Propmodo Daily

By Franco Faraudo · May 7, 2024

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In today's email, we discuss the newly formed Bipartisan Housing Caucus in Congress, which has gained backing from major real estate industry trade groups. Established by representatives from diverse backgrounds, the caucus seeks to tackle housing affordability by increasing the nation's housing supply. Will this new group be able to act as a counterbalance to the Congressional Renters Caucus, which champions a less industry-friendly approach to housing affordability?

This week in Propmodo Technology, we're exploring how technology is driving the rise of flexible office spaces. Plug-and-play solutions like phone booths and meeting rooms offer quick adaptability to changing work needs. Large office owners are embracing tech-enabled co-working and flex spaces to support hybrid work models. Finally, we'll investigate why an on-demand 'Class Pass' model for office access hasn't gained widespread popularity yet.

Now, let's dig in!

The Real Estate Industry Gets Its Own ‘Housing Caucus’

The real estate industry is applauding the formation of a new Congressional body. Four House representatives announced the creation of the Bipartisan Housing Caucus yesterday. Industry trade groups, including the National Association of Realtors, the National Apartment Association, the National Multifamily Housing Council, and NAREIT, all expressed strong support. The caucus aims to tackle housing affordability by increasing the nation's housing supply

As the name suggests, the founders of the caucus come from varied backgrounds and have different political affiliations. Representative Mark Alford, a Republican from Missouri, is known for proposing legislation that would prevent Chinese, Russian, and Iranian nationals from buying land in the U.S. J. Luis Correa, a Democrat from Orange County, grew up speaking Spanish as his first language. Tracey Mann, a Republican from Kansas, has been criticized for his involvement in creating opportunity zones due to potential conflicts of interest with his real estate investments. Lastly, Brittany Pettersen, a newly elected Democrat from Colorado, serves on the House Financial Services Committee, specifically on the Subcommittee on Housing and Insurance.

The one thing that almost all of the founders of the Caucus have in common is a background in real estate. “As a former real estate broker, I saw firsthand the role real estate plays in uplifting Main Street and hard-working American taxpayers,” said representative J. Luis Correa. “Our Caucus will bridge the partisan divide and push Congress together to deliver real estate policy that will benefit soon-to-be homeowners across the country and help so many families get one step closer to fulfilling their own American Dream.”

The exact role of the Housing Caucus in supporting the industry remains uncertain, but it will likely serve as a counterbalance to the Congressional Renters Caucus, established in July. The Renters Caucus advocates for a different approach to housing affordability, one that may not be as favorable to the real estate industry. It has already advanced legislation that limits what landlords can charge in fees, mandates the disclosure of tenant complaints, and bans charges for credit screenings.

These two caucuses exemplify the divergent strategies in addressing the housing affordability crisis. The real estate industry would benefit from supporting the Housing Caucus as a means to promote housing growth and bolster the sector. Without an increase in housing supply to make homes more affordable, stricter regulations like those championed by the Renters Caucus could become more prevalent.

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