GlobeSt.com: What Multifamily Can Expect From the Government Before the Midterm Elections

GlobeSt.com interviewed Cindy Chetti, the National Multifamily Housing Council senior vice president for government affairs, about the potential actions Congress might take in the remaining 15 in-session weeks before midterm elections. 

Chetti identifies five areas where congressional action could have a significant impact on the multifamily industry: 

1. Revitalized efforts to end or severely restrict a number of tax strategies popular among CRE professionals. GlobeSt.com notes democrats could theoretically pass a bill in the Senate with a simple majority, but it's unclear if their entire caucus would support it.

2. A refined version of the Build Back Better bill that is reportedly likely to focus on issues other than housing, like climate change and tax reform. 

 "As communities struggle with inadequate transportation, poor drinking water quality, sewage, and other public systems, they are increasingly looking for ways to pass these costs to developers by making project approvals contingent on infrastructure investments," Chetti says. "This translates into higher rents for households and does nothing to address the underlying shortage of affordable housing."

3.  Potential climate change regulatory actions that could require additional costs for developers.

4. COVID-19 relief efforts that could be required to maintain the multifamily industry in the face of continued outbreaks. 

5. The U.S. Innovation and Competition Act, which would provide funding to increase the production of semiconductors.

“Given the global shortage of semiconductor chips and our industry’s reliance on chips for smart home and security tech within apartment communities, this legislation is critical," Chetti notes.

Read the full analysis and interview at GlobeSt.com.