D
onald Trump has secured his position as the 47th president of the US, defeating Vice President Kamala Harris in a closely contested election. Trump's victory is expected to bring significant changes to housing policy, with the former president pledging to extend the 2017 tax law and reduce corporate tax rates. He has also criticized regulatory hurdles for developers, labeling environmental review and zoning restrictions as major obstacles to construction.

    Trump's presidency is likely to result in less pressure on localities from federal agencies to allow more apartments, a key issue in the campaign. However, his plan to deport undocumented immigrants could have limited impact on housing prices and deplete the construction industry's labor pool, raising costs and curbing production.

    Both Trump and Harris received significant donations from prominent real estate players, with Trump having an edge in Florida and Harris in California. Despite initial reservations, some major donors, including Blackstone Group's Stephen Schwarzman, reversed their stance to support Trump after he became the Republican nominee.

    The new president's policy ambitions will be heavily influenced by Congress, which remains divided following Tuesday's election. Republicans have recaptured control of the Senate, but the House is still up for grabs. The 2017 tax law, including provisions important to the real estate industry such as Opportunity Zones and pass-through entities, is set to expire in 2025.

    Harris had proposed a range of policies aimed at increasing housing supply and affordability, including capping rent increases for landlords with multiple units and providing down payment assistance to first-time homebuyers. Her plan also included expanding a program that provides grants to localities to remove regulations blocking new housing. A Trump presidency could potentially roll back these initiatives, including the lawsuit against RealPage, which has been accused of using algorithms to set rents unfairly.