T
he presidential election campaign highlighted housing as a major issue, with both candidates vowing to make it easier for developers to build on underutilized federal land. Vice President Kamala Harris also wants to expand a program providing grant money to localities that implement innovative strategies to increase the housing supply.

    Other proposals, such as creating a new tax credit to incentivize starter home construction, rely on congressional action. Key real estate-related issues include the expiration of 2017 tax law provisions in 2025 and potential changes to deductions for pass-through entities, Opportunity Zones, and corporate tax rates.

    If Democrats retain their supermajority in state legislatures, they may be able to override gubernatorial vetoes on progressive initiatives. However, if Republicans gain control, it could impact the use of low-income housing tax credits, which have previously gained bipartisan support but failed to move forward.

    The election's outcome will also determine whether Donald Trump's promise of mass deportations of undocumented immigrants becomes a reality, and how this might affect construction labor shortages and housing prices.