The Shifting Real Estate Landscape
How political attacks are shaping the legislative and regulatory environment
Real estate is at a critical crossroads as market forces and political scrutiny overwhelms the industry. For example, "housing" was mentioned over ten times in the most recent presidential debate. Expectations for increased activity at the federal level are set to fuel legislative, regulatory, and legal actions at the state and local levels, likely leading to material threats to the industry.
State of Play
Housing affordability has taken center stage in the 2024 presidential election, rising from a local issue that's received consistent attention to a national one that's increasingly polarized.
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The Risk for Corporate Actors in the Real Estate Market Continues to Increase
Data sourced from National Conference of State Legislatures' Housing & Homeless Legislation Database
Risks for Corporate Actors in the Real Estate Market Continue to Increase
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Today's Threat Landscape
The reality of today's market is that dramatic shifts in mortgage rates coupled with pandemic-era changes in how people live shed a painful light on a significant lack of supply in housing.
But the federal, state, and local actors are targeting "corporate interests" as culprit in an attempt to:
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Limit ownership of properties
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Lower housing costs
Emerging Risks to Watch
This support for enhanced regulation and increased scrutiny will bleed into other areas of the market.
How Property Owners Tell Their Side of The Story
What Happens After the Election?
Regardless of which party takes control of the White House and Congress, we expect some degree of bipartisan scrutiny and noise surrounding all facets of real estate and housing policy to increase.
Bottom Line: Despite the mounting wave of scrutiny over the past few years, real estate's political moment has not yet reached its peak. This increase in noise and activity will continue to fuel legislative, regulatory, and legal action at the state and local levels where material threats to operations are likely to occur.
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