What Trump’s return to the White House means for real estate nationwide

The best national real estate stories from The Real Deal Nov 09, 2024 [View in Browser]( | [$1 for 1 Month]( [The Real Deal Logo](   [The National Logo](   In today’s newsletter, we consider what Donald Trump’s return to the Oval Office could mean for real estate on national and local levels. Plus, more drama unfolds at Elliman following Howard Lorber’s departure, Fannie Mae confirms its investigation into commercial mortgage fraud and a monthslong legal battle between Fortress and Charles Cohen comes to an end. These stories and more below.   What Trump’s return to the White House means for real estate nationwide Donald Trump’s return to the White House after defeating Kamala Harris has the real estate industry bracing for changes that could reshape the sector nationally. With the former developer back in the Oval Office, Trump’s [ambitious agenda]( is expected to ease regulatory burdens, open new investment opportunities and potentially reduce tax restrictions. One of the president-elect’s main goals includes reviving the 2017 tax reforms, particularly the 1031 exchange and Opportunity Zones, which offer tax advantages for real estate investors. He also pledged to repeal the $10,000 SALT deduction cap, which has especially impacted homeowners in high-tax states like New York and California. But there are challenges ahead. Trump’s push for high tariffs on imports and stricter immigration policies, including plans for mass deportations, could lead to higher construction costs and labor shortages. Below the top of the ticket, key local elections in major U.S. markets signal significant changes ahead. In New York, Trump’s victory has raised questions about the federal corruption case against Mayor Eric Adams, including whether the DOJ will drop the charges or whether Trump will [pardon the mayor]( if he is convicted. In the meantime, the City Council is expected to pass a bill to reduce broker fees for tenants, a move progressives are touting as a [timely response]( to Trump’s win. At The Real Deal’s forum in Miami, PMG founder Kevin Maloney [voiced concerns]( about tariffs, calling them “a ridiculous thing” that would raise costs for suppliers and, ultimately, for developers. In a win for Miami developers, Tomas Regalado rode the red wave in Miami-Dade County to win the [property appraiser’s race](. Miami voters also greenlit luxury condo projects on [Watson Island](, with developers pledging public amenities like parks and waterfront access. California voters delivered a strong message by rejecting a [key rent-control measure]( in Prop. 33. The ballot measure would have repealed the Costa-Hawkins Rental Housing Act of 1995 and expanded rent control across multifamily and single-family units, a move that landlords argued would stifle new investment and worsen housing shortages. In Los Angeles, property owners and landlords are optimistic after independent candidate Nathan Hochman won the [district attorney race](. Hochman campaigned on enforcing stricter laws on property crime, which Hochman claimed dampened market confidence under incumbent DA George Gascón’s watch. San Francisco voters backed pro-development moderates, with Daniel Lurie winning the [mayoral race]( against incumbent London Breed and candidates like Bilal Mahmood and Marjan Philhour gaining ground on the Board of Supervisors. With downtown vacancy rates high and homelessness continuing to impact the city’s reputation, a [moderate board]( offers hope for revitalization efforts and policies that support more housing. Austin’s [mayoral and council elections]( affirmed the city’s commitment to boosting housing supply through zoning reforms. Mayor Kirk Watson’s re-election and a pro-housing council reinforces the city’s openness to high-density development on smaller lots, helping to address the housing crunch. Texas also sent real estate industry favorite Ted Cruz back to Washington for a [third Senate term](. In Chicago, Larry Rogers Jr., who had the [support of the real estate industry](, won 81 percent of the vote for Cook County Board of Review. Illinois voters also showed support for the idea of a “[millionaire’s tax](” that would require those with high incomes to contribute to a property-tax relief fund. With a new slate of policies on deck across the country, industry insiders are preparing for possible ups and downs in the months ahead. But, the election results could be a glimpse into a real estate future poised for growth, resilience and transformation.   Advertisement   [I'm an image]( Howard Lorber admitted to relations with brokers in company probe The former chairman and CEO of Douglas Elliman admitted to having intimate relationships with two of the company’s brokers. [I'm an image]( Fannie Mae says it suffered losses from commercial mortgage fraud The agency confirmed an ongoing investigation into a litany of schemes that may be far more pervasive than was initially thought. [I'm an image]( Fortress wins auction for Charles Cohen properties in largest-ever UCC foreclosure A monthslong legal battle between Fortress Investment Group and Charles Cohen ended Friday with little fanfare   Advertisement   [I'm an image]( [Sponsored Nuveen RE Captures Slice of Growing Healthcare Segment]( [I'm an image]( How broker misdeeds get swept under the rug in New York The Real Deal investigates why industry groups and brokers do not eliminate bad broker behavior in New York City. [I'm an image]( Map shows Shaya Prager’s property deals collapsing across US A map of Opal Holdings’ loan defaults, foreclosures and lawsuits over the past five years. [I'm an image]( Scam ahead: despite warnings, real estate investors keep getting sucked into Ponzi schemes Ponzi schemes seem to be as much a feature of real estate as maturity dates or loan payments. [I'm an image]( Inside Simon Dushinsky’s Rabsky Group The quiet giant of Brooklyn development now plans to build the tallest tower in Fort Lauderdale. [I'm an image]( Fed cuts rates as mortgages get costlier post-election The Fed reduced the federal funds rate by 25 basis points after an increase in mortgage rates post-election.     [The Real Deal Logo]( [Facebook]( [Twitter]( [Instagram]( [LinkedIn]( [YouTube]( [Manage Newsletters](link.therealdeal.com/manage/61n/preferences?email={EMAIL}&hash=c3ef811325e0489c79ef984bae8ea606) | [Unsubscribe](list=National Weekly) | [Privacy Policy]( | [Subscribe]( | [Advertise]( The Real Deal 450 West 31st Street, New York, NY 10001 ©2024 TheRealDeal. All rights reserved. [View Online](