Rep. Lloyd Smucker (R-PA) this week reintroduced the Essential Workers for Economic Advancement Act (H.R. 5494), bipartisan legislation aimed at expanding visa opportunities to address labor shortages in construction, hospitality, and other sectors. (Rep. Smucker Press Release)

Why It Matters

• The Essential Workers bill proposes a new H-2C visa program for critical jobs that do not require a college degree but are essential to business operations and U.S. economic growth. (Coalition Statement, Sept. 17)

• “Job creation and job preparation must go hand-in-hand,” Rep. Smucker said. “Investing in opportunities to strengthen our workforce and grow our economy is a win-win for American workers and businesses.” (Rep. Smucker Press Release)

• There is an estimated shortage of 500,000 construction workers. Without additional labor, efforts to build more housing and address the nation’s affordability crisis will remain stalled. (Associated Builders and Contractors, Jan. 24)

Roundtable View

• The Real Estate Roundtable (RER) commended the legislation.

• “Now that the administration has controlled the emergency at the border, we need to address the nation’s affordable housing emergency—and we must build more supply to get out of it,” said Jeffrey D. DeBoer, RER President and CEO.

• DeBoer continued: “The labor shortage is exacerbating the housing shortage … Congress should develop policies to increase our supply of construction workers so they can build all types of homes in communities across the country. The bipartisan Essential Workers for Economic Advancement Act is exactly the kind of smart response we need.” (Rep. Smucker Press Release, Sept. 23)

• At the recent 2025 C5 + CCIM Global Summit in Chicago, DeBoer also remarked that a targeted construction visa program is essential to expand the labor force and increase housing supply.

• 21 other business groups support the bipartisan Essential Workers bill, including the American Hotel & Lodging Association, Associated General Contractors of America, Business Roundtable, Leading Builders of America, and the National Association of Home Builders.

Trump “Gold Card”

• On Sept. 19, 2025, the White House released an Executive Order, fact sheet, and website announcing Gold and Platinum “Trump Cards.” These programs are intended to grant permanent residency in the U.S. for immigrants with high net worth.

• The Secretaries of Commerce, State, and Homeland Security will coordinate and establish a program within 90 days that expedites “green cards” issued under the EB-1 and EB-2 visa categories for foreign nationals who make a “significant financial gift to the Nation.”

• Gold Card Website: TrumpCard.gov outlines new residency options tied to multimillion-dollar “gifts” to the U.S. to obtain a Gold Card ($1 million), Corporate Gold Card ($2 million), or Platinum Card ($5 million).

• Following the EO’s release, RER developed a fact sheet summarizing what we currently know about the Trump Card program – and how it may interact with the EB-5 “regional center” program, which provides visas for foreign investors in infrastructure, real estate, and other U.S. development projects. (RER Fact Sheet)

• EB-5: The “regional center” program rests on firm statutory foundation through 2027 under the EB-5 Reform and Integrity Act, enacted by Congress in 2022. EB-5 dates back to the 1990s and is the most established investor visa pathway with a proven record of creating jobs for U.S. workers. (Forbes, Sept. 22)

• H-1B changes: The administration also announced that a $100,000 fee would accompany new applications for H-1B visas for highly-skilled workers— intensifying debate between critics who argue foreign workers displace Americans and business leaders who view overseas talent as vital to U.S. competitiveness. (Axios, Sept. 20 | The Hill, Sept. 23)

• At a Sept. 19 press conference, Commerce Secretary Howard Lutnick said the new visa programs and HB-1 fee could raise over $100 billion, which President Donald Trump pledged the government will use toward tax cuts and debt reduction. (Tax Notes, Sept. 23)

RER Advocacy

• In March, RER sent a letter to Sec. Lutnick, endorsing the "Gold Card" proposal, and reiterating the real estate industry’s longstanding support for the EB-5 program. (Roundtable Weekly, March 14)

• As RER’s letter emphasized, the "Gold Card" and EB-5 must work in tandem to achieve multiple objectives: attract top global talent, drive foreign investment to the U.S., and create jobs for American workers. (Letter, March 11)

RER will continue to advocate for common sense immigration policies that prioritize national security while also boosting U.S. economic growth, productivity, and housing supply.

A new PwC analysis highlights the significance of tax accounting reforms in the One Big Beautiful Bill (OB3) Act, which end a long-standing burden on condominium developers—a change long advocated by The Real Estate Roundtable.

Why It Matters

• The OB3 Act expands eligibility for the completed contract method (CCM) of accounting, allowing residential condominium projects to defer income recognition until projects are substantially complete. (PwC Study, Sept. 18)

• This reform aligns tax liability with actual receipts and ends the problem of phantom income that often arises when condo units are pre-sold to buyers prior to completion. The change closely tracks standalone legislation, the Fair Accounting for Condominium Construction Act, long championed by RER. (RER Annual Report, July 2025)

• Mixed-use projects with a substantial residential component can also qualify if 80% or more of the costs are tied to dwelling units. (PWC Study, Sept. 18)

• Prior tax rules forced developers to use the percentage-of-completion method (PCM), requiring them to pay taxes on projected profits before projects were completed or units were sold.

• PwC notes the expansion “opens the door” for general contractors and subcontractors to benefit, particularly in high-cost urban markets where new housing is most needed.

Roundtable Advocacy – Condominium Construction

• Since 2015, RER has sought to promote housing construction by repealing the discriminatory tax accounting rule that unfairly creates phantom income for condo developers.

• New condominium developments can take years to complete. Developers often market units and collect deposits to secure financing, but contractual restrictions typically limit access to those funds until closing.

• Recent sponsors of the Fair Accounting for Condominium Construction Act have included Rep. Vern Buchanan (R-FL) in the House and Sen. Todd Young (R-IN) in the Senate.

RER will continue advocating for policies that encourage capital formation, housing construction, and rational taxation of real estate.

Congress has less than a week to keep the government open as an Oct. 1 shutdown looms. (Punchbowl News, Sept. 24)

State of Play

• House GOP plan: A continuing resolution (CR) through Nov. 21 that would also extend the National Flood Insurance Program (NFIP). Senate Democrats blocked it. (Politico, Sept. 25)

• Democratic plan: A shorter CR to Oct. 31 that adds priorities such as Affordable Care Act subsidies and reversing Medicaid cuts. Senate Republicans blocked it. (Punchbowl News, Sept. 23)

• GOP leaders frame their plan as a clean extension to buy time to keep the government open while negotiations continue. Democrats say Republicans are ignoring urgent needs.

• On Wednesday, President Trump canceled a planned meeting with Senate Democratic Leader Chuck Schumer (D-NY) and House Democratic Leader Hakeem Jeffries (D-NY), rejecting their push to include healthcare funding in a deal to avert a shutdown. (AP News, Sept. 23)

• In a social media post, he said no meeting with Democratic leaders “could possibly be productive.”

• Rep. Jeffries also scheduled a caucus call on Friday to discuss “the path forward,” and a follow-up meeting in Washington on Sept. 29, despite the House being out of session. (Roll Call, Sept. 24)

Government Funding & CRE

• Without congressional action, the NFIP will lapse on Sept. 30. Another short-term extension would be its 34th in eight years.

• The Real Estate Roundtable (RER) supports a sustainable, long-term NFIP reauthorization with appropriate reforms. A robust program is essential for residential markets, catastrophe insurance capacity, and the broader economy.

• The CR would also let the Department of Housing and Urban Development (HUD) use funds to prevent evictions in the Tenant-Based Rental Assistance program. (PoliticoPro, Sept. 17)

Senate Democratic Leaders say they won’t support any House-passed funding bill unless GOP leaders negotiate, while Republicans argue there’s nothing to discuss—casting next week’s vote on a “clean” CR as the only path forward. (The Hill, Sept. 25)