On or before Tuesday, November 5, 2024, voters from across the country cast their votes in this year’s pivotal election. From local ballots to the presidential campaign trail, housing policy was at the forefront. Here are key insights as of the morning of November 19, 2024, and what they mean for the rental housing industry.
Outlook in Washington
Trump Wins White House: The Associated Press (AP) has called the presidential election for former President Donald Trump (R). The president-elect carried the state of North Carolina and flipped Arizona, Georgia, Michigan, Nevada, Pennsylvania and Wisconsin - all seven of the major swing states.
On Housing Policy: Over the past few months on the campaign trail, both major party presidential candidates have made housing – and housing costs specifically – a point of conversation. President-elect Trump outlined the following as key pillars of his housing proposal:
- Help new home buyers by reducing mortgage rates by slashing Inflation and opening limited portions of Federal Lands to allow for new home construction;
- Promote homeownership through Tax Incentives and support for first-time buyers;
- Cut unnecessary regulations that raise housing costs; and
- Ban mortgages for undocumented immigrants and mitigate increases in housing costs due to illegal immigration.
Republicans Take Senate: Republicans will also take back control of the U.S. Senate in the 119th Congress, flipping seats in Ohio, Montana, Pennsylvania and West Virginia. They will control the chamber with a total of 53 seats. On November 13, Senate Republicans elected John Thune (R-S.D.) as the next majority leader in the chamber.
NAA's Take: This change in control also means change in leadership atop key committees like Banking, Housing & Urban Affairs, Finance and Environment and Public Works. Who exactly those new leaders are is still to be determined as some Republican Senators could join the Administration.
GOP to Control House: The AP has projected that Republicans will retain control of the U.S. House of Representatives with at least 218 seats in the incoming Congress. A handful of races - including a few in California - have yet to be called.
NAA's Take: We still do not know who will lead key House Committees like Ways and Means, Financial Services,and Energy and Commerce. Some leadership positions will be contested so it may take some time to identify Chair or Ranking Members of some committees.
What's Next
Housing Policy Solutions: Responding to the election results, NAA President and CEO Bob Pinnegar said in a press statement that the association "welcomes the opportunity to work with the new administration and members of the incoming Congress to develop responsible and sustainable housing policy solutions. This election made clear that housing is top of mind for voters throughout our country, and it’s past time to come together and meaningfully address longstanding housing affordability challenges. Working alongside our nation’s elected leaders, NAA looks forward to sharing the unique perspective of rental housing professionals to ensure the industry’s voice is a part of important policy conversations.”
2025 Outlook: In a statement to Multifamily Executive, NAA Senior Vice President, Government Affairs, Greg Brown shared insight into key policy efforts in the new year:
“Tax policy will certainly be front and center in the new year, as key provisions of the 2017 Tax Cuts and Jobs Act will expire. NAA will work to protect critical elements – including individual tax rates, the 20-percent qualified business income deduction (Section 199A) and the expanded estate-tax exemption - that support the industry and long-term affordability. NAA will also advocate for tax incentives to boost housing supply and increase affordability, including expanding the Low-Income Housing Tax Credit, enacting the Workforce Housing Tax Credit Act and enhancing Opportunity Zones.
“Outside of tax policy, NAA will remain focused on sustainable housing policy solutions like enhancing critical housing assistance programs (like Section 8) in the short-term and reducing barriers to apartment development long-term.”
Read more here.
Deeper Dive: For a more in-depth preliminary analysis of this year’s election results and an outlook for the next Congress, read this preliminary election memo from Porterfield, Fettig and Sears LLC.
Housing Ballot Measures
Across the country, several localities have housing policy measures on the ballot this year. In total, the National Apartment Association (NAA) is tracking 19 ballot measures in 7 states that would impact policy ranging from rent control to affordable housing and property taxes. View results below.
View NAA's 2024 Ballot Measure Tracker
NAAPAC Supports Industry Champions
The National Apartment Association Political Action Committee (NAAPAC) made critical investments that underscore an unwavering commitment to supporting bipartisan voices that champion the rental housing industry’s legislative priorities.
Strong Results: As of this writing, 215 of 229 federal candidates NAAPAC supported through the general election have won their races, a success rate of 96%.
Key actions this cycle include:
- Digital advertisements for Rep. Lori Chavez-DeRemer (R-Ore.-5)
- Radio advertisements for Rep. Vincente Gonzalez (D-Texas-34) | Declared winner
- Digital advertisements for Rep. Don Bacon (R-Neb.-2) | Declared winner
The National Apartment Association (NAA) will continue to closely monitor the election results over the days and weeks ahead. As always, NAA continues our robust efforts to advocate on behalf of its members against damaging policies like rent control and instead for sustainable solutions to our nation’s affordability challenges. For more information, check out NAA’s policy priorities. Check back on this page for updates as they become available.
