Tag: Roundtable on the Road

RECPAC Meeting Examines Market Shifts, AI’s Impact, and Fed Uncertainty

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The Real Estate Roundtable’s Real Estate Capital Policy Advisory Committee (RECPAC) convened this week in New York to discuss market conditions, the evolving political and regulatory landscape, and emerging trends reshaping commercial real estate—including artificial intelligence (AI) infrastructure and the Federal Reserve’s policy trajectory.

Fall RECPAC Meeting

  • RECPAC met Thursday, under the leadership of RECPAC Co-Chairs Bryan McDonnell (Head of U.S. Debt and Chair of Global Debt, PGIM Real Estate), Rex Rudy (EVP, Head of Commercial Real Estate, US Bank), Miriam Wheeler (Global Head Real Estate Finance, Goldman Sachs Asset Management), and Working Group Chair Eric Wu (Sr. Managing Director, Real Estate, Blackstone) to discuss top policy issues heading into 2026.
  • RER Chair Kathleen McCarthy (Global Co-Head, Blackstone Real Estate) kicked off the meeting by welcoming RECPAC members and sharing her insights on real estate credit and capital markets. Other discussions included:
  • Roundtable Senior Vice President Chip Rodgers moderated a fireside chat with Alex Katz (Sr. Managing Director of Government Relations, Blackstone) and discussed the political environment, the recent elections, and issues affecting financial services policy, credit capacity, and capital formation.
  • Trey Morsbach (JLL Capital Markets) moderated a roundtable discussion with Kwasi Benneh (Morgan Stanley), Dan Mullinger (PNC Real Estate), Joel Traut (KKR), and Michael Lavipour (Affinius Capital) on real estate credit markets, liquidity, pricing, and financing.
  • Frank Long (Goldman Sachs) hosted a fireside chat with Eric Wu (Blackstone), followed by a discussion with Brian Baker (J.P. Morgan), Quynh Tran (SMBC), and Andrew Winchall (Blackstone Real Estate Debt Strategies) on the economics and energy demands of Artificial Intelligence (AI). AI is reshaping commercial real estate, as the massive energy demands and high costs of data centers redefine investment and financing metrics.

Interest Rates & The Fed

Tom Barkin
  • The Bureau of Labor Statistics released its September jobs report this week, but due to the government shutdown, it will not publish October or November payroll data until Dec. 16—a week after the Federal Reserve’s Dec. 9-10 policy meeting. (Axios, Nov. 20)
  • The absence of timely data is compounding internal divisions, as minutes show policymakers split over further rate cuts amid high inflation and weakening labor indicators. (Axios, Nov. 19)
  • Richmond Federal Reserve President Thomas Barkin noted the economy is in an “unattractive” balance and said upcoming data will be essential to determining the path forward. (Reuters, Nov. 18)
  • On Monday, Fed Governor Christopher Waller said a December cut was needed to stem further job-market deterioration. (NBC News, Nov. 20)
  • Speaking at the Central Bank of Chile Centennial Conference this morning, New York Fed president John Williams said, “I still see room for further adjustment in the near term to the target range for the federal funds rate to move the stance of policy closer to the range of neutral.” (Axios, Nov. 21)

Roundtable on the Road

  • RER Senior Vice President & Counsel Ryan McCormick spoke at NYU’s Institute on Federal Taxation in San Francisco this week, outlining key One Big Beautiful Bill (OB3) Act implementation priorities, prospects for future real estate tax legislation, and major litigation and guidance affecting partnerships and real estate transactions.
  • Also this week, RER President & CEO Jeffrey DeBoer participated in Commercial Property Executive’s 2026 CRE Outlook webinar, highlighting interest rates, energy and housing affordability, immigration reforms, TRIA reauthorization, and capital-access challenges as key issues for the year ahead. He added that, despite uncertainty around tariff policy, “betting against the U.S. is a bad bet.” (Commercial Property Executive, Nov. 19)

Next on RER’s meeting calendar is the all-member State of the Industry (SOI) Meeting, which will include policy advisory committee sessions, on January 21-22, 2026, in Washington, DC.

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 Hearing Highlights Bipartisan Push to Expand Housing Supply and Cut Costs

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The Senate Banking Subcommittee on Housing, Transportation, and Community Development held a hearing this week, “Innovation in U.S. Housing: Solutions and Policies for America’s Future,” which examined the nation’s housing shortage, the impact of rising regulatory costs, and innovative approaches such as modular and off-site construction, accessory dwelling units (ADUs), and pre-disaster mitigation to help address the housing crisis.

Hearing Highlights

  • Subcommittee Chair Katie Britt (R-AL) and Ranking Member Tina Smith (D-MN) framed the housing crisis as a bipartisan priority, citing the ROAD to Housing Act’s unanimous 24-0 passage through the Senate Banking, Housing, and Urban Affairs Committee as proof of momentum for federal housing reform. (Watch Hearing)
  • Among the measures Senators raised were proposals to ease permitting rules, streamline approvals, and modernize FHA and USDA programs to speed construction.
  • Members also discussed Opportunity Zones and expanding the Low-Income Housing Tax Credit (LIHTC as levers to spur investment in underserved areas, particularly when paired with state and local zoning reforms.
  • Witnesses emphasized regulatory and financing barriers, noting that government requirements add roughly 24 percent to the cost of new single-family homes and 40 percent to multifamily developments. 
  • Mary Tingerthal, founder of Construction Revolution, highlighted modular and off-site construction as key innovations to lower costs and timelines, reducing project durations by up to 50 percent and costs by 10-20 percent.

By the Numbers

  • A new report published by Goldman Sachs Research estimates the U.S. must add 3-4 million homes—about 2-2.6 percent of current housing stock.
  • The firm found that restrictive land-use regulations are the biggest barrier to growth, and that easing them could generate up to 2.5 million additional units over the next decade. (Goldman Sachs, Oct. 21)
  • Separately, Goldman Sachs economists reported that U.S. consumers are bearing about 55 percent of the costs from tariffs this year, with businesses and foreign exporters absorbing smaller shares. (ABC News, Oct. 14)
  • The firm said U.S. companies are expected to pass on more of those costs to consumers as the tariffs remain in effect.  (The Hill, Oct. 13)

RER Advocacy

  • The bill focuses on streamlining regulations, incentivizing construction, modernizing housing finance and disaster recovery programs, and supporting vulnerable populations such as veterans and the homeless.   

Roundtable on the Road – Chicago

  • This week, RER Chair Kathleen McCarthy (Blackstone), RER Treasurer Michelle Herrick (JPMorgan Chase), and RER President and CEO Jeffrey D. DeBoer hosted members in Chicago for Roundtable on the Road, featuring discussions on housing policy, market innovation, and federal priorities.
  • “Our Chicago stop underscored the value of Roundtable on the Road—real-time dialogue among industry leaders on housing, the economy, and market trends,” said DeBoer. These on-the-ground insights strengthen our advocacy in Washington, helping to shape practical, fact-based solutions that expand housing, fuel growth, and ensure policymakers understand the real-world impact of their decisions.”

Housing, GSE reform, and solutions to improve housing affordability will be key topics of discussion during RER’s Fall Roundtable Meeting next week in Washington, D.C., on Oct. 27-28 (Roundtable-level members only).

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.