Monday, April 27, 2026
On Tap Today
Build better: As housing costs rise, cities are converging on a simple idea: building more homes is key to improving affordability.
Fair housing flip: Federal housing agency reverses course on what agents can tell homebuyers about neighborhoods.
Capital freeze-out: A Senate housing bill has frozen capital for build-to-rent projects across the country.
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| The S&P and Nasdaq both closed at new record highs Friday, powered by Intel's 23% surge after a blowout quarter and Nvidia reclaiming a $5 trillion market cap. The semiconductor index posted its 18th straight winning session. Oil dropped to $94.40 as Iran's foreign minister agreed to meet Pakistani mediators in Islamabad, reviving hopes for talks with Washington. The DOJ dropped its criminal probe into Fed Chair Powell, clearing the path for the Senate to vote on Kevin Warsh. The 10-year settled at 4.31%, flat on the day but up 7 bps on the week as oil-driven inflation concerns lingered. Consumer sentiment hit a record low of 49.8 even with the ceasefire in place. For CRE, the disconnect is striking: equities at all-time highs, deal pipelines reopening (per bank earnings), but consumer confidence at rock bottom and the Strait still shut. The FOMC meets Tuesday and Wednesday; no move expected, but the statement's tone on inflation will set the near-term rate narrative. |
Policy & Finance
Housing affordability has become one of the defining economic pressures facing U.S. cities, pushing local leaders to rethink their relationship with the real estate industry. As rents surged after the pandemic and homeownership slipped further out of reach, a clearer consensus has emerged: the most effective way to improve affordability is still the most straightforward—build more housing.
That idea, however, runs into political resistance, zoning limits, and high construction costs. Yet some cities are starting to show what is possible. Places like Austin and Jersey City are demonstrating that when policy aligns with development, supply can ramp up quickly and affordability can begin to follow. Their experiences are reshaping how other cities approach the crisis.
Still, there is no one size fits all solution. From inclusionary zoning to tax abatements and office conversions, each strategy comes with trade offs. The real challenge and opportunity lies in finding the right mix of incentives and reforms that unlock new housing without stalling development.
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Federal Reversal Clears Real Estate Agents to Discuss Crime and Schools
HUD issued guidance Friday telling real estate professionals they may share neighborhood crime and school quality data with homebuyers without violating the Fair Housing Act. Assistant Secretary Craig Trainor wrote that agents and brokers do not break federal law merely by discussing crime prevalence or school performance in specific areas. The directive reverses a 2021 Biden administration memo that led major listing platforms including Redfin and Trulia to remove such data over concerns it could reinforce racial bias. The National Association of REALTORS had published materials during that period instructing members not to directly answer client questions about neighborhood safety and school quality.
Trainor cited President Trump's April 23, 2025 executive order on equality of opportunity as superseding the Biden-era policy. He argued that if the Fair Housing Act prohibited discussion of schools or crime, it would raise First Amendment concerns. Trainor recommended that real estate groups reconsider reliance on DEI consultants who may be misinterpreting the law. HUD Secretary Scott Turner said Americans should not be left in the dark about vital facts when making one of their most significant financial decisions.
Realtor.com told The Post it has begun reviewing reliable crime data sources as part of its commitment to full transparency. The National Association of REALTORS said it is carefully reviewing the letter and its implications for members and consumers. The shift affects how millions of buyers access information during home searches, reversing a multiyear trend among brokerages and listing services that had removed or declined to display localized crime statistics and school ratings on property pages.
Federal Housing Bill Freezes Financing for Build-to-Rent Projects Nationwide
Financing for build-to-rent housing projects across the country has stopped as lenders wait for Congress to reconcile competing housing bills. The Senate's 21st Century ROAD to Housing Act, passed in March, includes a provision requiring institutional investors owning more than 350 homes to sell or convert properties within seven years. Phoenix developers including Hancock Builders, which has built 7,200 BTR units since 2016, report equity and debt capital has frozen completely. Greg Hancock, who has seven projects under construction, said he may lay off workers for the first time in 50 years if financing does not resume. The House passed a similar bill the same month, and the two versions await reconciliation.
Phoenix led the nation in BTR transaction volume in 2025, with nearly 1,500 units trading for more than $500 million, and delivered more than 7,500 units last year—over 40% of all BTR completions in the West. Developers report Freddie Mac and Fannie Mae have backed away from financing these communities, and private lenders have either paused new exposure or imposed enhanced scrutiny. Attorney Adam Baugh said one client switched plans from single-family cottages to triplex units to avoid potential impacts. Developers who pioneered the product, including NexMetro Communities and Christopher Todd Communities, maintain their cottage-style horizontal apartments qualify as multifamily under federal definitions and should be excluded from the bill. Baugh disputes that interpretation, noting the bill defines single-family homes as structures with two or fewer dwelling units.
The legislation also affects traditional homebuilders, who typically sell remaining inventory in a community to investors for rental. Those bulk sales to institutional buyers would cease if the seven-year disposition requirement remains. Sean Fergus of Zonda Home said the bill eliminates exit strategies for developers who build, stabilize, and sell rental communities to long-term holders, reducing future supply. Arizona Congressman David Schweikert said he plans to call a conference committee and signal to lenders that the BTR provision will be removed. HUD Secretary Scott Turner visited a NexMetro project in Commerce City, Colorado last week and voiced support for cottage-style rental housing and the BTR sector.
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