Donald Trump’s Real Estate Plans

President Donald Trump officially kicked off his second term on Monday, joined by long-time friends in the real estate industry, allies and family members.

The 47th president, who is only the second to serve two non-consecutive terms and the first felon to take office, touted his return to the White House in typical fashion with sweeping remarks.

“The golden age of America begins right now,” Trump said in a speech after he was sworn in, where he doubled down on efforts to end diversity, equity and inclusion policies in federal government, and said he would make it the official position there are “only two genders, male and female.”

He also said the U.S. will expand its “manifest destiny into the stars,” prompting a thumbs-up from Elon Musk, whose SpaceX program aims to colonize the planet in 20 years.

But it’s Trump’s pro-business stance and pledge to combat inflation that encouraged some familiar names in the industry. His plans for steep tariffs on goods from China and other countries could, however, drive up building costs.

The president has signaled that he will quickly sign a flurry of executive orders, including one that will end remote work policies for employees of several federal agencies, the New York Times reports. Federal office space is also a focus of the Musk-led Department of Government Efficiency, which wants to cut regulations, and in turn, help the federal government shrink its office footprint.

Another order would explore the possibility of creating an “External Revenue Service,” to collect tariffs.

At the start of his second term, Trump has surrounded himself with a number of real estate executives, tapping Howard Lutnick, CEO of Cantor Fitzgerald and chair of Newmark, as Secretary of Commerce; Pulte Capital’s Bill Pulte as the next Federal Housing Finance Agency director, as the administration looks to potentially privatize Fannie Mae and Freddie Mac; developer Steve Witkoff as special envoy to the Middle East; and developer Charles Kushner as U.S. ambassador to France. Witkoff reportedly played an important role in the cease-fire deal in Gaza.

Trump’s pick for leading the Department of Housing and Urban Development, a former cornerback with the Washington Commanders (formerly Redskins), recently served as chief visionary officer at Texas-based multifamily housing developer JPI and under the first Trump administration, led a council that worked with federal agencies to find ways to promote Opportunity Zones.

During his confirmation hearing, Turner indicated that he would prioritize getting the agency’s “fiscal house in order,” and “maximizing the budget that we do have,” rather than fighting for more funding for the agency. He said he was supportive of making it easier for the private sector to invest in construction, but when it comes to changing restrictive zoning, he said local governments know best.

The real estate industry is watching the future of Opportunity Zones closely, along with a number of other policies that are slated to expire at the end of 2025. Trump has indicated that he wants to, at least, increase the cap on state and local property tax deductions, which were set at $10,000 as part of the 2017 tax law. Lawmakers in high-tax states have called on the president to fully repeal the cap.