Eleven trade groups representing all corners of the real
estate industry expressed support for the newly inaugurated Bipartisan
Congressional Real Estate Caucus. The four legislators credited with creating
the caucus said it will be tasked with addressing the lack of housing
affordability and inventory across the country.
Reps. Mark Alford (R-Mo.), J. Luis Correa (D-Calif.), Tracey
Mann (R-Kan.) and Brittany Pettersen (D-Colo.) have asserted that Congress must
enact policies that support the real estate industry, which represents 16
percent of gross domestic product (GDP), 2.8 million jobs and about $50 billion
in annual tax revenue, according to data published by the Congressional Budget
Office and the Tax Policy Center.
Addressing housing affordability has been a primary focus
for the Mortgage Bankers Association (MBA) this year. The organization said
that doing so starts with adding to the nation’s severely limited inventory,
citing estimates from multiple economists whose research has indicated the
nation has a persistent housing deficit measuring in the millions and cited the
need for changes in America’s tax law to promote homeownership, among other
things.
“This caucus will help advance housing policy – for both
renters and prospective homeowners – and develop opportunities for Congress to
take action to ensure healthy real estate markets and identify solutions to
alleviate the housing affordability crisis our country is facing,” MBA said in
a statement. “MBA looks forward to working with this bipartisan group to help
more Americans achieve their dream of housing choice – be that sustainable
homeownership or affordable rental opportunities.”
The lawmakers suggested potential regulatory changes also
could play a part in addressing common hurdles to affordable homeownership.
“Real estate businesses contribute to the growth
and development of our local, state and national economies” Mann said.
“Overly burdensome regulation and economic challenges of high-cost materials
only hinder a stable housing environment. As a former
commercial real estate agent, I’m proud to join my colleagues as
a co-chair of the Congressional Real Estate Caucus, and to serve
as an advocate for the real estate industry in the halls of
Congress. Real estate agents and developers should be empowered
to provide housing options for all Americans, generate jobs, and offer top
quality services for homeowners – not handcuffed by overreaching federal
regulations from Washington, D.C.”
Additionally, the representatives pointed to the positive
impact homeownership has on families and communities.
“Homeownership is an essential part of the American Dream,
and represents a tangible pathway to the middle class,” Correa
said. “As a former real estate broker, I saw firsthand the role real
estate plays in uplifting Main Street and hard-working American taxpayers. Our caucus
will bridge the partisan divide and push Congress together to deliver real
estate policy that will benefit soon-to-be homeowners across the country and
help so many families get one step closer to fulfilling their own American
Dream.”