Housing policy is not exactly at the center of this presidential election.
When it comes to politics and policy, local elections tend to have much bigger consequences for real estate than the presidential race.
However, federal tax policy has a significant impact on the industry. As we reported in The Real Deal’s August magazine, Trump has pledged to make various tax cuts and policies of the 2017 tax law permanent. Harris would call for reforms. The future of the expiring law, however, ultimately lies with Congress.
Federal races can also affect local politics. Remember the blue wave that led to the stunning 2019 rent law?
But as of now, the housing platforms of the presidential candidates are largely just vibes.
Trump’s platform emphasizes supporting homeownership and building housing on federally owned land. As president, he decried efforts to eliminate single-family zoning and promote multifamily development, which he said would “destroy” the suburbs.
Vice President Kamala Harris has not yet rolled out her own housing platform, though it would be surprising if she departed drastically from Biden’s. On July 31, she said, “We will take on corporate landlords and cap unfair rent increases,” apparently referring to a Biden proposal.
It is safe to assume she would continue the administration’s efforts to combat exclusionary zoning. Last year, it launched an $85 million program to provide funding to communities that are working to “identify, address, or remove barriers to housing production and preservation.” This included changes to zoning rules to allow for more residential density and multifamily housing.
Over the past week or so, a number of people on social media — and even some headlines — have declared Harris’ running mate Gov. Tim Walz a Yimby, citing his approval of a $1 billion investment in housing (including down payment and rental assistance). He was not governor of Minnesota when Minneapolis ended single-family zoning citywide, but he did sign a bill this year that allowed implementation of the law to move forward. I don’t know if one can be the Yimby slate without first releasing a housing plan, though.
It will be interesting to see how much of a role housing policy plays in the presidential race. We will be lucky if housing is even mentioned during a debate. But who knows? Harris has said that she plans to release her economic policy platform in the coming days.
What we’re thinking about: Will Harris or Trump mention 1031 exchanges, which Biden once proposed to eliminate, in their policy platforms? What about Opportunity Zones? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: The first theater in Trenton, New Jersey, was the Taylor Opera House, which was founded by John Taylor in 1867. Taylor is better known for creating the most controversial meat product in the state.
Elsewhere in New York…
— Mayor Eric Adams on Monday tapped Robert Tucker as the city’s new fire commissioner. Tucker, CEO of the private security firm T&M USA, is taking over from Laura Kavanagh, who was appointed in 2022. The New York Daily News was first to report the appointment.
— City Council member Keith Powers is running for Manhattan borough president. His announcement followed Manhattan BP Mark Levine’s that he will run for comptroller, a seat Brad Lander is leaving to run for mayor.
— Speaking of comptroller, state Assembly member Jenifer Rajkumar has also officially announced that she’s running, City & State reports. Her campaign website lists creation of a city land bank as one of her affordable housing priorities. Incidentally, this was something that Lander proposed as a City Council member and also as comptroller.
Closing Time
Residential: The priciest residential sale Monday was $15.9 million for a 4,116-square-foot condominium unit at 400 West 12th Street in the West Village. Alexa Lambert Of Compass had the listing.
Commercial: The largest commercial sale of the day was $40 million for air rights in the Financial District. The city sold the rights to the Howard Hughes Corporation as part of the company’s plans for 250 Water Street.
New to the Market: The highest price for a residential property hitting the market was $33 million for a 7,324-square-foot townhouse at 7 East 63rd Street in Lenox Hill. Jennifer Reardon, Leighton Candler and Rachel Brandeis of the Corcoran Group have the listing. — Matthew Elo