Taxes, Stimulus, Funding Programs And More: 23 Stories About What Could Change For CRE After The Election
As Americans cast their ballots, a pall of uncertainty hangs heavy in commercial real estate. That’s because the outcome of the presidential race between Donald Trump and Joe Biden will have wide-ranging implications for U.S. economic policy and the real estate industry. For the last few months, Bisnow reporters have been chronicling the consequences of this election for real estate — from the top of the presidential tickets to local races and ballot initiatives across the country. Here are 23 of our best election stories to help you navigate Nov. 3 and the road ahead. — Bisnow Editors
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The Bisnow Newsroom On What’s At Stake For CRE In The 2020 Election
In this episode of Bisnow's “Make Yourself At Home” podcast, we hear from reporters and editors from California to D.C. to London about what is at stake for commercial real estate — From Republicans and Democrats to PPP and OZs.
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FEDERAL RELIEF
With No Pre-Election Relief Deal, Congress Leaves Landlords And Tenants Dangling From A Cliff
Real estate has closely watched federal stimulus negotiations over the last few months, and hotels, retail, restaurants and multifamily professionals in particular have said relief funding is necessary to avert economic catastrophe. But Congress went into recess with no deal in place, leaving many worried about the fallout.
Stimulus Stalemate Pulling CRE’s Attention Away From Key Congressional Races
It isn’t all about the president — the makeup of Congress can determine the legislative and funding landscape that CRE must play in. In most election years, the industry is lobbying Congress hard and watching specific policies proposed by each presidential candidate and supported by each party. But this is no ordinary year; most people’s attention is almost exclusively on stimulus negotiations.
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TAXES
The Hidden Probate Real Estate Tax Bomb In Biden's Economic Plan
Joe Biden’s proposed tax plan would change the way and the rate at which inherited properties are taxed. The result would be a significant cut to profitability, making passing property from generation to generation less attractive.
What Might Happen To Carried Interest Under A New Administration
The lower tax rate for carried interest, which largely benefits equity fund managers but also partnerships that own commercial real estate, might be at risk of disappearing under a Biden administration — might being the operative word.
Biden's Latest Proposal Puts CRE Tax Break In Political Crosshairs Once More
Joe Biden might do away with a popular real estate tax-shielding program to help fund a $775B child care and elderly care plan he is proposing in his bid for the White House. The proposal would eliminate like-kind exchanges — including the darling of single-tenant real estate investors, the 1031 exchange program.
Citing Taxes, Economy, Trump's Powerful CRE Supporters Pump Millions Into His Campaign
While some commercial real estate leaders have shifted toward Joe Biden, President Donald Trump still has a strong base of support — and millions in campaign cash — from the industry he came up in.
Some CRE Leaders Warming Up To Potential Joe Biden Presidency Despite Tax Hike Concerns
The industry at large has given more money to Republican candidates over the years, but in the lead-up to the election some commercial real estate leaders said they were increasingly comfortable with the prospect of a Joe Biden presidency.
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HOUSING
What’s At Stake For Affordable Housing In The November Elections
Affordable housing advocates, developers and lenders argue that no matter which party holds the presidency and Congress in 2021, the coronavirus has ushered in a desperate new era of the housing crisis — one that requires immediate legislative action.
Landlords And Tenants Can Agree On One Thing: The Multifamily Industry Needs Rental Assistance
After the coronavirus virtually shut down the U.S. economy in March, the $2 trillion CARES Act and the Paycheck Protection Program provided stopgap assistance to people and businesses. But most of the bill’s recurring benefits expired in July. What happens next is anyone’s guess.
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OPPORTUNITY ZONES
Big Changes Could Happen To Opportunity Zones Post-Election, But More Will Be Needed To Address Disinvestment
Whether Donald Trump or Joe Biden wins the presidential election, commercial real estate should expect the opportunity zone program will remain intact, but be potentially altered in significant ways.
Pressure To Change OZ Reporting Requirements Amps Up As Election Looms
Both presidential candidates have signaled interest in changing tracking and reporting requirements for the OZ program, something people from both sides of the political spectrum have increasingly called for.
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Here's What Could Happen To The EB-5 Program In A New Administration
The EB-5 program awards U.S. green cards and visas to foreigners who put a minimum of $900K into a U.S.-based project that creates or retains at least 10 U.S. jobs. So, how might the program fare under a Biden presidency vs. a second Trump administration? That’s a question on the minds of wealthy would-be immigrants — as well as the U.S.-based developers happy to borrow money from them cheaply.
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Joe Biden's Ambitious Building Upgrade Plan Would Bring Surge In Jobs, Regulations
The commercial real estate industry has pushed toward sustainability for years, but the upcoming presidential election could determine whether those efforts get a shot in the arm or continue piecemeal.
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Political Analyst Larry Sabato On Each Candidate's Path To Victory
During a July Walker & Dunlop webinar, Larry Sabato, a renowned political analyst and the president of the University of Virginia Center for Politics, and Willy Walker, discussed the paths to victory for both parties and weighed in on what the latest polls suggest what might happen come Nov. 3.
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Trump's Crackdown On Worker Visas Could Bring More Pain To Top Tech Markets
Recently issued rules by the U.S. Department of Labor and the Department of Homeland Security will make it “significantly harder” for tech companies to bring in workers from overseas with H-1B visas. The real estate industry is already feeling pain.
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LOCAL
A Democratic Sweep Could Boost D.C.'s Struggling Office Market
While Democratic presidents haven't been inherently better historically for the D.C. office market, research shows that a change in administration creates more growth in the lobbying and law firm sectors. And when the White House and Congress are controlled by the same party, the government tends to pass more laws and create more direct real estate activity.
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Reeling From The Pandemic, California CRE Braces For Key November Ballot
Introduced in a pre-pandemic world, a pair of California measures opposed by commercial real estate will go before state voters on Tuesday: the California Schools and Local Communities Funding Act of 2020 and the Rental Affordability Act.
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How N.Y.'s CRE Lobby Is Approaching The Election, Looming Fiscal Crisis
New York's formidable real estate lobby is looking for ways to work with an increasingly progressive political landscape in the city, while pushing to elect pro-growth moderates in the suburbs to help rejuvenate the state's economy after a devastating fiscal blow.
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California CRE’s ‘No. 1 Target’ On The Ballot May Be A Close Call
California’s commercial real estate industry is preparing for an election that could have major consequences for the state's property owners and businesses: Proposition 15, which would raise taxes on commercial and industrial property by taxing based on current market value.
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CRE Keeps Wary Eye On California Election's Big-Ticket Items
California commercial real estate is keeping tabs on a number of items the state's voters will decide on Tuesday, ranging from changing local transfer tax hikes to the groundbreaking $10B-plus "split roll" initiative.
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Move To Double San Francisco Transfer Tax Would Make It Nation's Most Expensive
Proposition I, which requires a simple majority of San Francisco voters to pass, would double the city's transfer tax on commercial real estate deals of $10M or higher. That could affect the appeal of CRE deals in the city.
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Georgia's High-Profile Senate Races Drawing Big-Name CRE Donors
Both Senate seats in Georgia are up for grabs in an election that could see Democrats wrest control of not only the White House, but the House and Senate as well. Many executives in Georgia's commercial real estate industry are throwing their financial support behind Republican candidates.
