Advocacy is a top priority for real estate associations at a national, state, and local level. Not only do these organizations work to support or oppose legislation crucial to the industry, they must also create and share solutions to solve issues including affordable housing, taxation, and increasing housing inventory, to name a few.
In addition to Capitol Hill visits to meet and discuss industry talking points, members attending the NAR Legislative Meetings were also able to take part in meetings focusing on efforts and possible housing solutions being made at a national level. NAR’s Chief Advocacy Officer, Shannon McGahn, shared current priorities for the NAR Advocacy Team which include housing inventory and supply and the enforcement of fair housing laws. For a full list of priorities and legislative talking points, please follow this link.
The Advocacy Scoop event held at the convention pulled together a panel of industry leaders within NAR to address concerns and offer insight on a variety of real estate related topics. Minority homeownership is a priority that faces major obstacles due to a lack of affordable inventory. Solutions include tax incentives for reuse and conversion of commercial properties to residential, and possibly discounting or eliminating capital gains taxes on the sale of rental properties to first time homebuyers.
Regarding capital gains, panelists noted that in certain situations due to the current market, some sellers are reaching capital gains thresholds on homes they have lived a lifetime in. The NAR Advocacy Team is attempting to bring this matter to the attention of Congress, offering the idea of implementation of inflationary increases to these taxes.
Good news was shared regarding the current stance of Congress for 1033 Exchanges which the panel advised appears to be off the table for the time being. SALT (state and local taxes) deduction limits may also have the chance to increase during the 2022 lame duck session.
For more information regarding advocacy, please consider the following: