A new bi-partisan caucus has been formed in Congress designed to specifically address the needs and concerns of the nation’s massive real estate industry.
The mission of the new caucus, said California Democrat Representative J. Luis Correa, is to encourage members of both parties to “deliver real estate policy that will benefit soon-to-be homeowners across the country and help many families get one step closer to fulfilling their own American Dream.”
Real estate industry groups and leaders have long complained that Congress passes laws affecting the industry with little input from individual realtors. The concerns of the industry have become more acute in the past several years as lawmakers have increasingly approved new affordable housing initiatives.
Noting that the nation is “facing a housing affordability crisis,” the National Association of Realtors has applauded formation of the caucus contending that it will “advance our efforts to increase the housing supply and help individuals from all backgrounds find a path to homeownership.”
The Bipartisan Congressional Real Estate Caucus will be composed of two Democrats and two Republicans and will not only study housing affordability issues, but also the challenges of high-cost building materials, work force availability, and regulatory challenges.
Among the industry groups supporting formation of the new caucus is the National Apartment Association which, in a statement, said it hoped the effort will help ensure that the nation has a “robust supply of rental housing at all price points for generations to come.”
By Garry Boulard
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