Tax changes have impacted only the wealthiest U.S. housing markets

First American | May 13, 2019

Tax changes have impacted only the wealthiest U.S. housing markets
More than a year after the 2017 Tax Cuts and Jobs Act reduced tax breaks for homeowners, only the wealthiest Americans are suffering, according to a new report. The real estate industry was concerned about the impact of two items in the 186-page law: limiting the mortgage-interest deduction to $750,000, down from $1 million, and capping the deductibility of property taxes to $10,000. So far, the only casualty has been the priciest end of the luxury market in some of the wealthiest U.S. towns, according to a report Monday from First American.

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This paper was prepared at the request of the National Association of REALTORS® (NAR). The purpose of this paper is to (1) provide an overview of the residential rental housing market; (2) explain the problem of rental housing restrictions; (3) categorize and describe the different approaches taken by local governments to regulate residential rental housing, including shortterm rentals, in their communities; (4) analyze the issues raised by these different regulatory approaches; (5) provide Realtors® with strategies for addressing these issues; and (6) outline “best practices” approaches to rental housing regulations that Realtors® can use in discussing the issue with local government officials.

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Spotlight

This paper was prepared at the request of the National Association of REALTORS® (NAR). The purpose of this paper is to (1) provide an overview of the residential rental housing market; (2) explain the problem of rental housing restrictions; (3) categorize and describe the different approaches taken by local governments to regulate residential rental housing, including shortterm rentals, in their communities; (4) analyze the issues raised by these different regulatory approaches; (5) provide Realtors® with strategies for addressing these issues; and (6) outline “best practices” approaches to rental housing regulations that Realtors® can use in discussing the issue with local government officials.