AnalysisIndustry News

Real estate industry reacts to Senate tax reform plan

The reactions from prominent organizations and individuals in the biz

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The Senate Republicans' tax reform plan has only been out for a few hours, but already, the reactions from prominent organizations and individuals in real estate are rolling in. Here's a sampling of the ones we've received so far: National Association of Realtors (NAR) “Realtors are strong believers in the mortgage interest deduction as a means for keeping homeownership in reach for middle class families, but the tax proposals currently before Congress reach well beyond the MID. Eliminating the state-and-local tax deduction, further restricting capital gains exemptions for families who sell a home, limiting mortgage interest deductions for second homes, and even eliminating deductions for moving expenses; all of this, taken together along with a host of other proposals, represent an assault on homeownership that will lower home values and leave many middle-class homeowners little benefit, while others get a tax increase.”— NAR President Elizabeth Mendenhall Zillow Group “W...