NAR in DC: What do they want from lawmakers?
As Realtors take to Capitol Hill to lobby members of Congress, their biggest concern is finding ways to make more homes available and affordable.
Key points:
- NAR wants to juice home sales by pushing for a capital gains tax exclusion that could incentivize long-term homeowners to sell.
- Also on the list: Improving zoning and land-use policies and converting underused commercial buildings for residential use.
- Expanding fair housing protections to include LGBTQ folks remains a priority.
WASHINGTON, D.C. — Thousands of Realtors will be spending the penultimate day of the National Association of Realtors' 2025 Legislative meetings on Capitol Hill lobbying legislators on their priorities for real estate.
Meetings focused on pushing legislation that supports more — and affordable — housing are taking place throughout June 4. In addition to encouraging the addition of sexual orientation and gender identity as protected classes to the Fair and Equal Housing Act, these are the bills and other agenda items that NAR said the meetings with members of Congress will address.
More Homes on the Market Act (H.R. 1340)
This bill, which has been mentioned several times during this week's legislative meetings, would increase the capital gains tax exclusion on the sale of a home used as a main residence from $250,000 to $500,000 for single filers and from $500,000 to $1 million for joint filers.
NAR leaders believe this change would incentivize long-term homeowners to sell, which would in turn increase the available market supply.
"As home prices rise and tax exemptions stay the same, homeowners feel financially locked into their homes and homebuyers feel locked out of the housing market," said Rep. Jimmy Panetta of California while reintroducing the bill earlier this year as one of its sponsors.
"By modernizing the capital gains exclusion, our bipartisan More Homes on the Market Act will enable more people to sell their homes, downsize if they choose, and retain the savings they've built over a lifetime," Panetta added. "This commonsense fix will expand housing inventory, ease affordability challenges, and help more families achieve the dream of homeownership."
Housing Supply Framework Act (H.R. 2840/S. 1299)
The intent of this bill is to increase housing production by developing a national strategy aimed at reducing new housing regulations and identifying best practices for zoning and land-use policies, according to Rep. Mike Flood of Nebraska, one of the bill's sponsors.
"The rising cost of housing is putting the American Dream out of reach for working families across our country," Flood said in an April press release. "We need an all-of-the-above approach to addressing America's housing crisis."
The bill "helps establish suggested best practices for state and local governments across the country who want to break down barriers holding back development and innovation in housing and construction," Flood added.
Revitalizing Downtowns and Main Streets Act (H.R. 2410)
This bill proposes transforming underused commercial properties so that they can instead be used for mixed-use housing or as residential buildings.
"Right now, vacant commercial and office space is sitting unused, and converting these properties into housing is often so expensive it isn't worth doing," bill sponsor Rep. Mike Carey of Ohio said earlier this year. "This bipartisan bill will allow communities to expand their supply of affordable housing by upgrading existing buildings, allowing American downtowns and main streets to thrive with new investments."
Uplifting First-Time Homebuyers Act (H.R. 3526)
This legislation would increase the amount that an individual could withdraw from an IRA for use on the down payment of a home without eliciting penalties. The bill would boost that penalty-free amount from $10,000 to $50,000.
"Buying a home for the first time is not as easy as it once was," Rep. Beth Van Duyne of Texas said this week while introducing the bill. "By updating and increasing the IRA withdrawal limit, we increase access to much needed capital for our first-time homebuyers. Helping Americans realize the dream of homeownership is an investment in their future and a more stable future for our country."
Other priorities for real estate professionals
NAR is also asking members to talk to legislators about three bills that revolve around self-employed professionals, such as real estate agents:
Association Heath Plans Act (H.R. 2528/S. 1847), which would provide affordable health care access to Realtors and other self-employed individuals.
Direct Seller and Real Estate Agent Harmonization Act (H.R. 3495), which NAR said would ensure that agents can keep their status as independent contractors under the Fair Labor Standards Act.
Main Street Tax Certainty Act (H.R. 703/S. 213), which would retain the current 20% deduction for pass-through business income that is set to expire at the end of 2025.