislation advances a comprehensive package of reforms to help build more homes, improve affordability, protect private property rights, and preserve the capital needed to finance housing nationwide,” DeBoer said.
DeBoer noted that the bill includes major reforms to modernize federal housing programs, streamline environmental reviews, reduce barriers to new construction, support manufactured housing, build more homes in Opportunity Zones, restore critical community banking provisions, encourage transit-oriented development, and promote much-needed land-use and zoning reforms. (RER Fact Sheet, June 8)
DeBoer also emphasized that the reforms will take time to reach the housing marketplace. “These reforms are significant, but they will take time to fully filter into the housing marketplace and begin correcting the supply imbalance caused by years of underbuilding and regulatory barriers,” DeBoer said.
What’s Next
The bipartisan housing package now awaits final action. RER continues to urge swift enactment of the bill to advance supply-focused reforms that can help address the nation’s long-standing housing affordability crisis.
The Treasury Department and IRS issued new guidance last week, IRS Notice 2026-40, providing transition rules for Opportunity Zone investments made or initiated under the original OZ 1.0 regime.
The notice previews rules Treasury and IRS intend to include in forthcoming regulations. It focuses on new OZ designations going forward, transition rules for investors with existing deferred gains, and transition rules for Qualified Opportunity Funds (QOFs) and Qualified Opportunity Zone Businesses (QOZBs) operating in OZs designated under the prior law. (Tax Notes, June 18 | Reuters, June 22)
Why It Matters
The guidance is a major development for Opportunity Funds and OZ businesses with projects in OZ 1.0 census tracts as the program transitions to the new permanent OZ framework under the One Big Beautiful Bill (OB3)Act.
While the OB3 Act permanently extended and improved the OZ tax incentives, it left unresolved tax questions affecting investments in expiring OZ 1.0 tracts, including how far along a project must be before a census tract expires and whether future capital expenditures can continue to qualify for the tax incentives.
The IRS guidance partially adopts a framework proposed by RER that focuses on whether an OZ business has a working capital safe harbor plan in place going forward. (Roundtable Weekly, March 6)
The Notice
Under the notice, property acquired after Dec. 31, 2026, in a previously designated OZ may still qualify if certain conditions are met. (Seyfarth, June 23)
To qualify, the OZ business must have a written working capital plan in place by Dec. 31, 2026; future property acquisitions must be consistent with that plan; the business must receive at least 10% of its estimated working capital assets by year-end; and it must expend at least 5% of those assets by Dec. 31, 2026. (IRS Notice 2026-40, June 18)
The notice also clarifies how OZ compliance tests apply after an OZ 1.0 census tract expires. In certain cases, a previously designated OZ can continue to be treated as a qualifying zone for purposes of the “substantial use” test and the requirement that at least 50% of a business’s gross income be derived from the active conduct of a trade or business in a qualified OZ. (IRS Notice 2026-40, June 18 | Reuters, June 22)
The guidance provides important certainty for real estate investors, developers, and businesses seeking to move forward with projects in low-income communities during the transition from OZ 1.0 to the new permanent OZ framework.
RER Advocacy
RER has consistently urged Treasury and the IRS to provide transition rules for OZ 1.0 projects, including through a December 2025 letter, March 2026 follow-up comments, and draft guidance developed by RER’s Opportunity Zone Working Group. (Roundtable Weekly, March 6)
RER emphasized that unresolved questions surrounding expiring census tract designations could delay projects, discourage new fund formation, and undermine housing production and community development efforts.
While the notice includes many important details that remain under review, its issuance marks a major step forward in providing greater certainty for long-term OZ investment in underserved communities.
RER’s Opportunity Zone Working Group will review the implications of Notice 2026-40 in the days ahead and continue to engage with Treasury and the IRS to support clear, workable implementation of the new OZ framework.
The Senate this week voted overwhelmingly, 84-4, to advance the amended 21st Century ROAD to Housing Act, moving the bipartisan housing package closer to final passage after Senate Banking Committee and House Financial Services Committee leaders reached an agreement on updated bill text aimed at expanding housing supply, improving affordability, and modernizing federal housing programs. (Senate Banking Committee, June 16 | Multifamily Dive, June 17 | POLITICO, June 16)
State of Play
The Senate voted Tuesday and today on a procedural motion to advance the 21st Century ROAD to Housing Act, clearing an initial hurdle for the House-amended package. (Bill text | Section-by-Section, June 16)
A final Senate vote is expected next week. If approved, the bill would return to the House for final approval before it can be sent to President Trump for signature. (POLITICO, June 16)
The updated text was released by Senate Banking Committee Chairman Tim Scott (R-SC), Ranking Member Elizabeth Warren (D-MA), House Financial Services Committee Chairman French Hill (R-AR), and Ranking Member Maxine Waters (D-CA), who said the package reflects years of bipartisan, bicameral work and incorporates priorities from the Senate, House, and White House. (Bill text | Section-by-Section, June 16). (Bill text | Section-by-Section, June 16)
Chairman Scott said the bill “is the result of years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership.” Ranking Member Warren called the package “the biggest housing bill in more than 30 years.” (Senate Banking Committee, June 16)
The Senate version preserves most of the House-passed housing provisions, restores community banking measures, updates the Rental Assistance Demonstration program, authorizes the Community Development Block Grant–Disaster Recovery program for three years, and adds back the BUILD NOW Act. (POLITICO, June 16| Multifamily Dive, June 17)
Chairman French Hill (R-AR) said the bill is “a meaningful step toward increasing housing supply, improving affordability, and helping more Americans achieve homeownership,” adding, “I look forward to President Trump signing it into law.” (Bisnow, June 16)
Why It Matters
The bill is the most consequential housing package in a generation, with reforms aimed at increasing housing supply, boosting homeownership, and improving affordability.
The package advances major reforms to modernize federal housing programs, streamline environmental reviews, reduce barriers to construction, support manufactured housing, build more homes in Opportunity Zones, encourage transit-oriented development, and promote local zoning and land-use reforms. (Roundtable Weekly, May 22)
For CRE, the most significant change remains the removal of the unconstitutional seven-year forced-sale mandate for build-to-rent housing, which would have required certain owners to sell newly built single-family rental homes after seven years. (RER Fact Sheet, June 8)
The Real Estate Roundtable (RER) and other housing stakeholders warned that the mandate would be counterproductive—discouraging new construction and undermining efforts to increase housing supply.
RER Advocacy
RER commended congressional leaders for their work to advance the amended 21st Century ROAD to Housing Act in a statement today from RER President and CEO Jeffrey D. DeBoer. (RER Statement, June 18)
“This landmark, bicameral legislation incorporates a comprehensive package of reforms to help build more homes, improve affordability, protect private property rights, and preserve the capital needed to finance housing nationwide,” DeBoer said.
DeBoer noted that the amended bill includes major reforms to modernize federal housing programs, streamline environmental reviews, reduce barriers to new construction, support manufactured housing, build more homes in Opportunity Zones, restore critical community banking provisions, encourage transit-oriented development, and promote much-needed land-use and zoning reforms. (RER Fact Sheet, June 8)
“These reforms are significant, but they will take time to fully filter into the housing marketplace and begin correcting the supply imbalance caused by years of underbuilding, regulatory barriers, and constrained supply.” DeBoer said. (RER Statement, June 18)
What’s Next
The House is expected to take up the Senate-approved bill when lawmakers return from recess on June 23. RER is urging swift passage so the package can be sent to President Trump to be signed into law.
The Real Estate Roundtable (RER) and a coalition of national real estate organizations urged federal banking regulators this week to make targeted refinements to the revised Basel III Endgame proposal to better calibrate capital rules for commercial and residential real estate lending. (Letter, June 18)
Why It Matters
In March, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) unveiled a substantially revised Basel III Endgame proposal, replacing the 2023 framework that drew broad industry opposition. (Reuters, June 18)
The coalition commended regulators for improving the revised proposal, particularly by tailoring capital requirements more closely to risk across different assets and activities, but warned that additional changes are needed to avoid unnecessarily constraining CRE credit. (Letter, June 18)
Commercial and multifamily real estate is a roughly $20 trillion sector supported by more than $6.4 trillion in debt, with approximately $3 trillion in CRE loans maturing over the next five years.
For commercial real estate, the reset could ease regulatory pressure that threatened to constrain credit for real estate lending, mortgage activity, and other capital-intensive transactions. (Roundtable Weekly, March 20)
“The Proposals significantly improve on the 2023 proposal,” the coalition wrote, adding that targeted refinements would “better calibrate CRE capital requirements without unduly constraining the financial system or burdening housing providers.”
Policy Priorities
The coalition urged regulators to better align capital treatment with actual risk for CRE exposures, multifamily loans, securitizations, warehouse facilities, mortgage servicing rights, Low-Income Housing Tax Credit (LIHTC) investments, and Fannie Mae Delegated Underwriting and Servicing (DUS) exposures.
The letter also recommends avoiding structural penalties for common CRE financing arrangements, including mezzanine loans, preferred equity, B-notes, junior participations, and loans involving special-purpose entities. (Letter, June 18)
Capital rules that are not properly calibrated could increase borrowing costs, reduce bank lending capacity, and constrain credit for housing development and other income-producing real estate.
Roundtable Advocacy
The Real Estate Roundtable (RER) has consistently opposed the original Basel III proposal, citing its potential negative impact on available credit capacity for commercial real estate transactions, market liquidity, and economic growth. (Roundtable Weekly, Nov. 2023 | Jan. 2024 | Mar. 2024 | Dec. 2025 | Feb. 2026 | March 20, 2026)
Earlier this year, federal regulators released a substantially revised Basel III proposal that reduced capital requirements for the largest U.S. banks by 2.4% overall and lowered certain risk weights for mortgages and mortgage servicing assets. (Financial Times, June 17)
In its June letter, the coalition urged regulators to preserve the proposal’s improvements while making targeted refinements to avoid unnecessarily constraining CRE lending, affordable housing investment, or broader economic growth. (Letter, June 18)
RER will continue working with policymakers, regulators, and real estate industry partners to support capital rules that are appropriately calibrated, risk-based, and aligned with the need for a stable and liquid commercial real estate finance market.
The Real Estate Roundtable’s (RER) 2026 Annual Meeting this week included discussions with policymakers and industry leaders on issues affecting commercial real estate, including housing supply, tax policy, capital and credit markets, energy and grid reliability, federal buildings, data centers, tariffs, foreign capital, and evolving security threats. (RER Policy Priorities | Executive Summary)
Roundtable Leadership
L-R: RER Chair Kathleen McCarthy Baldwin & Immediate Past Chair John Fish
RER Chair Kathleen McCarthy Baldwin (Former Global Co-Head of Real Estate, Blackstone) opened the meeting by welcoming members and highlighting the importance of RER’s policy advisory committees to the industry’s advocacy work. (RER Policy Priorities | Executive Summary)
Immediate Past Chair John Fish (Chairman & CEO, SUFFOLK) commended McCarthy Baldwin’s service and dedication as Chair of RER.
“Kathleen’s impact can be seen in nearly every aspect of The Roundtable today,” Fish said. “She has strengthened our communications, elevated our meetings, and helped ensure RER remains a powerful, respected voice for real estate in Washington.”
McCarthy Baldwin thanked the board, membership, and staff, calling it a “huge honor” to chair an organization that is effective in advancing policies that shape the built environment and support the people who live, work, and visit buildings across the country.
Owen D. Thomas (Chairman and CEO, BXP) will begin his three-year term as RER Chair on July 1, 2026.
During the meeting, RER members approved the nominees for its FY2027 board of directors and policy advisory committees chairs, which were presented by RER Nominating Committee Chair Anthony E. Malkin (Chairman and Chief Executive Officer, Empire State Realty Trust, Inc.; Chair, RER Sustainability Policy Advisory Committee).
RER President and CEO Jeffrey DeBoer
Addressing the membership, RER President and CEO Jeffrey DeBoer said the past 12 months were “among the most complex and fast-moving in political history,” requiring smart, coordinated advocacy on housing supply, tax policy, energy, terrorism risk insurance, cyber information sharing, and capital markets. (DeBoer Remarks, June 10)
He emphasized that RER’s strength comes from its “big tent” approach, bringing together members, policy advisory committees, and national real estate partners to deliver a unified, data-driven voice in Washington and advance policies that support smart supply, appropriate capital, and business certainty.
Meeting Speakers
Sen. Chris Coons (D-DE) (Committees: Appropriations, Foreign Relations, Judiciary, Small Business and Entrepreneurship, and Ethics) connected the housing supply crisis to broader questions of economic growth, affordability, infrastructure, and U.S. competitiveness, emphasizing the need for bipartisan solutions on workforce housing, building conversions, tariffs, grid reliability, data centers, and global instability.
Curt Beaulieu (Senior Policy Adviser to House Speaker Mike Johnson) joined RER Tax Policy Advisory Committee (TPAC) Chair Josh Parker (Chairman & CEO, Ancora Group Capital), and Ryan McCormick (Senior Vice President and Counsel, RER) for a policy discussion on the One Big Beautiful Bill Act; the House Leadership’s tax, housing, and affordability agenda; potential legislation in the remainder of 2026; and the role industry leaders play in educating lawmakers.
The Honorable Edward Forst (Administrator, General Services Administration; Acting Archivist, The National Archives) outlined GSA’s efforts to consolidate and modernize the federal real estate footprint, improve transparency, and identify opportunities to reuse federal assets in cities across the country.
Sen. Peter Welch (D-VT) (Committees: Agriculture, Judiciary, Finance, and Rules & Administration) commented on Energy Star and energy efficiency, artificial intelligence, data centers, and the growing energy demands affecting property development and infrastructure.
Rep. Bill Huizenga (R-MI) (Vice Chair, House Financial Services Committee; House Foreign Affairs Committee) highlighted the Financial Services Committee’s work this year on terrorism risk insurance reauthorization, the 21st Century ROAD to Housing Act, and ongoing House-Senate efforts to advance the housing package to the president’s desk.
Senate Democratic Leader Charles Schumer (D-NY) outlined the policy and political challenges shaping the housing and economic debate, including tariffs, rising building costs, housing supply constraints, local zoning reform, tax incentives to convert obsolete buildings into housing, the Low-Income Housing Tax Credit, and the need to restore certainty to the economy.
Jonathan Martin (Politics Bureau Chief and Senior Political Columnist, Politico) discussed the political forces shaping Washington, the upcoming midterm elections, and the role of technology, media, and political identity in transforming American life.
RER’s 2026 Annual Report will be distributed in July. Next on RER’s FY 2027 meeting calendar is the Fall Meeting, which will take place on Nov. 11-12 and is restricted to Roundtable-level members only.
The Real Estate Roundtable’s (RER) policy advisory committees met this week during the 2026 Annual Meeting for focused discussions on the federal policy issues shaping commercial real estate, from capital formation and housing supply to tax policy, grid reliability, data centers, and security threats.
Joint Real Estate Capital Policy Advisory Committee (RECPAC) and Research Committee
The joint Real Estate Capital Policy Advisory Committee (RECPAC) and Research Committee meeting focused on financial regulation, capital markets, housing, terrorism risk insurance, the economic outlook, and market conditions. (RECPAC Research Agenda | RER’s Capital & Credit Policy Priorities)
Rep. Andy Barr (R-KY)
Rep. Andy Barr (R-KY) (Chairman, House Financial Services Subcommittee on Financial Institutions; Member, Committee on Foreign Affairs) discussed the policy issues shaping credit capacity and capital formation for real estate, including the Basel III Endgame, the flow of institutional investment capital into real estate and housing, data centers, and U.S. competitiveness with China on artificial intelligence. He also highlighted the HFSC’s work on the TRIA Program Reauthorization Act of 2026 (H.R. 7128), the 21st Century ROAD to Housing Act, and his hope that the Senate will move the bipartisan housing package forward.
Rep. Andrew Garbarino (R-NY)
Rep. Andrew Garbarino (R-NY) (Chairman, House Homeland Security Committee; Vice Chairman, House Financial Services Subcommittee on Capital Markets) briefed members on terrorism risk insurance (TRIA), housing affordability, data centers, foreign capital and the Foreign Investment in Real Property Tax Act (FIRPTA). Rep. Garbarino emphasized the need to renew TRIA by the end of the year, ahead of its 2027 expiration.
Kenneth Rosen (Managing Director, Andersen; Chair, Fisher Center for Real Estate and Urban Economics at the Haas School of Business, University of California, Berkeley) presented an overview of real estate markets, the outlook for interest rates and market conditions, and the role of AI and the growth of data center development. His talk also included the outlook for labor markets, the “K-shaped” economy, and varying conditions across real estate sectors.
Spencer Levy (Global Client Strategist & Senior Economic Advisor, CBRE) moderated a market discussion with Sam Chandan (Director, Chao-Hon Chen Institute for Global Real Estate Finance, NYU Stern School of Business); Rich Hill (Senior Managing Director and Global Head of Research & Strategy, Principal Asset Management); Darin Mellott (Head of U.S. Investor Research, CBRE); and Nicholas Seidenberg (Managing Director, Eastdil Secured).
The panel discussed real estate credit and capital market conditions, occupancy and sector-specific market trends, the outlook for housing, data center development and financing, and investment trends shaping the industry.
Tax Policy Advisory Committee (TPAC)
Tax Policy Advisory Committee (TPAC) Chair Josh Parker (Chairman & CEO, Ancora Group Capital) led discussions on tax legislation and regulatory issues affecting real estate, including reconciliation, the Rental Housing Investment Act, pass-through tax issues, housing investment, foreign investment tax policy, and other tax priorities under consideration in Washington. (TPAC Agenda | RER’s Tax Policy Priorities)
Sen. Lisa Blunt Rochester (D-DE)
Sen. Lisa Blunt Rochester (D-DE) (Committees: Banking, Housing, and Urban Affairs; Commerce, Science, and Transportation; Environment and Public Works; and Health, Education, Labor, and Pensions) joined TPAC members to discuss housing affordability and supply, including her legislation, the RER-supported Rental Housing Investment Act, as well as transit-oriented development and bipartisan approaches to expanding rental housing options. (Roundtable Weekly, March 27)
Andrew Grossman (Chief Tax Counsel, House Ways and Means Committee Democrats), Michael Gould (Tax Counsel, Senate Finance Committee Republicans), and Bobby Andres (Tax Advisor, Senate Democratic Leader Chuck Schumer) joined TPAC to discuss Congressional tax policy priorities, real estate, and the outlook ahead.
Treasury Tax Legislative Counsel Krishna Vallabhaneni provided an update on OBBBA implementation, Treasury regulatory initiative, and tax guidance projects affecting the real estate industry.
CJ Aberin (Principal and Co-founder, KBKG); Corey Husak (Director of Tax Policy, Center for American Progress); William McBride (Chief Economist, Tax Foundation); and Gilbert J. Winn (CEO, WinnCompanies) discussed new federal tax incentive proposals aimed at boosting housing supply. (RER’s Housing, Infrastructure and Cities Policy Priorities)
Sustainability Policy Advisory Committee (SPAC)
SPAC Chair Anthony E. Malkin (Chairman and Chief Executive Officer, Empire State Realty Trust, Inc.) and Vice Chair Tamara Chernomordik (President of Strategic Projects & Change Management, Kimco Realty) led discussions on state-level energy policy, building performance, federal energy data, electricity prices, grid reliability, large load growth, data centers, and global transition risk. (SPAC Agenda)
SPAC special guests presented on an alert from the North American Electric Reliability Corp. (NERC) that may result in data center federal-level registration and reporting; state-level energy policy; energy management across the U.S. military’s real estate portfolio; and the U.S. Department of Energy’s Building Performance Database. (RER’s Energy Policy Priorities)
The meeting came as energy, data centers, and permitting reform remained in focus in Washington this week. At the POLITICO Energy Summit, FERC Chair Laura Swett said the commission will soon act on a proposal to accelerate data center interconnections, while top Senate permitting negotiators expressed optimism that Congress could still reach a permitting deal this year. (POLITICO | E&E News, June 11)
Homeland Security Task Force (HSTF)
The Homeland Security Task Force (HSTF) Chair Amanda S. Mason (Executive Director, Global Intelligence, Related Companies) led discussions on evolving security threats affecting the commercial facilities sector, including cyber risk, physical security, operational continuity, data center security, and reauthorization of terrorism risk insurance. (RER’s Homeland Security Policy Priorities)
HSTF members received briefings from the FBI Counterterrorism Division, Cyber Division, and the FBI DC Field Office on Threats from Iran and its Proxies: Priority International Terrorism Threats; and Cyber and Espionage Threats to Commercial Facilities and Data Centers.
To discuss the risk management challenges for real estate in today’s market, Duncan Ellis, Industry Practice Leader for Marsh’s U.S. and Canada Real Estate & Hospitality, provided an update on commercial insurance markets and TRIA reauthorization.
The meeting included a briefing from a representative from the DHS Office of Intelligence and Analysis, who delivered a briefing on lone offender threats associated with the World Cup games
The next in-person policy committee meetings are scheduled for RER’s State of the Industry Meeting, Jan. 28-29, 2027. (Meeting Calendar)
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