July 21, 2016
By Amy Wolff Sorter
Meaningful real estate growth has a way to go, according to panelists at “Real Estate & the U.S. Economy: A Policy Discussion on 2017 and Beyond.” The forum, sponsored by The Hill and the National Real Estate Organizations, took place July 20, during the GOP National Convention in Cleveland, OH.
Part of the problem has been stringent regulations. “The federal structures are difficult to deal with,” said Congressman Mike Turner (R-OH). “Because they’re so specific, it’s tough for communities to target that investment.” Turner called for communities to have more flexibility in the way in which they use subsidies for real estate.
Edward Pinto with the American Enterprise Institute’s International Center in Housing Risk agreed. “Each subsidy has its own targets and rules,” Pinto said. “You keep layering subsidy on subsidy, and it becomes complicated.”
Also needed is a comprehensive, timely real estate policy. “A lot of the current policies are Clinton-era policies from 16 years ago,” Turner noted. As the economy has fundamentally changed in the past decade and a half, “This is an area ripe for reform,” Turner said.
Note: This is part one of a two-part stories series covering “Real Estate & the U.S. Economy: A Policy Discussion on 2017 and Beyond.”