Tag: Housing

What the Government’s Reopening Means for CRE Policy Priorities

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The new stopgap extends government funding only through Jan. 30, leaving appropriators less than two months to complete the remaining FY2026 bills. With the government reopened, housing, permitting, tax, and energy policy issues are again at the forefront of congressional debates. (PoliticoPro, Nov. 13)

Housing

  • HOME Program: House Financial Services Housing and Insurance Subcommittee Chair Rep. Mike Flood (R-NE) plans to restart bipartisan work on legislation updating HUD’s HOME Investment Partnerships Program, which supports affordable housing development for low-income households. Rep. Flood hopes to hold a hearing with HUD Secretary Scott Turner, though the compressed calendar may limit year-end action. (PoliticoPro, Nov. 13) (Roundtable Weekly, July 18, Sept. 5)
  • Housing Supply: The Housing Supply Expansion Act of 2025 (S.2414) is a proposed set of provisions, not a standalone bill, that aims to increase housing supply by modernizing regulations and streamlining development processes. Key components include eliminating the permanent chassis requirement for manufactured homes to lower costs, simplifying environmental review processes, and providing incentives for local governments to adopt more pro-growth housing policies. It is part of broader legislative packages like the ROAD to Housing Act of 2025 (S. 2651) and the Strengthening Housing Supply Act of 2025 (H.R.5077).
  • The ROAD to Housing Act of 2025 (S. 2651), included in the Senate-passed National Defense Authorization Act (NDAA), is on track for a House vote in December, according to House Armed Services Chair Mike Rogers (R-AL). (PoliticoPro, Nov. 14) (Roundtable Weekly, Oct. 17)
  • Portable Mortgages: Federal Housing Finance Agency (FHFA) Director Bill Pulte said Wednesday the administration is actively evaluating portable mortgages, which would allow homeowners to transfer an existing mortgage rate when buying a new home, an attempt to break the current “lock-in effect.” (Bloomberg, Nov. 12)
  • RER President and CEO Jeffrey DeBoer raised a similar supply-focused idea during the National Summit on the Housing Affordability Crisis in September. He noted that affordability challenges stem from constrained supply, limited mobility in the for-sale market, and high development costs—and that portable mortgage–style tools could be part of the solution. (Roundtable Weekly, Sept. 5)

Permitting & Energy

  • Permitting remains one of the most consequential issues for real estate investment, energy transmission, construction timelines, and infrastructure reliability. House Republicans are preparing a major overhaul aimed at accelerating approvals of energy and infrastructure projects. (Roundtable Weekly, Oct. 10)
  • House Outlook: House Natural Resources Chair Bruce Westerman (R-AR) plans to mark up the SPEED Act, co-led by Rep. Jared Golden (D-ME), which would streamline NEPA reviews and limit legal challenges. Democrats secured “permit certainty” language to prevent agencies from indefinitely stalling approvals. (PoliticoPro, Nov. 12)
  • “To keep energy prices from escalating, we have to build more energy and more energy infrastructure, or the supply and demand is going to overpower any policy you can do in Washington D.C.,” Westerman said. “We’ve got to get electricity prices stabilized.” (PoliticoPro, Nov. 12)
  • Senate Outlook: Broader Senate negotiations may include updates to Clean Water Act reviews and reforms to transmission siting, both critical for meeting surging electricity demand from AI data centers and maintaining grid reliability.

Tax and Tariff Policy

  • Section 899: The U.S. continues to push for Organization for Economic Cooperation and Development (OECD) ratification of its carveout from the global minimum tax agreement (Pillar Two). Without an agreement, Republicans could revive legislation to enact “retaliatory tax measures” against foreign companies and taxpayers, including real estate investors, that reside in countries deemed to impose discriminatory taxes. (PoliticoPro, Nov. 13)
  • Over the weekend, President Trump floated the idea of issuing tariff rebate checks to American taxpayers, a “dividend” he suggested could total at least $2,000 per person, excluding high-income households. (ABC News | Bloomberg, Nov. 10)
  • These proposals have renewed speculation that Congress may pursue a tax package next year. A tax bill, pursued through budget reconciliation rules, could be a vehicle for other tax proposals related to health care, housing, and affordability issues.

Roundtable on the Road

  • This week, Jeffrey DeBoer participated in the Stanford Professionals in Real Estate (SPIRE) 2025 SREC Fall Conference in California with RER board member Michael Lowe (Co-CEO, Lowe), where he discussed the reopening of the government, the path ahead on appropriations, and RER’s policy priorities.
  • He also highlighted how recent election results have intensified focus on housing affordability, permitting reform, and practical policy solutions that support real estate investment and community growth.

RER will continue working with lawmakers to provide insights and advance practical solutions as Congress moves into a compressed legislative window.

Senate Passes Bipartisan ROAD to Housing Act

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The U.S. Senate passed the Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025 (S. 2651) on Oct. 9, as part of its version of the National Defense Authorization Act (NDAA)—marking the first bipartisan, comprehensive housing package advanced in more than a decade. (MultiFamily Dive, Oct. 15)

ROAD to Housing Act

  • Introduced by Senate Banking Committee Chair Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA), the bipartisan bill passed the committee 24–0 in July before its inclusion in the NDAA. (CRE Daily, Oct. 14)
  • The legislation builds on years of bipartisan committee work, stakeholder engagement, and multiple hearings. It focuses on streamlining regulations, incentivizing construction, modernizing housing finance and disaster-recovery programs, and supporting vulnerable populations such as veterans and the homeless. (HousingWire, Oct. 10)
  • The bill incentivizes states and cities to boost housing supply by cutting red tape, streamlining federal inspections, and eliminating duplicative regulations. (The Hill, July 29)
  • Key pillars of the bill focus on expanding and preserving supply, improving affordability and access, enhancing accountability and fiscal responsibility, and strengthening oversight of federal housing programs. (Press Release, Oct. 9 | Roundtable Weekly, Aug. 1)
  • The legislation contains more than 40 provisions contributed by every committee member and reflects a coordinated effort to modernize housing policy at the federal level. (Politico, July 29 )
  • Sen. Warren said, “This landmark legislation—the first of its kind in more than a decade—takes important steps to boost the nation’s housing supply, improve housing affordability, and increase oversight and efficiency of federal regulators and housing programs. I look forward to working with my colleagues in the House to get the bill to the President’s desk.” (Press Release, Oct. 9)

What’s Next

  • The bill now heads to the House of Representatives for consideration before going to the President’s desk to be signed into law.

Roundtable on the Road

  • This week, RER President and CEO Jeffrey D. DeBoer was a featured speaker at NYU Stern’s Chen Institute National Apartment Finance & Investment Summit, where he was interviewed by Gregg Gerken (Former Head of Commercial Real Estate and Executive Vice President, TD Bank) on national policy outlook, housing affordability, housing finance reform and agency privatization, and capital availability.
  • “Safe, affordable housing is essential to strong communities and a healthy economy,” said DeBoer. “The nation’s chronic underbuilding has created an affordability crisis that demands coordinated action. The ROAD to Housing Act that recently passed reflects the kind of public-private collaboration needed to address the housing shortage by aligning federal incentives with local action to unlock private capital, expand supply, and strengthen communities nationwide.”

RER will continue engaging with policymakers and industry leaders to promote bipartisan solutions and regulatory reforms that expand housing supply, improve affordability, and strengthen economic stability.

Flood Insurance Lapse Highlights Need for Long-Term Reform

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The National Flood Insurance Program (NFIP) expired Oct. 1 as partisan gridlock in Washington dragged into a second week, halting new policies and renewals for millions of Americans and real estate transactions in flood-prone areas.

State of Play

  • The NFIP’s lapse stems from the broader government shutdown fight, with each party blaming the other for inaction. (E&E News, Oct. 8)
  • House Republicans say Democrats have repeatedly blocked their short-term funding bill, which includes a seven-week NFIP extension. Democrats counter that GOP leaders have refused to hold a stand-alone vote on reauthorization while keeping the House largely in recess.
  • Speaker Mike Johnson (R-LA) said the NFIP “will be reauthorized in due course,” but called the program’s lapse one of several “leverage points” in the broader negotiations. (E&E News, Oct. 8)
  • Senate Majority Leader John Thune (R-SD) on Tuesday cited the NFIP in floor remarks for the first time since the shutdown began, calling it one of several programs Democrats are stalling by opposing the GOP’s plan to reopen the government.
  • Meanwhile, FEMA has paused NFIP operations, unable to issue new policies or renewals. The program also cannot ensure payment of claims if major flooding occurs during the shutdown.

Roundtable Advocacy

  • The Real Estate Roundtable (RER) continues to urge Congress to enact a sustainable, long-term NFIP reauthorization with appropriate reforms.
  • A robust and stable program is essential for residential markets, catastrophe insurance capacity, and the broader economy. (Roundtable Weekly, Sept. 19)
  • Lawmakers from both parties have long called for an overhaul and signaled interest in pursuing longer-term reforms to the program.
  • The rising cost of insurance premiums due to the growing number of billion-dollar natural disasters reinforces the importance of the NFIP.
  • While Congress has typically renewed the NFIP retroactively after past lapses, there is no guarantee this time. A delayed reauthorization could further disrupt real estate markets and delay policy effective dates. (NAHB, Oct. 1)

Housing Impact

  • The National Association of Realtors (NAR) estimates the lapse could stall or cancel about 1,400 home sales per day until the NFIP resumes operations. (NYT, Oct. 9)
  • “Each day that passes during the shutdown, potential real-life impacts will be felt in America’s housing market, which accounts for nearly 20% of the US economy,” said Shannon McGahn, (EVP and Chief Advocacy Officer, NAR) (Bloomberg, Oct. 9)
  • NFIP provides $1.3 trillion in flood insurance to 4.7 million policyholders across 23,000 communities. It underpins nearly 500,000 home sales annually, supports 1 million jobs, and contributes $70 billion to the U.S. economy. (NAR, Oct. 7)
  • While some private insurers are expanding their offerings, they still represent only a fraction of the market—and typically charge higher premiums, adding costs for homebuyers. (Bloomberg, Oct. 9)

Congressional leaders have vowed to revisit flood insurance reauthorization once the government restores funding. RER will continue to advocate for a long-term NFIP solution.

Roundtable Releases 2025 Annual Report

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The Real Estate Roundtable (RER) is pleased to share our 2025 Annual Report, A New Era for America’s Buildings: Policy to meet increased energy demands, new technology, and evolving living and working environments.

Roundtable Leadership

  • This year’s report highlights how RER’s engagement drove policy wins in tax, capital and credit, housing, energy, and homeland security, amid one of the most intense legislative years in recent memory.
  • It also underscores commercial real estate’s vital role in powering jobs, growth, and communities nationwide, while ensuring our industry’s trusted voice is heard at the highest levels in Washington.
  • “The pace and complexity of policy this past year has been unprecedented, requiring rapid and well-coordinated responses,” said Jeffrey DeBoer, RER President and CEO. “Thanks to the engagement and expertise of our members, policy committees and national real estate partners, we have met each legislative challenge with substance, speed and credibility. I believe the past 12 months have been among the most challenging and most successful in our history.”
  • “In the year ahead, we will continue to evolve how we communicate our mission, align our membership with the future of the industry and focus on the most urgent issues,” said Kathleen McCarthy, RER Chair and Global Co-Head of Blackstone Real Estate. “Real estate anchors our communities and touches every part of American life—from where people live and work to how businesses grow. As the nation faces a housing crisis and urgent energy challenges, public policy must support a strong, resilient real estate sector that drives solutions, fuels economic growth and improves quality of life and opportunity for all.”

Explore the 2025 Report

  • RER’s FY2025 Annual Report details the organization’s mission and recent activities, and offers potential policy solutions to today’s pressing and far-reaching industry challenges, including:

  • Intro — featuring Q&A with Kathleen McCarthy and Jeffrey DeBoer

Printed copies of the Annual Report are currently being mailed to members. If you would like additional copies, please email agrenadier@rer.org

Senate Advances FY’26 Spending Bills Preserving Key Transportation, Housing and EPA Programs

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The Senate Appropriations Committee on Thursday advanced bills to fund rental assistance, transit-oriented development loans, ENERGY STAR, and other key programs important to real estate, for the federal fiscal year that starts Oct. 1. The measures come as congressional leaders rush to complete appropriations work ahead of the Sept. 30 funding deadline to avoid a government shutdown.

HUD Programs        

  • The full Senate Appropriations committee passed the “T-HUD” bill to fund the Departments of Transportation and Housing and Urban Development, on a strong bipartisan vote (27-1). (Senate Press Release, July 24) (PoliticoPro, July 24)
  • The bill allocates $73.3 billion overall to HUD—maintaining or increasing funding for rental assistance, homelessness services, and economic development. (Bill Summary | Text )
  • Project-based rental assistance would receive $17.8 billion, a roughly $900 million increase above FY25 enacted levels. This funding provides a full renewal of housing contracts serving about 1.2 million households.
  • Tenant-based rental assistance would receive $33.9 billion to renew Section 8 vouchers. (THUD bill report, p. 115) The Senate’s funding levels contrast with the Trump Administration’s May 2 proposal to significantly cut both tenant- and project-based assistance.
  • The Community Development Block Grant (CDBG) program would receive $3.1 billion, with $1.2 billion allocated for the HOME Investment Partnership program.
  • Last week, the House Appropriations Committee passed its version of T-HUD funding (Bill Text | Summary). The full House of Representatives has yet to vote on it. (Roundtable Weekly, July 18)

DOT Programs

  • The U.S. Department of Transportation (DOT) would receive $26.5 billion under the Senate T-HUD bill. (Senate press release, July 24).
  • This includes a modest increase (over current FY levels) for the Build America Bureau (BAB), which oversees the TIFIA/RRIF federal loan programs. These programs can provide favorable, long-term, low-interest federal loans for transit-oriented developments, including housing and property conversions near mass transit. (FAQs)
  • The funding bill’s underlying report (p. 22) explains that DOT and HUD shall establish a “task force” to improve the TIFIA/RRIF loan process, with a report due back to the House and Senate on ideas for removing “administrative and statutory barriers” to access financing.

EPA – ENERGY STAR

  • The Senate’s bill text specifies $36 million next fiscal year, for the popular ENERGY STAR program, recognizing leadership in energy-efficient buildings, homes, and products.
  • The underlying report language for the Senate bill states that the Appropriations Committee “recognizes the value of and continues to support ENERGY STAR” – with a directive for EPA to “report back” on its plans for the program’s future implementation.
  • On the House side on Tuesday, the Appropriations Committee likewise showed support for ENERGY STAR. It passed a “manager’s amendment” on voice vote, instructing EPA to fund ENERGY STAR in FY’26. (PoliticoPro, July 22)
  • RER has long urged the “business case” to support the ENERGY STAR program. It is working with multi-industry partners in the real estate, manufacturing, consumer tech, and retail sectors to explain to Congress and the Administration why ENERGY STAR is critical to the national “energy dominance” agenda. (Roundtable Weekly, June 6; May 23).  

Agency Reorganizations

  • It is not yet clear how any FY’26 funds appropriated by Congress may interact with particular internal plans from federal agencies to reorganize and eliminate programs.
  • An 8-1 decision in July by the U.S. Supreme Court allows the Trump administration to move forward with large-scale staff reductions and structural overhauls across 19 federal departments. (Politico, July 8)
  • As part of government-wide efforts triggered by the DOGE Executive Order, restructuring plans and layoffs are under consideration at the EPA. (Politico, July 17)

What’s Next

  • Senate Majority Leader John Thune (R-SD) has indicated that he wants to sign as many spending bills into law as possible, then use a short-term stopgap measure to cover the remaining agencies and avert a shutdown before the Sept. 30 deadline. (PoliticoPro, July 23)
  • Any specific agency reorganization and staff layoff plans may be released in the coming weeks.

RER will continue to monitor all developments on matters of appropriations and federal agency reorganizations relevant to real estate.

Housing Challenges and Economic Pressures Shape CRE Outlook

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The intersection of housing shortages, escalating construction costs, and policy uncertainty is defining the commercial real estate (CRE) landscape as the second half of 2025 unfolds. Recent bipartisan legislative action on housing, along with fresh economic data, underscores the sector’s significant headwinds and potential opportunities.

Bipartisan Action on Housing Supply

  • Lawmakers introduced bipartisan legislation this week aimed at reducing local regulatory barriers to housing production. (ConnectCRE, July 24)
  • Rep. Flood (R-NE) emphasized the bill’s role in addressing “onerous local zoning policies,” aiming to facilitate increased housing construction. (PoliticoPro, July 23)
  • The legislation, previously known as the Yes in My Back Yard (YIMBY) Act, was passed by the House in 2018 and 2020 but stalled in prior sessions.

Housing Market Warning Signals

  • Moody’s Analytics Chief Economist Mark Zandi declared a “red flare” for housing this week, noting persistent mortgage rates near 7% and declining affordability.
  • He cautioned that housing could soon become a significant barrier to broader U.S. economic growth. (GlobeSt., July 22)

CRE Market Pressures

  • JLL’s Midyear Update presents a cautious outlook for CRE, highlighting stalled construction pipelines and lowered growth expectations for 2026, driven by uncertainties surrounding tariffs, labor market disruptions, and elevated interest rates. (JLL Midyear Update; Global Real Estate Outlook 2025)

  • JLL reports that material costs are estimated to rise 7 to 12 percent for the remainder of 2025, and construction labor growth is forecasted at just 1 percent, well below the average of 3 percent in recent years. (Commercial Property Executive, July 21)
  • Contractors report increased absenteeism, worsened labor shortages, and project delays exacerbated by intensified deportation enforcement.
  • RER Member Hamid Moghadam (CEO, Prologis) warned that “construction costs are going to go up radically,” saying, “all of this immigration stuff is putting more pressure on construction.” (GlobeSt., July 21)
  • Despite caution, some sectors remain bright spots, such as data centers, advanced manufacturing, and multifamily housing. Rebuilding efforts following natural disasters in states like California and Florida have also contributed to pockets of localized demand.
  • Federal Reserve policy uncertainty continues to weigh on CRE activity, exacerbated by recent tensions between the Trump administration and Fed Chair Jerome Powell. Markets are closely watching for clarity from the Fed’s July 29–30 meeting. (Financial Times, July 21) (NPR, July 24)

RER remains engaged in advocacy efforts to support policies enhancing housing supply, affordability, and economic stability. For more information, see our latest fact sheet on housing policy developments.

Congressional Hearing Highlights Policy Reforms to Boost Affordable Housing Supply

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Bipartisan lawmakers this week discussed reforms aimed at reducing barriers to housing development and increasing supply during a congressional hearing on the nation’s housing shortage.

Key Takeaways

  • The House Financial Services Subcommittee on Housing and Insurance’s hearing, titled “HOME 2.0: Modern Solutions to the Housing Shortage,” highlighted the crucial need to expand the supply of affordable housing. (Committee Memo)

  • “This is a basic supply and demand issue,” said Rep. Mike Lawler (R-NY). “We are seven and a half million units underbuilt nationwide. We need to build more housing. Period.”

  • Modernizing the HOME Investment Partnership (HOME) Program, administered by the U.S. Department of Housing and Urban Development (HUD), was also a prominent focus of the hearing. HOME is a flexible and effective federal tool that empowers states and localities to build, buy, and rehabilitate affordable housing.

  • Subcommittee Chairman Mike Flood (R-NE) cited four major cost drivers—lengthy environmental reviews, “Build America, Buy America” rules, Davis-Bacon wages, and Section 3 mandates—as the “four horsemen of the housing apocalypse” hindering the HOME Program.
  • Ranking Member Emanuel Cleaver (D-MO) similarly called for modernizing the HOME Program, highlighting the inefficiencies created by the “massive number of rules” placed on developers building safe, decent, and affordable housing.

  • Eric Oberdorfer, Director of Policy and Legislative Affairs at the National Association of Housing and Redevelopment Officials (NAHRO), also noted the importance of the low-income housing tax credit (LIHTC), which is often used in conjunction with the HOME program to finance affordable housing.

RER Advocacy

  • The Real Estate Roundtable (RER) has consistently emphasized that America’s affordability crisis is driven by chronically low housing production. Tackling this shortfall requires a national transformation in housing policy that makes it easier to build housing of all types.

  • Changes made by the One Big Beautiful Bill (OBBB) Act signed this month, including expansions to the LIHTC, are projected to support the development of up to 1.2 million affordable rental units over the next decade. (Roundtable Weekly, July 11)

  • RER strongly supports key reforms discussed at this week’s hearing, including easing Davis-Bacon prevailing wage requirements, which place inordinately high costs on construction projects and inhibit access to federal loan and other housing construction incentives, and the HOME Program (Roundtable Weekly, April 2024, May 2023).
  • In May, RER joined a coalition of 15 national real estate organizations urging the Labor Department to repeal and revise its 2023 Davis-Bacon rule, citing outdated wage classifications that inflate project costs by up to 20% and discourage participation in federally funded housing. (Roundtable Weekly, May 23)

RER will continue to champion policies to bolster the availability of safe and affordable housing. See our fact sheet on the topic for more information.

Industry Leaders Discuss Economic Outlook, Policy Priorities, and Geopolitical Challenges at Annual Meeting

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The Real Estate Roundtable’s (RER) 2025 Annual Meeting this week included discussions with public officials and industry leaders on a range of issues affecting commercial real estate, including market conditions, tax policy, the House’s recent passage of the One Big Beautiful Bill Act, tariffs and trade, affordable housing solutions, energy policy, and evolving security threats.

Roundtable Leadership

  • RER Chair Kathleen McCarthy (Global Co-Head of Blackstone Real Estate, Blackstone) opened the meeting by thanking members for their consistent engagement and highlighting the significance of RER’s collaborative efforts in navigating a rapidly evolving policy landscape. (May 2025 Policy Priorities and Executive Summary)
  • During the meeting, RER members approved the nominees for its FY26 board of directors and policy advisory committee officers, which were announced by RER Nominating Committee Chair Geordy Johnson (CEO, The Johnson Group).
  • Addressing the membership, RER President and CEO Jeffrey DeBoer emphasized RER’s ongoing commitment to enhancing member involvement through RER’s policy advisory committees and underscored the value of strategic partnerships with other national real estate organizations for proactive policy advocacy. (Meeting Agenda)

Meeting Speakers

  • The Honorable Kevin Hassett (Director, National Economic Council) presented the administration’s economic agenda, focusing on housing initiatives, factory expensing, and the outlook for growth.
  • (L-R): Hessam Nadji (President and CEO, Marcus & Millichap), Martha Gimble (Executive Director, The Budget Lab at Yale University), and Jonathan Pollack (President, Starwood Capital Group) provided macroeconomic insights, reviewed current and future CRE market trends, and spoke about challenges amidst tariff-induced uncertainty. (Hessam Nadji Presentation | Martha Gimble Presentation)
  • Anna Palmer (Founder & CEO of Punchbowl News) offered her perspective on legislative developments and negotiations, and the rise of influential figures within both political parties.

Policy Advisory Committee Meetings

  • Each of RER’s policy advisory committees met this week in conjunction with the Annual Meeting for in-depth policy discussions. The committees hosted several congressional staff and regulatory officials.

Sustainability Policy Advisory Committee (SPAC) Meeting

  • SPAC Chair Anthony E. Malkin (Chairman and CEO, Empire State Realty Trust, Inc.), Co-Vice Chairs Ben Myers (Vice President, Sustainability, BXP) and Katie Rothenberg (Vice President, ESG, AvalonBay Communities, Inc.) led discussions on EPA’s ENERGY STAR program, grid reliability, clean energy procurement, and nuclear energy deployment. (Agenda & Speakers)

Tax Policy Advisory Committee (TPAC)

  • TPAC Chair Josh Parker (Chairman & CEO, Ancora Group Capital), Vice Chair David Friedline (Partner, Deloitte Tax LLP), and the Committee discussed the broad range of tax proposals affecting real estate that are working their way through Congress in the budget reconciliation bill. Panelists included senior staff from the offices of the House Speaker, Ways and Means Committee, Senator Tim Scott (R-SC), and Senator Todd Young (R-IN), as well as the Treasury Department. In addition, tax experts from Baker McKenzie, Sullivan & Cromwell, and Brownstein led or moderated discussions concerning potential new taxes on foreign investors, regulatory initiatives, and Opportunity Zones.  (Agenda & Speakers)

Sustainability Policy Advisory Committee (SPAC)

  • SPAC Chair Anthony E. Malkin (Chairman and CEO, Empire State Realty Trust, Inc.) and Vice Chairs Ben Myers (Vice President, Sustainability, BXP) and Katie Rothenberg (VP, ESG, AvalonBay Communities, Inc.) led discussions on (Agenda & Speakers)

Joint Real Estate Capital Policy Advisory Committee (RECPAC) and Research Committee Meeting

  • D. Michael Van Konynenburg (President, Eastdil Secured) provided an overview of conditions in real estate credit and capital markets.
  • Following a national policy update from RER’S Ryan McCormick (SVP & Counsel, RER) and Chip Rodgers (SVP, RER), Research Committee Chair Spencer Levy (Global Chief Client Officer & Senior Economic Advisor, CBRE) and Darin Mellot (Vice President of Capital Markets Research, CBRE) led a discussion on the evolving post Liberation Day impact of tariffs on commercial real estate markets. 
  • Robert Rubano (Executive Vice Chairman, Head of Equity, Debt, & Structured Finance, Cushman & Wakefield) moderated a capital market roundtable with David Bouton (Co-Head of U.S. CMBS, Citigroup), Jack Gay (Senior Managing Director, Global Head of Real Estate Debt, Nuveen Real Estate), Kathryn Ogden, (Head U.S. Corporate Banking and Global Head, Real Estate Capital Partners (RECP), RBC Capital Markets), and Matt Salem (Partner, Head of RE Credit, KKR). (Agenda & Speakers)

Homeland Security Task Force (HSTF) Meeting

  • HSTF Chair Amanda S. Mason (Executive Director, Global Intelligence, Related Companies) facilitated a number of discussions on the current threat picture.  These discussions included a review of the risks to commercial facilities from lithium-ion batteries with John Frank (AXA XL Risk Consulting). The meeting also included a series of briefs from the FBI regarding the threats from terrorist and transnational criminal organizations that are directly threatening U.S. citizens and commercial facilities. These discussions included updates on the role of the cartels in violent crime, the deaths of American citizens from synthetic opioids, and the facilitation of nearly three million illegal migrant arrivals in 2024, putting U.S. communities at risk. Also addressed were the range of cyber and intelligence threats from China, targeting our critical infrastructure. (Agenda & Speakers)

RER’s 2025 Annual Report will be distributed in July. Next on RER’s FY 2025 meeting calendar is the Fall Meeting, which will take place on October 27-28 (restricted to Roundtable-level members only). 

New Bipartisan Legislation Aims to Unlock Housing Development and Affordability

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Bipartisan lawmakers in both chambers are advancing legislative efforts to address the worsening national shortage of affordable housing, with a focus on updating financing tools and expanding tax incentives.

Senate Legislation

  • “To tackle the affordable housing crisis, we need to make building homes easier and cheaper. But outdated regulations are holding us back,” said Senator Gallego. “By updating a nearly two-decade old loan limit, the Housing Affordability Act will expand access to affordable loans for building multifamily housing and ultimately bring down housing costs.” (Sen. Gallego Press Release, April 30)
  • The bill updates the inflationary index used to set loan limits from the Consumer Price Index to a more accurate construction cost index to better reflect today’s building costs and boost housing production.
  • Without this fix, most areas are misclassified as “high-cost,” limiting HUD’s ability to support new multifamily developments and deepening the national housing crisis.
  • “Housing availability and affordability problems are directly tied to the significant shortage of housing units nationwide,” said Jeffrey D. DeBoer, President and CEO of The Real Estate Roundtable.
  • “By increasing the Federal Housing Administration’s multifamily loan limits to more accurately reflect individual market costs, the bill introduced today by Senators Gallego and McCormick would increase apartment construction, add supply, and help bring down housing costs.  In short, enactment of this bill would make housing more available and affordable for millions of American families.”
  • The Housing Affordability Act is also endorsed by: National Association of Home Builders; National Association of REALTORS®; National Multifamily Housing Council; National Housing Conference; National Apartment Association; Institute of Real Estate Management; National Affordable Housing Management Association; National Leased Housing Association Council for Affordable and Rural Housing; National Association of Housing Cooperatives; and Arizona Multihousing Association.

House Legislation

  • The Affordable Housing Credit Improvement Act will support the financing of nearly two million new affordable homes by:
  • Increasing the number of credits allocated to each state by 50 percent for the next two years and making the temporary 12.5 percent increase permanent.
  • Increasing the number of affordable housing projects that can be built using private activity bonds— a provision that stabilizes financing for workforce housing projects built using private activity bonds by decreasing the amount of private activity needed to secure Housing Credit funding.
  • Improving the Housing Credit program to serve at-risk and underserved communities, including veterans, victims of domestic violence, and rural Americans.
  • “To address this growing crisis across the country, Congress must strengthen tools to drive investment into affordable workforce housing and expand housing options for hardworking families nationwide. I am proud to reintroduce the bipartisan Affordable Housing Credit Improvement Act alongside Representatives DelBene, Tenney, Beyer, Feenstra, and Panetta to strengthen our communities and support economic development,” said Rep. LaHood (R-IL). (Rep. LaHood Press Release, April 8)
  • A Senate companion bill is expected to be introduced in the coming weeks.

Opportunity Zones

  • Major provisions from the 2017 Tax Cuts and Jobs Act (TCJA), including Opportunity Zones (OZs), risk expiration without congressional action, threatening economic revitalization projects nationwide.
  • According to a recent CoStar News analysis, apartment openings in OZs surged 151% to 143,219 units last year compared to 2017—far outpacing the national increase of 63% over the same period. (CoStar, April 16)
  • The analysis also found that Opportunity Zones spurred the development of approximately 68,000 more housing units than would have been built without the tax incentive, underscoring the effectiveness of OZ incentives in driving investment into underserved communities.

RER urges Congress to advance housing legislation that expands proven tools like Opportunity Zones, LIHTC, and FHA loan programs—catalysts for affordable housing, job creation, and long-term economic growth in underserved communities.

Housing Policy Updates: Comment Letter to FTC on Single-Family Rental Industry , GSE Considerations, and Tenant Protection Policy Developments

Posted on by Trey Jackson

Housing policy remains at the forefront this week as The Real Estate Roundtable (RER) responded to the Federal Trade Commission’s (FTC) request for public comment on the impact that the large-scale single-family rental (SFR) owner-operators are having on the housing market; the Trump administration continues to explore privatizing Fannie Mae and Freddie Mac; and Federal Housing Finance Agency (FHFA) Director Bill Pulte rescinded a renter protection directive.

Single-Family Rental Housing Study

  • RER and Nareit responded this week to the FTC’s request for public comment  regarding the impact that large-scale Single-Family Rental (SFR) operators and institutional investors are having on home prices and rents in the single-family housing. (Letter)
  • The FTC aims to assess whether “mega investors” influence housing prices negatively.
  • The letter underscores that institutional capital is essential to expanding housing supply and addressing the chronic housing shortage affecting affordability nationwide.
  • As stated in the letter, “Single-family rentals, now part of an institutionally supported asset class, add balance to the U.S. housing market.  SFRs play an important role in the nation’s housing landscape by boosting supply and offering flexible, high-quality housing options that have broad demographic appeal at lower price points compared to home ownership.” 
  • SFR homes constitute only 32 percent of rental units nationally, consistent with historical averages.
  • Institutional investors accounted for a mere 0.3 percent of single-family home purchases in the past year. (BisNow, Feb. 3)
  • The letter emphasized that institutional investors own less than 0.5 percent of U.S. single-family homes, thus not driving the housing affordability crisis.

GSE Reform

  • The Trump administration is actively exploring housing finance reform options, including privatizing Fannie Mae and Freddie Mac. (WSJ, March 23)
  • Recent proposals suggest transferring the Treasury’s stakes to a newly envisioned U.S. sovereign wealth fund. Treasury Secretary Scott Bessent recently discussed this possibility on a podcast, although he provided limited details. (Bloomberg, March 23)
  • Director Bill Pulte and Sec. Bessent have stated that they would like Freddie and Fannie to go private, but not at the cost of disrupting mortgage rates. (Commercial Observer, March 21)
  • An executive order is also under consideration, which could direct federal departments to examine the privatization of Fannie and Freddie.
  • This proposal has drawn substantial attention from housing industry leaders concerned about potential impacts on mortgage markets and affordable housing.

Tenant Protection Policy Rescinded

  • This week, FHFA Director Pulte rescinded a Biden-era directive requiring multifamily housing providers with Fannie Mae or Freddie Mac-backed mortgages to provide renters a 30-day rent increase notice, lease term expirations and a five-day late payment grace period. (GlobeSt, March 26)
  • Pulte contended that this directive increased compliance burdens for lenders and property owners, noting existing state and local regulations already cover lease notices and late fee guidelines.
  • RER along with other national real estate organizations Industry groups such as the National Apartment Association and the National Multifamily Housing Council had opposed the policy, arguing it imposed undue burdens on housing providers. (Bisnow, March 25 | Roundtable Weekly, Jan. 2023)
  • This move aligns with broader industry efforts advocating fewer regulatory constraints to foster housing market stability.

Department of Housing & Urban Development (HUD) Secretary Scott Turner will be a featured speaker at The Roundtable’s Spring Roundtable Meeting on April 8, 2025 (Roundtable-level members only).