Four Congressional legislators have launched a new bipartisan Congressional Real Estate Caucus, targeted at addressing the ongoing housing affordability crisis as well as then persistent shortage of housing supply.
U.S. Representatives Mark Alford, R-Mo.; Lou Correa, D-Calif.; Tracey Mann, R-Kan.; and Brittany Pettersen, D-Colo., are the group’s new members, with Alford and Mann serving as co-chairs. The group also has the support of a cadre of real estate and lending trade organizations, including the Mortgage Bankers Association (MBA); the National Association of Realtors (NAR); the National Association of Home Builders; the National Apartment Association; the American Property Owners Alliance; the Asian Real Estate Association of America; Nareit; the National Multifamily Housing Council; the U.S. Mortgage Insurers; the Leading Builders of America; and the American Land Title Association.
“Real estate businesses contribute to the growth and development of our local, state and national economies” said Mann. “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.”
“I know that housing is a key issue for all Americans, and especially for my constituents. Before being elected to Congress, I owned a small real estate business, so I know firsthand the regulatory challenges that realtors face every day,” Alford said. “I’m honored to be able to chair this caucus and work together to solve real estate issues.”
“Lawmakers from across the political spectrum are in overwhelming agreement that this nation is facing a housing affordability crisis,” the NAR said in a statement. “Homeownership is a bipartisan issue, and we applaud these members of Congress for forming a caucus to work across the aisle to make housing more accessible. We look forward to working closely with this group to further advance our advocacy efforts to increase the housing supply and help individuals from all backgrounds find a path to homeownership.”
Housing supply is currently at the forefront of the caucus’ priority list, per the NAR’s statement. Other involved groups echoed that sentiment in separate statements, with Nareit saying that “insufficient housing supply is a critical issue” and the MBA pointing to potential steps like using tax law to “bolster rental housing supply at all price points.”
“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,” the MBA said. “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.”
