U.S. House Reps. Mark Alford (R-Mo.), J. Luis Correa (D-Calif.), Tracey Mann (R-Kansas), and Brittany Pettersen (D-Colo.) launched the Bipartisan Congressional Real Estate Caucus.
In announcing the caucus, the representatives noted that real estate represents 16 percent of U.S. GDP, supports 2.8 million jobs, and generates $50 billion in tax revenue. Because of its importance, they said Congress must support policies that allow the industry to prosper.
Housing trade groups were quick to applaud the launch of the caucus. The National Association of Realtors, the National Association of Home Builders, the Mortgage Bankers Association, the American Land Title Association, National Apartment Association, U.S. Mortgage Insurers, National Multifamily Housing Council , Asian Real Estate Association of America, American Property Owners Alliance, Leading Builders of America, and Nareit thanked the representatives for launching the caucus. They said there is an eagerness for homeownership and housing development across this country, but the lack of affordable housing units and supply prevents many Americans from achieving that dream. It is vital that Congress supports policies that promote the growth of the real estate industry, and that is what the newly formed caucus aims to accomplish.
The associations said addressing housing affordability starts with adding to the nation’s severely limited inventory. Economic research from multiple economists estimates a persistent housing deficit measured in the millions, representing an underinvestment of trillions of dollars for housing in the United States. Tax law can and must do more to promote homeownership, build stable communities, bolster rental housing supply at all price points, and boost economic growth. The groups said they applaud the caucus for sparking meaningful policy conversations around the obstacles preventing the building of new and affordable housing and the barriers first-time buyers face breaking into the market.