How the presidential election could impact the housing market; Mortgage fraud crackdowns continue... and more

The best national real estate stories from The Real Deal Sep 07, 2024 [View in Browser]( | [$1 for 1 Month]( [The Real Deal Logo](   [The National Logo](   In this week’s newsletter, we look into the ways the presidential election may impact residential real estate. Plus, inside the family feud over Sol Goldman’s multibillion-dollar property empire, the Department of Justice continues its crackdown on mortgage fraud and Larry Silverstein is in talks with American Express to build a skyscraper at 2 World Trade Center. These stories and more below.   How the presidential election could impact the housing market As the presidential election draws closer, politics will take over the headlines. And as it does, housing could become a critical subplot. Calls for more housing have become a significant part of the national political conversation. Three weeks ago, Vice President Kamala Harris made headlines with her bold [housing plan](. Harris vowed to build 3 million new homes and crack down on algorithms that could be inflating prices. Former President Donald Trump, on the other hand, hasn’t said much about housing. But [the GOP’s agenda]( includes calls to slash mortgage rates, promote homeownership, cut regulations, and open some federal land for development. The Trump campaign also touts his Opportunity Zone program, which was a boon for the industry, though it drew criticism for falling short of its goals. This increasing awareness around the housing crisis seems good for real estate – and certainly “cutting red tape,” as Harris has pledged, would be popular with developers. But housing regulations are fiercely guarded at state and local levels. National policies may be too broad to address the market, and could end up as just Band-Aids on bullet holes. Some work is already in progress, though. The Biden administration has laid out [specific proposals]( to increase housing construction and ramp up tenant protections, including a proposal for a temporary form of national rent control. The administration is also working on a plan to create 2 million homes. So Harris is aiming higher in calling for 3 million homes. But estimates suggest that the national housing shortfall is somewhere between 4 and 7 million homes – 3 million still won’t be enough. In addition to building homes, Harris’ housing plan would also provide $25,000 toward down payments for first-time homebuyers, launch a $40 billion fund to spur innovative housing construction, and repurpose some federal land for affordable housing. Reactions to Harris’ plan have been mixed. Many real estate pros worry that her down payment assistance proposals will fuel demand without addressing [deeper supply issues](. Plus, more buyers with government-backed assistance could just push prices higher. Harris also wants to crack down on corporate landlords using software to allegedly inflate rents. The software has already played a role in the [San Francisco mayoral race]( after legislation to ban such software was introduced. Last month, the Department of Justice filed an [antitrust lawsuit]( against RealPage, which has been under fire for how its technology influences rental rates. For real estate professionals, these policies could set the tone for the next decade. And, as we head into the latter half of 2024, the Federal Reserve’s [interest rate cuts]( could be a game changer. Already mortgage rates have dipped slightly, and cuts could energize the housing market. Builders like D.R. Horton and Lennar are riding a wave of optimism, with [homebuilder stocks soaring]( this quarter. Whether you're a broker, buyer, builder, or investor, keeping up with these policy developments will be crucial come November.   Together with Leyster Capital Flexible Financing For Real Estate and Beyond Leyster Capital meets the global liquidity needs of families, private individuals, and other substantial asset owners. We creatively and efficiently leverage multiple classes of real estate, collectibles, and financial assets. Our expertise and global resources give our borrowers the advantage of timeliness, certainty and flexibility. [Leyster Capital](   [I'm an image]( Inside the family feud of the multibillion-dollar Sol Goldman empire Previously unreported testimony portrays the personalities of the patriarch’s warring descendants. [I'm an image]( DOJ charges Toms River, NJ investors and title insurance owner for mortgage fraud scheme The Department of Justice charged two New Jersey real estate investors and the owner of Lakewood-based title insurer Universal Abstract in a multi-million dollar mortgage fraud scheme. [I'm an image]( Silverstein, Amex in talks to build 2 World Trade Center tower Two years into a quest for a new or renovated headquarters, American Express is talking to Larry Silverstein about building a long-awaited skyscraper at 2 World Trade Center.   Advertisement   [I'm an image]( More daughters from real estate dynasties join the family business The Real Deal tracked the job titles and real responsibilities of the women in the industry’s influential dynasties. [I'm an image]( The last piece of paradise: Palm Beach battles for its only major dev site left NIMBYs battle to curb development on a rare and exceedingly valuable parcel of land on the ultra-wealthy island. [I'm an image]( State regulators slow to act when Illinois brokers behave badly Misconduct by Illinois residential brokers often goes undetected by the state’s regulatory agency. [I'm an image]( S2’s Scott Everett hits alleged “LPWhisperer” with defamation lawsuit Months of online quarrels within the real estate community on X, formerly known as Twitter, have finally escalated into a lawsuit. [I'm an image]( How low did Irvine Company go on San Diego office sale? The Irvine Company has bailed out of a San Diego landmark just weeks after doubling down and then some on a major piece of Chicago’s skyline.     [The Real Deal Logo]( [Facebook]( [Twitter]( [Instagram]( [LinkedIn]( [YouTube]( [Manage Newsletters]( | [Unsubscribe]( | [Privacy Policy]( | [Subscribe]( | [Advertise]( The Real Deal 450 West 31st Street, New York, NY 10001 ©2024 TheRealDeal. All rights reserved. [View Online](