Housing is the top issue in the 2024 presidential race

Housing was a major issue in the presidential election campaign. So what now?

Both candidates promised to make it easier for developers to build, expressing support for building on underutilized federal lands. Vice President Kamala Harris also wants to build on a Biden administration program that provides cash grants to localities that implement “innovative strategies to expand housing supply.”

But other proposals, including creating a new tax credit to encourage starter home construction, would of course depend on Congressional action.

Here are some of the top real estate issues I’m thinking about as we await election results (both federal and local):

— The provisions of the 2017 tax law expire at the end of 2025. How will deductions work for pass-through organizations, opportunity zones, 1031 exchanges, state and local tax deduction limits, and corporate tax rates?

— Will Congress take up Harris’s proposal to introduce temporary rent controls?

— Legislation to expand low-income housing tax credits previously received bipartisan support but failed to advance. As Congress debates broader tax policy, will this year be the year to expand this program? Will Congress take other actions to encourage the use of such loans?

— If Donald Trump wins, will any familiar faces in the real estate industry get Cabinet positions? Howard Lutnick of Cantor Fitzgerald was swam as a potential contender for the post of Minister of Finance.

— Trump has promised mass deportations of undocumented immigrants as a solution to rising housing prices. But economists say immigrants do not contribute significantly to housing costs, and that deportations could worsen construction labor shortages.

— Will Democrats maintain their supermajority in the state legislature? As noted New York TimesDemocrats have not yet used their power to override gubernatorial vetoes. But losing the ability to do so could derail more progressive initiatives.

What are we thinking about: Elections are all-consuming. What state races are you watching? Email [email protected].

What we’ve learned: Portland International Airport has a therapeutic llama and alpaca. according to NPR. Their names are Benny and Captain Jack, respectively, and their presence at the airport is part of an overall effort to make airport travel less stressful. I feel like we could all use some therapy llama this week.

Elsewhere in New York…

— Nearly half a million more New Yorkers voted early this year than during the same nine-day period in 2020. Times Union reports. More than 2.98 million people (not counting mail-in ballots) voted early this year, up from 2.51 million in 2020, according to unofficial data released Monday by the State Board of Elections.

— Mayor Eric Adams on Monday signed legislation requiring hotel operators to obtain licenses. The measure exempts hotels with fewer than 100 rooms from the requirement for hotels to directly hire all of their essential staff.

— New York Times technology workers went on strike Monday. The Wall Street Journal reports this. “We have been sounding the alarm for weeks and clearing our schedules to complete this contract before the Election Week deadline,” said Susan DeCarava, president of the NewsGuild of New York. “We are disappointed that the Times is willing to risk its election coverage by not agreeing to a fair and just contract.” The Times responded that while it respects a union’s “right to engage in protected activities, we are disappointed that colleagues have gone on strike at this time, which is unnecessary and contrary to our mission.”

Closing time

Residential: The most expensive home sale on Monday was $5.6 million at 305 East 61st Street. The Lenox Hill condominium is a new construction and is 2,000 square feet. Corcoran Sunshine Marketing Group Lawrence Kruisman is selling.

Commercial: The largest commercial deal of that time took place. $6.1 million for an apartment building at 712 West 176 Street. The Hudson Heights building is five stories high and contains 40 apartments.

New on the market: The highest price for residential real estate to hit the market was $20 million. 340 West 23rd Street. The townhouse is 9,500 square feet and has three floors. The listing is on the Sotheby’s International Realty website.

Breakthrough: The largest new building application submitted was the proposed four-story, 69,192-square-foot school at 613 Beach 9th Street in Queens. The applicant in the case is Fariba Makooi of Fischer Makooi Architects. — Josef Jungermann