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WASHINGTON (May 6, 2024) — Former members of Congress Joe Cunningham and Trey Gowdy joined the National Association of Realtors® (NAR) for a bipartisan look at the political landscape during the Federal Legislative and Political Forum to kick off the 2024 Realtors® Legislative Meetings in Washington, D.C.
Gowdy, known for his extensive service in Congress and his current role as a political commentator on Fox News, opened by emphasizing the importance of pursuing unlikely friendships, extending grace and understanding toward those with differing political views, and engaging in persuasion rather than validation.
Moderating the Q&A session, 2024 Federal Legislative and Political Forum chair Maura Neill and vice chair Scott Louser covered a range of topics, from legislative accomplishments to market outlooks. When asked what could be done to help the housing shortage, Gowdy and Cunningham agreed that adjustments to the tax code to increase inventory are needed.
Cunningham, celebrated for his bipartisan approach to legislating and his role as national director for No Labels, put the housing inventory crisis into perspective by sharing the hardships younger generations are facing when trying to break into the market. "There's so much frustration among younger people that they cannot achieve the American Dream," he said.
The moderators turned the discussion to the challenges faced by veteran homebuyers. Buyers using a VA loan are currently prohibited from compensating their professional representative directly, which puts them at a disadvantage. Both panelists agreed that the stakes are higher for veterans due to their unique circumstances and that education and advocacy are crucial to addressing the unintended consequences of these regulations. Gowdy stated, "I can't imagine sending anyone, including veterans, into the incredibly complicated process of buying a home without an advocate."
Referring to his own experiences buying and selling real estate, Gowdy continued, "I couldn't have done any of it without the help of a REALTOR®."
Later in the day, at the Advocacy Scoop event, NAR Chief Advocacy Officer Shannon McGahn and the Advocacy team discussed the key priorities NAR is working on with the 118th Congress, the administration, and at the state and local levels. During this session, Joe Harris, NAR's vice president of government advocacy, broke the news that "we are relaunching the Real Estate Caucus after a brief hiatus. We are very excited to be working with four bipartisan members of Congress."
The event then turned to discussions around tax policy and what challenges lay ahead for the rest of 2024 and into 2025. NAR's Director of Federal Taxation, Evan Liddiard, told the audience, "The American Dream of homeownership is in danger. The bottom line is that in 2025, much of the Tax Cuts and Jobs Act will expire. And because many of those provisions resulted in a tax cut for most Americans. If that is allowed to expire, then it will create a tax increase for most Americans. And so, something has to happen in 2025 to prevent that big tax increase from going on."
Liddiard outlined potential actions Congress could take to help protect the American Dream:
- Enacting strong tax incentives to create more homes for sale – such as passing the More Homes on the Market Act, creating tax incentives for small investors who own rental homes to sell them to owner-occupants, and crafting tax credits for converting underutilized commercial property to residential units.
- Provide robust assistance to help families save for a down payment – such as allowing a tax deduction for contributions to a Home Purchase Account (HPA) for first-time buyers.
- Provide a homeownership tax credit for those who do not itemize to make the purchase of a home more affordable.
From updating tax law to addressing America's housing shortage to ensuring equal access to professional representation and supporting fair housing, attendees at the Legislative and Political Forum and Advocacy Scoop learned more about how Realtors® are leading efforts to expand homeownership and revitalize communities.
For more information about the Realtors® Legislative Meetings, please visit https://legislative.realtor/
The National Association of Realtors® is America's largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
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