News Type: Roundtable Weekly

Housing Bill Returns to Senate as HUD Moves to Streamline Reviews

Posted on by abigail_grenadier

The House and Senate return from recess next week as lawmakers continue negotiations on the bipartisan 21st Century ROAD to Housing Act, following the House’s 396-13 vote last week to pass the amended housing package. (Politico, May 24 | May 25)

What’s Next

  • The House-passed bill now returns to the Senate, where lawmakers must decide whether to accept the amended package or pursue additional changes as both chambers resume work next week. The Senate returns Monday, June 1, with no floor action on the housing bill scheduled yet. (Roundtable Weekly, May 22)
  • The White House said it “strongly supports” the House-amended bill and urged the Senate to pass it, asking both chambers to “resolve any remaining differences expeditiously.” (White House SAP, May 20 | CNBC)
  • Senate Banking Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) said there is “still work to be done” on a final bill. (Politico, May 21)
  • Neither Senate Majority Leader John Thune (R-SD) nor Senate Minority Leader Chuck Schumer (D-NY) has publicly said whether they support the House-amended package. (Politico, May 21)

Key Reforms

  • The House-passed bill preserves core Senate provisions designed to expand housing supply, modernize federal housing programs, streamline environmental reviews, reduce barriers to new construction, improve affordability, support manufactured housing, and encourage local zoning and land-use reforms. (View Bill Text |  One-Pager | Section-by-Section | Bipartisan Policy Center, May 20) 
  • The most significant change is the removal of the Senate’s unconstitutional seven-year forced-sale mandate for build-to-rent (BTR) housing. Limits on large institutional investors remain, with exceptions for newly built and renovated housing. (Axios, May 21)

Roundtable Advocacy

  • Over the last several months, RER led efforts to raise constitutional concerns about the Senate’s forced-sale mandate, including through a white paper by former U.S. Solicitor General Paul Clement, which framed the provision as an unprecedented federal market intervention and detailed a “triple threat” to the U.S. Constitution. (RER’s One Pager, May 18 | RER Letter, May 12 | Roundtable Weekly, April 17)

HUD Regulatory Action

  • The Department of Housing and Urban Development (HUD) published an interim final rule this month to shorten environmental reviews for large, federally supported multifamily developments. The rule removes an additional approval step for projects with more than 200 units or a mortgage of more than $5 million. (Bisnow, May 27)
  • The change goes into effect June 22, and HUD is accepting public comments through July 21.
  • The rule is part of a broader federal effort to cut red tape, speed up housing construction, and help address rising costs. (PoliticoPro, May 22)

RER will continue working with policymakers to ensure the final housing package remains focused on increasing housing supply, improving affordability, protecting private property rights, and supporting the capital needed to build more homes nationwide.

Roundtable Urges FTC, DOJ to Preserve HSR Real Estate Transaction Exemptions

Posted on by abigail_grenadier

The Real Estate Roundtable (RER) submitted comments this week urging the Federal Trade Commission (FTC) and Department of Justice (DOJ) to preserve longstanding real estate exemptions under the Hart-Scott-Rodino Act (HSR), warning that eliminating them would impose substantial costs and delays on lawful real estate transactions without delivering any clear antitrust benefit. (Letter, May 26)

Why It Matters

  • The comments respond to an FTC and DOJ request for public input on potential changes to the Premerger Notification and Report Form, including whether the agencies should revisit exemptions for certain real estate transactions. (Letter, May 26)
  • The real estate exemptions were adopted in 1996 because these transactions were considered unlikely to violate antitrust laws.
  • The exemptions cover several categories of real property acquisitions, including office, residential, retail, hotel, warehouse, agricultural, recreational, and other rental real estate assets.
  • At the time, the FTC said the exemptions would “remove an unnecessary burden from business” and allow the FTC and DOJ to better focus resources on transactions more likely to cause competitive harm.
  • The letter emphasized that the same policy and economic rationale remain sound today, given that real estate markets are local, highly fragmented, and shaped by property type, geography, zoning rules, neighborhood characteristics, and other market-specific factors.

Market Impact

  • Eliminating the exemptions would create new regulatory burdens for transactions that have long been considered unlikely to raise antitrust concerns. (Letter, May 26)
  • HSR filing fees can reach up to $2.46 million, in addition to legal, financial, and operational costs associated with preparing filings.
  • Potential new filing requirements could slow transactions, disrupt market liquidity, and create additional uncertainty across real estate markets at a time when capital formation remains critical to investment and development.
  • The agencies have not provided evidence that circumstances have changed materially since the exemptions were adopted, or that exempted real estate transactions have had a negative effect on competition.
  • RER board member Ross Perot Jr. (Chairman, The Perot Companies and Hillwood), discussed the real estate market and how developers are keeping up with demand this week on CNBC’s The Exchange. He emphasized the need for pro-growth tax and regulatory policies to support investment, job creation, AI infrastructure, and responsible development in communities across the country. (CNBC, May 29)

Housing Supply

  • The letter warned that removing the exemptions would not be a targeted way to address concerns about single-family housing acquisitions by large institutional investors. (Letter, May 26)
  • The vast majority of transactions covered by the exemptions do not involve single-family housing, and many single-family housing transactions would not meet the $133.9 million HSR filing threshold even if the exemptions were removed.
  • Large institutional investors collectively own less than 1% of single-family homes nationally and make less than 3% of annual home purchases in the U.S. (Roundtable Weekly, Jan. 9)
  • The costs and delays of HSR reporting would fall disproportionately on smaller buyers such as homebuilders and residential developers acquiring land for new housing projects, potentially increasing development costs and slowing efforts to address the nation’s housing shortage.

Preserving the exemptions would help avoid unnecessary regulatory burdens, support market liquidity, and protect the capital needed to expand housing supply and strengthen the broader economy.

Sentiment Index Shows Market in Holding Pattern as Capital Conditions Improve but Transactions Lag

Posted on by abigail_grenadier

The Real Estate Roundtable (RER) this week released its Q2 2026 Sentiment Index, which registered an overall score of 63, down three points from the previous quarter. The survey shows a CRE market with improving capital conditions and steady fundamentals, but one still constrained by limited transaction activity, pricing uncertainty, and uneven momentum across sectors. (Full Q2 Report)

CRE Market Conditions

  • The Current Index registered 61, down five points from Q1 2026, while the Future Index posted a score of 64, down three points from the previous quarter. (RER News Release, May 22)
  • Compared to one year ago, sentiment has improved: current conditions are up 11 points, future conditions are up six points, and overall conditions are up nine points. (Full Q2 Report)

Topline Findings

  • The Q2 Sentiment Index’s results reflect a market caught in stalemate, where capital is abundant, debt is open, and fundamentals are holding, yet transactions remain stuck behind a wide bid-ask spread. Sellers are refinancing rather than listing, geopolitical shocks have delayed an otherwise visible recovery, and a K-shaped dynamic is widening the gap between well-capitalized players and those running short on equity. The mood is patient, not pessimistic: a ‘decaffeinated’ recovery that participants believe will accelerate once pricing clarity returns.
  • Beneath the headline numbers, performance is increasingly defined by where firms are and what they own. Top-quartile markets and assets are pulling decisively away from the rest, with industrial, lodging, data centers, and high-quality retail running hot, while multifamily continues to absorb its supply overhang, and office remains sharply bifurcated between trophy assets and everything else. Across every sector, AI is emerging as both a demand driver and an operational force multiplier, reshaping where capital flows and how participants underwrite the next cycle.
  • A majority (53%) of respondents believe asset values are relatively unchanged compared to a year ago, while 32% feel they are higher and 15% think values have declined. Looking ahead, the outlook is overall optimistic: 54% expect asset prices to rise over the next year, 37% believe asset values will remain stable, and only 9% anticipate that values will decrease.
  • Perceptions on equity capital are split, with 24% believing availability is worse compared to a year ago, 33% thinking it is better, and 43% feeling it is the same. On the other hand, sentiment around debt capital is positive, as 69% said the availability of debt capital has improved from last year. Looking forward, 51% of respondents believe that equity capital availability will be better in one year, and 31% believe debt capital availability will be better.

Roundtable View

  • “Commercial real estate is on stronger footing than it was a year ago, but the recovery is still uneven,” said Jeffrey DeBoer, President and CEO of The Real Estate Roundtable. “Debt is available, values are stabilizing, and fundamentals are holding in many sectors. But transactions remain limited, equity capital is still cautious, and performance varies sharply by market and asset class.” (RER News Release, May 22)
  • “Now is the time for policies that encourage investment and capital formation—not new barriers that make it harder to build, finance, and modernize the real estate that supports housing, jobs, communities, and economic growth,” DeBoer added.

Data for the Q2 survey was gathered in April by Chicago-based Ferguson Partners on RER’s behalf.

House Passes Landmark Housing Bill, Sending Bipartisan Package Back to Senate

Posted on by abigail_grenadier

The House passed the amended 21st Century ROAD to Housing Act on Wednesday by a vote of 396-13, sending the bipartisan housing package back to the Senate for final consideration. The legislation includes major reforms to expand housing supply, modernize federal housing programs, reduce regulatory barriers, and removes the Senate bill’s unconstitutional forced-sale mandate targeting build-to-rent (BTR) housing. (Politico | The Hill, May 20)

State of Play

  • House Financial Services Committee Chairman French Hill (R-AR) and Ranking Member Maxine Waters (D-CA) led months of bipartisan negotiations over the landmark housing package, navigating extensive back-and-forth among the White House, House leadership, and the Senate. (View Bill Text |  One-Pager | Section-by-Section ) 
  • The White House indicated it will back the House version of the bill, as the legislation moves to the Senate for final approval. (White House SAP, May 20 | CNBC)
  • The House-passed version amends the Senate-approved legislation, addressing concerns raised by House members and industry stakeholders, while preserving core reforms to streamline housing development, improve affordability, encourage new construction, update outdated HUD programs, restore critical community banking provisions, and eliminate burdensome regulatory barriers. (House Financial Services Committee Press Release, May 20)
  • Chairman Hill said, “Today, we proved Washington still works. After months of bipartisan, bicameral negotiations—and with the partnership of the Trump Administration—the House delivered to make housing more accessible and affordable for American families.”(House Financial Services Committee Press Release, May 20)
  • Ranking Member Waters added, “I am beyond proud of this legislation and the benefits it will bring to all of our cities, counties and states. The Senate must meet this moment with the same urgency and determination and quickly pass this bill.” (Rep. Waters Press Release, May 21)
  • In a joint statement before the House vote, Senate Banking Committee Chairman Tim Scott (R-SC) and Sen. Elizabeth Warren (D-MA) said there is “still work to be done” on a final bill. (Senate Banking Committee Press Release, May 20)
  • Chairman Hill urged Senate negotiators to support the amended House bill, calling it “the best landing spot for the two chambers” and saying it reflects both chambers’ priorities and their shared commitment to a “bicameral bipartisan housing bill.” (Watch–Fox News | Roll Call, May 21)

What’s In the Bill

  • The House-passed bill preserves the core housing supply and affordability provisions in the Senate package, including reforms to streamline environmental reviews, reduce barriers to new construction, modernize HUD programs, support manufactured housing, and encourage local zoning and land-use reforms. (Bipartisan Policy Center, May 20)
  • The most significant change is the removal of the Senate’s unconstitutional seven-year forced-sale mandate for BTR housing, which would have required certain owners to sell newly built single-family rental homes after seven years. (Axios, May 21)
  • Both Chairman Hill and Ranking Member Waters raised concerns about the provision’s constitutionality this week during their floor statements and an appearance on CNBC’s Squawkbox. (SquawkBox, May 19 | Roll Call, May 21 | Rep. Waters Floor Statement, May 19)
  • The bill still limits large institutional investors—defined as entities controlling at least 350 single-family homes—from buying additional single-family homes. However, it includes exceptions for BTR homes, newly constructed or renovated homes, rental conversions, and homes sold by another large institutional investor that already owned the property or acquired it in compliance with the bill. (Bisnow, May 20)
  • The bill also restores critical community banking provisions and includes measures to expand community lending, support transit-oriented development, improve federal tools for renters and homeowners, and convert abandoned buildings into housing.
  • Key provisions include:
  • Manufactured housing reforms to eliminate the outdated 1974 “permanent chassis” requirement for manufactured homes, which supporters estimate could reduce production costs by thousands of dollars per unit.
  • Zoning incentives to provide grants to local governments that adopt “pattern books” of pre-approved housing designs to speed up construction.
  • Permitting and development reforms to reduce delays, streamline environmental reviews, and lower barriers to new housing production.
  • Community lending and housing finance tools to support local development capacity, expand access to housing, and strengthen federal housing programs.

Roundtable Advocacy

  • The Real Estate Roundtable (RER) strongly endorsed the House amendment, which advances several housing supply and affordability reforms RER has long championed. (RER Statement | May 20)
  • “The latest amendment is focused where it should be — on increasing housing supply,” said RER President and CEO Jeffrey D. DeBoer. “Its sections to boost manufactured housing; help support renters interested in home ownership; build more homes in Opportunity Zones; streamline excessive environmental reviews that delay residential construction; encourage transit-oriented development; and promote much-needed land-use and zoning reforms, among other provisions, all add up to a comprehensive and robust package of smart housing policy.” (RER Statement | May 20)
  • Over the last several months, RER has led efforts to raise constitutional concerns about the Senate’s forced-sale mandate, including 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)
  • More than 125 housing advocacy and industry groups supported the House amendment, urging lawmakers to advance legislation that would modernize outdated housing programs, reduce barriers to development, and increase flexibility for local communities. (Coalition Letter, May 18)
  • Following House passage, RER joined 10 other national housing organizations in commending House leadership for their work, while urging the Senate to swiftly pass the revised Act, calling it one of the most significant housing proposals in a generation. (Statement May 20)

What’s Next

  • The legislation now returns to the Senate, where lawmakers will determine whether to accept the House-passed package or pursue additional changes. With Congress out next week for recess, the earliest the Senate could take up the bill is June.
  • Sens. Scott and Warren have indicated they are not ready to accept the House-passed bill as-is and continue to push for the Senate-approved text. (Politico, May 21)
  • Neither Senate Majority Leader John Thune (R-SD) nor Senate Minority Leader Chuck Schumer (D-NY) has publicly indicated whether they will support the House-amended package. (Politico, May 21)

RER and its coalition partners will continue working with lawmakers as the housing bill moves back to the Senate to ensure the final package remains focused on increasing housing supply, improving affordability, protecting private property rights, and supporting the capital needed to build more homes nationwide

Housing Supply Push Gains Momentum with New Tax and Regulatory Proposals

Posted on by abigail_grenadier

Federal policymakers offered new measures aimed at boosting housing supply this week, including bipartisan tax legislation to encourage rental construction and new Department of Housing and Urban Development (HUD) recommendations to reduce state and local regulatory barriers to homebuilding.

Rental Housing Investment Act

  • Reps. Claudia Tenney (R-NY), Linda Sánchez (D-CA), Darin LaHood (R-IL), and Jimmy Panetta (D-CA) introduced the Rental Housing Investment Act, bipartisan legislation to increase the supply of long-term rental housing by modernizing the tax code and incentivizing new construction. (Press Release, May 21)
  • The bill would allow builders to immediately deduct up to $150,000 per rental unit in construction costs for qualifying long-term residential rental housing developments, with an increased deduction of up to $250,000 per unit for qualifying affordable housing projects.
  • The legislation includes safeguards to ensure properties remain in long-term rental use and would apply to newly constructed housing placed in service after enactment.
  • “This bipartisan legislation takes a practical, market-driven approach to expanding housing supply, reducing development costs, and helping make housing more affordable for hardworking Americans,” said Rep. Tenney. (Press Release, May 21)
  • The bill’s bipartisan co-sponsors emphasized that high construction costs and limited rental supply are driving affordability challenges in communities across the country.
  •  A similar bill was previously introduced in the Senate by Sen. Lisa Blunt Rochester (D-DE). A Tax Policy Advisory Committee (TPAC) panel will discuss the bill and other housing tax incentives at The Real Estate Roundtable’s Annual Meeting in June.

HUD Regulatory Best Practices

  • HUD Secretary Scott Turner said the agency is encouraging state and local partners to review their regulations and policies to “lower the cost to build and enable more efficient housing supply growth.”
  • HUD noted that regulatory costs account for more than $100,000 of the final price of a new single-family home, while certain state and local green energy mandates can add up to $30,000 to construction costs. (HousingWire, May 20)

Housing Momentum

  • The housing debate was also front and center at an Axios event this week, where lawmakers highlighted growing bipartisan momentum around supply-side reforms, deregulation, zoning flexibility, and alternative construction methods. (Watch, May 20)
  • Rep. Ritchie Torres (D-NY) said “housing is having a moment in Washington, D.C.,” while Rep. Mike Flood (R-NE) emphasized that housing supply is also an economic development issue tied to workforce shortages and regional growth. (Axios, May 21)

These new legislative and regulatory actions reflect growing bipartisan attention to the core drivers of housing affordability: supply shortages, high construction costs, land-use barriers, lengthy permitting timelines, and financing constraints. RER will continue working with policymakers to advance supply-side reforms that encourage private capital, reduce construction barriers, and expand housing supply nationwide.

Congress, Agencies Focus on Infrastructure and Federal Assets

Posted on by abigail_grenadier

Federal infrastructure policy was active on multiple fronts this week, as House policymakers advanced a major transportation package and the General Services Administration (GSA) led a multi-agency appeal for stronger funding authority to maintain the federal real estate portfolio.

Infrastructure

  • The House Transportation and Infrastructure Committee this week advanced the $580 billion BUILD America 250 Act by a 62-2 vote, marking an early step in the surface transportation reauthorization process ahead of the current law’s Sept. 30 expiration. (PoliticoPro, May 22)
  • The Senate is working on its own transportation bill, and Congress may need to extend current transportation programs beyond Sept. 30. (PoliticoPro, May 22)
  • House Natural Resources Chair Bruce Westerman (R-AR) praised the bill’s permitting provisions and said he hopes they will complement a broader permitting reform package he is negotiating with Democrats. (PoliticoPro, May 22)

Federal Real Estate Portfolio

  • GSA and 22 Cabinet departments and federal agencies urged congressional leaders this week to provide full access to the Federal Buildings Fund to support the preservation, repair, and management of the federal real estate portfolio. (GSA Press Release, May 21)
  • The agency also requested authority to raise its funding threshold from $3.96 million to $75 million, which it said would help strengthen its ability to manage federal real estate assets. (Letter, May 21)
  • GSA Administrator Edward C. Forst called the request “an overwhelming show of support” for giving the agency the resources needed to deliver results. (GSA Press Release, May 21)

Last week, President and CEO Jeffrey D. DeBoer joined Administrator Forst and JBG SMITH Chairman and CEO Matt Kelly in a Washington Times op-ed urging Congress to address the chronic underinvestment in the federal government’s real estate portfolio as the nation approaches its 250th anniversary. (Washington Times, May 13 | Roundtable Weekly, May 15)

House Releases Revised Housing Package Focused on Supply and Affordability

Posted on by abigail_grenadier
U.S. Capitol building

House leaders this week released amended text of the Senate-passed 21st Century ROAD to Housing Act, preserving major pro-housing provisions aimed at increasing supply, improving affordability, and expanding housing options across the country. The revised package is expected to receive a House vote next week, before returning to the Senate for final approval. (Politico | Bisnow | The Hill, May 14)

State of Play

  • House Republican leaders continued reworking the Senate-passed 21st Century ROAD to Housing Act this week, even as President Donald Trump publicly urged Congress to pass the Senate bill as written. (Politico, May 11)
  • Speaker Mike Johnson (R-LA) said Friday that he still intends for the House to vote on changes to the Senate’s housing package, despite opposition from White House officials and Senate Republicans. “We’re focused on producing a housing bill that meets all the objectives,” Speaker Johnson said. “It’ll be bipartisan, bicameral.” (Politico, May 15)
  • House Financial Services Committee Chairman French Hill (R-AR) and Ranking Member Maxine Waters (D-CA) released the House’s amended text Thursday, with leadership aiming to bring the bill to the floor next week. (The Hill, May 14)
  • Rep. Hill said the bipartisan amendment reflects concerns raised by members and stakeholders, adding that it “cuts unnecessary barriers to new home construction, modernizes Department of Housing and Urban Development (HUD) programs, and allows banks to more freely deploy funding into their communities.” (Rep. Hill Statement, May 14)

  • Speaking to reporters Friday, Rep. Hill said the House bill addresses legal concerns raised by the Senate’s investor restriction language, including its forced-sale requirement for certain build-to-rent homes. “It’s in the bill in the right way. I think it removes some of the legal challenges that we felt that were in the structure of the Senate bill. We think this has made a better bill.” (Politico, May 15)

  • Rep. Waters said the updated bill “restores key provisions to hold institutional investors accountable and protect renters, while expanding access to affordable housing opportunities for families across the country.”  (Rep. Waters Statement, May 15)
  • In a statement following the release, RER said the amended bill makes significant improvements by removing the forced-disposition requirement that would have raised serious constitutional concerns, chilled investment in new rental housing, prevented the construction of thousands of homes, and worsened supply constraints in markets across the country. (RER Statement, May 14)

  • Progressive and conservative groups alike have cited numerous benefits that single-family rental (SFR) owners and builders deliver to U.S. housing markets, including increasing supply, maintaining and improving homes, and providing opportunities for families to live in communities with strong education systems where homeownership may be out of reach. (Progressive Policy Institute | Competitive Enterprise Institute, February 2026) (Roundtable Weekly, April 17 | April 10)

Key House Revisions

  • The package includes broad housing supply and affordability reforms to reduce barriers to new construction, support manufactured housing innovation, streamline environmental reviews, and modernize HUD programs.
  • The updated House text removes the Senate bill’s forced-disposition requirement for build-to-rent housing, while retaining restrictions and enforcement provisions related to future single-family home acquisitions by large institutional investors. (The Hill, May 14)
  • Additionally, it would create grant programs for converting abandoned buildings into housing, expand community lending, and strengthen tools to encourage local zoning and pro-housing policies.

Roundtable Advocacy

  • RER and broad housing coalitions have consistently emphasized that housing affordability is driven by supply shortages, construction costs, and mortgage rates—not institutional ownership levels—and that restricting institutional capital would only make it harder to meet the nation’s growing housing needs. (Roundtable Weekly, Jan. 9 | Jan. 16 |  Jan. 23 | Feb. 27| March 6 | March 13 | March 20 | March 27 | April 3 | April 10 | April 17 | April 24 | May 1 | May 8)
  • Following the release of the amended text, RER and a broad housing coalition urged Congress to pass the bill quickly, calling it a major opportunity to expand supply, improve affordability, and broaden housing choice. (Coalition Letter | Coalition Statement | May 14)
  • The housing crisis cannot be solved without building more affordable homes of every type, in every market and for every stage of life — including rental housing, workforce housing and paths to homeownership,” said RER President & CEO Jeffrey DeBoer. “Restricting capital will only make that shortage worse. Increasing supply is the path forward.” (RER Statement | May 14)

HUD Raises Concerns

  • HUD Secretary Scott Turner wrote to congressional leaders Friday to remove parts of the House-amended bill related to institutional investor restrictions and a new tenant hotline, warning they could create significant operational challenges for HUD and expand the department’s role in state and local housing matters. (PoliticoPro, May 15)
  • Sec. Turner also testified before House and Senate appropriators this week on the administration’s fiscal 2027 HUD budget request, emphasizing the need to reduce regulatory barriers, streamline permitting, and lower housing production costs. (Politico, May 12)
  • Sec. Turner cited local zoning restrictions, environmental reviews, and federal regulations as major drivers of housing costs, while lawmakers in both parties raised concerns about proposed HUD funding cuts. (House Appropriations Subcommittee Hearing, May 12)
  • Lawmakers also highlighted Opportunity Zones (OZs) and public-private partnerships as housing production tools. Sec. Turner defended OZs as “very transformative,” saying public-private partnerships are “crucial and key” to increasing affordable housing supply and revitalizing communities. (Senate Appropriations Subcommittee Hearing, May 14)

RER and its coalition partners appreciate the bipartisan work of House and Senate leaders and urge swift passage of the housing bill to expand access to homeownership and rental housing opportunities nationwide.

Op-Ed Calls for Action on Aging Federal Buildings

Posted on by abigail_grenadier

Real Estate Roundtable (RER) President and CEO Jeffrey D. DeBoer joined General Services (GSA) Administrator Edward C. Forst and JBG SMITH Chairman and CEO Matt Kelly in a Washington Times op-ed this week, urging Congress to address chronic underinvestment in the federal government’s real estate portfolio as the nation approaches its 250th anniversary. (Washington Times, May 13)

Federal Building Backlog

  • The op-ed warns that the federal government is “depriving one of its largest real estate portfolios of investment,” eroding asset value and driving up long-term costs for taxpayers. (Washington Times, May 13)
  • The authors note that federally owned buildings are deteriorating because GSA lacks timely access to resources for basic upkeep, even as agencies pay rent into the Federal Buildings Fund. (Washington Times, May 13)
  • Administrator Forst reinforced that message during a May 13 Senate Appropriations hearing on GSA’s FY2027 budget request, urging Congress to give GSA full annual access to the fund, stop redirecting it to non-GSA programs, and raise the prospectus threshold for routine repairs. (Senate Appropriations Subcommittee Hearing, May 13)
  • Administrator Forst testified that Congress has diverted $15.6 billion from the Federal Buildings Fund since 2011, while GSA’s repair backlog has increased by 408% to roughly $50 billion, leaving nearly half of its inventory in “fair” or “poor” condition. (Forst Testimony, May 13 | Legis1, May 7)

Why It Matters

  • The op-ed contrasts private-sector real estate management with a federal process that can take more than 400 days just to approve routine repairs—nearly as long as it took to build the Empire State Building. (Washington Times, May 13)
  • “Delayed spending is value destruction,” the authors write. “In the federal system, delays are built into the process.” (Washington Times, May 13)

The op-ed urges Congress to align resources, incentives, and execution authority so GSA can preserve asset value, support federal workers, and protect historic public buildings.

Roundtable Leaders Recognized on Commercial Observer’s 2026 Power 100 List

Posted on by abigail_grenadier

Commercial Observer this week released its 2026 “Power 100” list of leading commercial real estate executives, recognizing numerous Real Estate Roundtable (RER) members, board leaders, and RER President and CEO Jeffrey DeBoer among the industry’s most influential voices. (Commercial Observer, May 12)

Power 100 List

  • Commercial Observer’s annual list highlights the executives and organizations shaping the future of commercial real estate across capital markets, development, housing, office, data centers, and emerging investment trends.
  • In introducing this year’s list, Commercial Observer noted, “The story of real estate over the last year has been its own crazy quilt. One big strand of the story has been the surge in artificial intelligence, and the incumbent data centers, power sources, and office space necessary to cater to it.” (Commercial Observer, May 12)

Roundtable Leaders Recognized

  • Commercial Observer highlighted DeBoer’s work in Washington to prevent major federal legislation from undermining real estate investment, while also advancing key industry priorities, including extending the Opportunity Zone program through 2032 and increasing state allocations of Low-Income Housing Tax Credits. (DeBoer’s listing)

DeBoer also emphasized the importance of private capital in meeting the nation’s housing needs. “The demand is constantly increasing for housing, so you have to have a dynamic supply chain that meets the demand, and part of that requires capital,” he said. “Where does capital come from if you want to meet that challenge

Housing Supply Efforts Continue as ROAD Act Path Remains Uncertain

Posted on by abigail_grenadier

The path forward for the 21st Century ROAD to Housing Act remains uncertain as House Republican leaders, the White House, and key committee leaders continue working through possible changes to the Senate-passed housing package. (Punchbowl News, May 8)

State of Play

  • This week, House Financial Services Committee leadership continued efforts to find a path forward on a House-amended version of the Senate-passed housing bill, but a floor vote soon after lawmakers return from recess next week now appears unlikely. (PoliticoPro, May 6 | Politico, May 4)
  • House leaders are still working through legislative language and seeking White House support before moving forward. They have made clear the Senate bill cannot pass the House as written. (PoliticoPro, May 6)
  • Section 901 remains at the center of the debate, which would limit the role of large investors in the single-family housing market and impose a seven-year forced-sale requirement on certain build-to-rent homes. (Punchbowl News, May 8)
  • President Trump privately raised concerns with the Senate-passed bill, despite earlier White House support for the package, and was reportedly close to publicly objecting to the Section 901 language late last week. (Politico, May 4)
  • The developments follow President Trump’s recent comments to Rep. Zach Nunn (R-IA), a member of the House Financial Services Committee, that he wants the legislation moving forward. (Roundtable Weekly, May 1)
  • Senate Majority Leader John Thune (R-SD) said last week that the Senate housing bill is “stuck” and will likely require direct White House involvement to resolve the standoff with House GOP leadership. (Politico, May 4)

RER Advocacy

  • RER and broad housing coalitions have consistently emphasized that housing affordability is driven by supply shortages, construction costs, and mortgage rates—not institutional ownership levels—and that restricting institutional capital would only make it harder to meet the nation’s growing housing needs. (Roundtable Weekly, Jan. 9 | Jan. 16 |  Jan. 23 | Feb. 27| March 6 | March 13 | March 20 | March 27 | April 3 | April 10 | April 17 | April 24 | May 1)
  • Last week, RER and a broad housing coalition urged Congress to fix the Senate-passed 21st Century ROAD to Housing Act by removing language that would undermine build-to-rent housing construction and weaken the bill’s goal of expanding housing supply. (Letter, April 30)
  • The groups called on Congress to remove Section 901, pass a pro-supply housing package, and allow BTR developers and workers to get back to building the new rental homes the country urgently needs. (Roundtable Weekly, May 1)

HUD Eases Reviews

  • HUD announced this week that it is revising environmental review requirements in the FHA Multifamily Accelerated Processing (MAP) Guide, eliminating outdated provisions that HUD said have added costs, delays, and complexity for lenders and developers seeking FHA-insured multifamily financing. (HUD Press Release, May 4)
  • The updates are intended to reduce development costs, eliminate operational inefficiencies, and streamline requirements. (AHF, May 5)
  • HUD Secretary Scott Turner said the changes are aimed at “fixing policies that have made housing expensive and difficult to build,” adding that HUD is cutting outdated requirements, reducing costs and delays, and putting FHA financing back to work to support housing production and affordability.  (HUD Press Release, May 4)

Workforce Housing Legislation

  • The proposal is estimated to finance approximately 344,000 affordable rental homes and would allow state housing finance agencies to allocate credits through a competitive process similar to the Low-Income Housing Tax Credit (LIHTC). (Novograd, May 6)
  • The bill would also give states flexibility to transfer middle-income housing allocations to LIHTC and allow projects to combine both credits, helping make more mixed-income and affordable housing developments financially feasible.

RER and its coalition partners continue to urge Congress to advance a pro-supply housing package that expands production, preserves capital formation, and avoids policies that would make new rental homes harder to finance and build.