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On September 7, 2021, NAR sent a letter to the leadership of the House and Senate tax writing committees expressing concerns about proposals to limit tax benefits for real estate investment. Especially troublesome are proposed limitations on the use of like-kind exchanges, a proposed increase in the capital gains tax rate, and a proposal to tax unrealized capital gains at death for owners of properties with assets over certain levels. All of these would negatively impact the health of the commercial real estate market and could also limit the production of much-needed affordable rental housing and even result in higher rent costs.
As Congress considers budget reconciliation legislation, NAR urges lawmakers to carefully consider any revenue raising provisions and take into consideration the current housing supply crisis, especially as our nation recovers from the COVID-19 pandemic. The current state of the real estate market does not afford many Americans from low- and middle-income households the opportunity to purchase and own a home. In many parts of our nation, Americans are struggling to find decent and affordable rental housing. These conditions suppress the true growth potential of individuals, families, and our economy.