The launching of the new Bipartisan Congressional Real Estate Caucus has been embraced by groups across the various industries that intersect with real estate.
The group – including the National Association of Realtors (NAR), the National Association of Home Builders (NAHB), the Mortgage Bankers Association (MBA), the American Land Title Association (ALTA), National Apartment Association (NAA), U.S. Mortgage Insurers (USMI), National Multifamily Housing Council (NMHC), Asian Real Estate Association of America (AREAA), American Property Owners Alliance (APOA), Leading Builders of America, and Nareit – all issued statements thanking the Congress members who created it.
The founders of the caucus include U.S. Reps. Mark Alford (R-MO), J. Luis Correa (D-CA), Tracey Mann (R-KS), and Brittany Pettersen (D-CO).
The groups said that while there is an eagerness for homeownership and housing development across the country, but the lack of affordable housing units and supply prevents many Americans from achieving that dream. Thus, it is critical that Congress supports policies and initiatives that promote the growth of the real estate industry, like this caucus.
“Lawmakers from across the political spectrum are in overwhelming agreement that this nation is facing a housing affordability crisis. 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,” National Association of Realtors officials said.
Economic research estimates a persistent housing deficit measured in the millions, representing an underinvestment of trillions of dollars for housing in the United States, they said. Tax laws must do more to promote homeownership, build stable communities, bolster rental housing supply at all price points, and boost economic growth, they added.
“MBA applauds Representatives Mark Alford, Lou Correa, Tracey Mann, and Brittany Pettersen for stepping up to co-lead the Bipartisan Congressional Real Estate Caucus. 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 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,” Mortgage Bankers Association officials said.