News Type: Roundtable Weekly

Bipartisan Legislation Allowing REITs to Increase Investment in Commercial Tenants Introduced

Posted on by Trey Jackson

Downtown Salt Lake City, Utah

Bipartisan legislation introduced Feb. 4 by House Ways and Means Members Brad Schneider (D-IL) and Darin Lahood (R- IL) would modernize real estate investment trust (REIT) tax provisions to permit REITs to invest equity in struggling commercial tenants that have been harmed by the COVID-19 pandemic. (News release, Feb. 4)

  • The Retail Revitalization Act of 2021 (H.R. 840) – strongly supported by The Roundtable and a coalition of real estate, retail, and labor interests – would help address the challenges in the retail sector that have been exacerbated by the coronavirus. Failure to make these changes could result in further retail bankruptcies, liquidations of retail businesses, large-scale job losses and a collateral impact on related supply chains that service the sector.   
  • “The COVID-19 pandemic has decimated the retail sector, resulting in lost jobs and shuttered doors. Retailers across the county are already facing bankruptcy, liquidation or large-scale job losses. Allowing REIT landlords to infuse more capital into their retail tenants will help offset the retail sector’s devastating losses caused by the pandemic and save jobs,” said Rep. Schneider.
  • Rep. Lahood added, “Retailers need more funding as they work to recover from the pandemic and this legislation will help infuse critical private capital into small businesses struggling.”
  • Roundtable member Brian Kingston, CEO of Brookfield Property Group commented, “As one of the largest shopping mall owners in the U.S., we have seen first-hand the devastating effects the pandemic has had on many of our tenants.  A modernization of the REIT rules—like those contained in the Retail Revitalization Act—will allow us to respond to our tenants request for further assistance, in turn allowing them to keep their doors open, save thousands of jobs, and continue to generate millions in tax revenue for federal, state, and local governments.”
  • The bill would modify existing related-party rent rules that treat rental income received by a REIT from a tenant in which the REIT owns more than a 10 percent interest as bad income for REIT purposes.  Specifically, among the changes, the bill would:
    • increase the capacity of a REIT to own the equity of a tenant from 10% to 50%, and
    • conform the ownership attribution rules used for determining what is considered related-party rent under the REIT rules to the general ownership attribution rules that apply to corporations.

Speaking at a virtual event with the sponsors and stakeholders on the day of introduction, Roundtable President and CEO Jeffrey DeBoer said, “[A]s important and helpful as Congress’s actions have been for smaller businesses, a lifeline is now needed, particularly to larger retail businesses and the people who work in the retail industry.”

“The legislation is not a tax cut or a tax break,” DeBoer continued, “It is very much a private sector solution.  It would provide a legal framework for property owners … to put their own capital at risk by making equity investments in struggling retail businesses that employ tens of thousands of workers nationwide.”  

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The Real Estate Roundtable Partners With REEC to Address Equity, Diversity and Inclusivity Disparities in Commercial Real Estate

Posted on by Trey Jackson

REEC logoThe Real Estate Roundtable is a Founding Partner of a national program unveiled Feb. 3 by the Real Estate Executive Council (REEC) – the trade association for CRE professionals of color – that will seek to address equity, diversity, and inclusivity issues across the commercial real estate industry with a wide spectrum of partner companies and organizations. (REEC news release, Feb. 3)

  • “The lack of diversity in the CRE industry, and the disparities that exist in access to capital and credit for African Americans and other people of color, are systemic problems that need a multifaceted approach. None of us can do this alone. Coming together to tackle the challenge through industry partnerships such as REEC’s Diversity Partner Program will give us a fighting chance,” said REEC Board Chair Tammy K. Jones, CEO and founder of Basis Investment Group.

  • Ken McIntyre, CEO of the REEC and a Real Estate Roundtable Board Member, said, “We are excited to launch the Diversity Partners Program and to work with this committed group of initial partners to improve diversity and inclusion in the CRE industry. We invite other firms to join REEC as Diversity Partners to further our mission. As an industry we have a great deal of work to do to change the paradigm.”

  • REEC’s initial diversity partners have committed to meaningful goals for diversity and inclusion in support of REEC’s mission. The founding diversity partners include:
  • The Roundtable’s Board of Directors has established an Equity, Diversity and Inclusion (ED&I) Committee, chaired by Roundtable Board Members Jeff T. Blau, CEO, Related Companies, which is organizing members and finalizing a mission statement. (Roundtable news release, Sept. 30, 2020) 

  • The framework of the partnership REEC has with The Roundtable and other founding partners includes the following goals:

    • Diversity Ecosystem – hiring and developing a pipeline of racially diverse talent.
    • Diversity Business Plan — focus on goals, measurements and transparency. 
    • Supplier or Vendor Diversity/Diversity Spend – increasing percentages of annual spend allocated to firms owned by people of color. 
    • Investment Allocations and Access to Capital & Credit – increase the amount of, and improve access to, capital and credit for minority-owned investment managers, developers, projects and communities. 

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Democrats Approve Budget Resolution Setting Up Path for Biden COVID-19 Package

Posted on by Trey Jackson

U.S. Capitol with flag

Vice President Kamala Harris broke a 50-50 tie in the Senate on Feb. 5 to pass a budget resolution that will allow President Biden’s proposed $1.9 trillion pandemic relief package to advance without GOP support. (New York Times, Feb. 5)

  • The budget resolution triggers special “reconciliation” procedural protections that prevent a possible filibuster by Senate Republicans – and will give tax-writing and other committees in both chambers until Feb. 16 to report legislative language for consolidation into a final pandemic relief bill. (“Budget Reconciliation: The Basics,” House Committee on the Budget)
  • Senate Majority Leader Chuck Schumer (D-NY) said, “This was a giant first step. So we will keep working as hard as we can to pass this legislation through the House, through the Senate as we go through the reconciliation process and hopefully put it on the President’s desk.” (Schumer statement, Feb. 5)
  • ‘House Speaker Nancy Pelosi and Senate Majority Leader Schumer issued a joint statement on Feb. 1 to unveil the budget resolution. “Congress has a responsibility to quickly deliver immediate comprehensive relief to the American people hurting from COVID-19. The cost of inaction is high and growing, and the time for decisive action is now,” according to the statement.
  • Additional unemployment assistance and other pandemic aid measures are scheduled to expire in March as calls increase for more funding to support vaccine distributions, direct payments to households, school reopenings, and relief for businesses. (AP, Feb. 2)  
  • Earlier in the week, President Biden’s $1.9 trillion pandemic relief package proposal was countered by a $618 billion Republican proposal. The GOP counter-proposal did not include aid for state and local governments, rental assistance, or further extension of the CDC’s eviction moratorium beyond its current expiration date on March 31. (Comparisons of the Democratic and Republican proposals have been prepared by CNN, The Wall Street Journal, and USA Today).
  • Roundtable President and CEO Jeffrey DeBoer said,” The Real Estate Roundtable is encouraged by both Democratic and Republican efforts to work toward additional economic relief from the pandemic. Given the continuing great need for additional assistance to cities, people and businesses, we continue to urge policy makers to find a path forward.”

Changes Possible Before Final Package

  • White House Press Secretary Jen Psaki commented there may be some changes to Biden’s “American Rescue Plan” to achieve compromise on the next pandemic package, including lowering the qualifying income threshold for the proposed $1,400 in direct payments. (AP’s YouTube channel, Feb. 2)
  • The reconciliation process allows for congressional tax-writing committees to consider measures that could potentially be added to the package. A group of 120 House and Senate Democrats – led by Ways and Means Member Lloyd Doggett (D-TX) and Senate Finance Committee member Sheldon Whitehouse, (D-RI) – this week urged congressional leaders to reinstate the full limitation on net operating losses and active business losses that were part of the Tax Cuts and Jobs Act of 2017.  The CARES Act included tax relief that allowed businesses to carry back 2018-2020 net operating losses to prior years, thus allowing them to claim refunds for taxes paid in earlier years.
  • The letter states that proceeds from reversing the NOL measure “should be repurposed to help Americans who have lost income due to the pandemic and its economic fallout.” (Feb. 2 letter)

Separately, a power-sharing agreement for the 50-50 Senate was unanimously adopted on Feb. 3 by the chamber after Majority Leader Schumer and Minority Leader Mitch McConnell (R-KY) finalized terms. The agreement allows Democrats to take control of Senate committees and formalize their leadership. (Wall Street Journal and Politico, Feb. 3)

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2021 National Policy Agenda

Posted on by Trey Jackson

2021 Policy Agenda (entire agenda)

Intro

Tax Policy 

Capital & Credit

Energy & Climate

Infrastructure & Housing

Homeland Security

 

Senate Advances Biden Cabinet Confirmations; Janet Yellen Confirmed as Treasury Secretary

Posted on by Trey Jackson

Janet Yellen - Shutterstock

Cabinet nominations for the Biden Administration are advancing in a closely divided Senate. On Jan. 25, former Fed Chair Janet Yellen, above, was confirmed (84-15) by the full chamber as the first female U.S. Treasury Secretary after the Senate Finance Committee unanimously approved her nomination last week. (Roundtable Weekly, Jan. 22)

  • Members of the Finance Committee asked Dr. Yellen about the potential for tax increases under the new Administration.  She responded in writing, “President Biden has proposed an array of reforms that would ensure the wealthiest taxpayers and corporations pay their fair share. These and other proposals will be further developed as part of the budget process.”
  • In addition to the former Fed Chair’s testimony, her responses to written questions for the record are available here.
  • Secretary Yellen is expected to play an important role in negotiations with Congress over COVID-19 relief, support President Biden’s efforts to encourage clean energy jobs, and work closely with current Fed Chair Jerome Powell on bolstering an economic recovery. (The Hill, Jan. 29 and NBC News, Jan. 25)
  • Yellen also said she will establish a new “hub” at Treasury that will examine financial system risks arising from climate change and on related tax policy incentives. (Politico, Jan. 25)
  • Other Biden cabinet nominations of interest to commercial real estate include:

Secretary of Transportation — Pete Buttigieg
The former mayor of South Bend, IN was approved by the Senate Commerce Committee on Jan. 27 and the full Senate has scheduled a vote on his nomination on Feb. 2. Buttigieg made urban development and economic revitalization cornerstones of his mayoral service. (Reuters, Jan. 27)

Administrator of the Environmental Protection Agency (EPA)– Michael Regan
The Senate Committee on Environment and Public Works will hold a confirmation hearing on Biden’s nomination of Regan to be EPA administrator on Feb. 3. (Bloomberg Law, July 27)  He currently leads North Carolina’s Department of Environmental Quality, and if confirmed will have a major role on shaping the Biden Administration’s reponse to the climate crisis.

Secretary of Energy – Jennifer Granholm
Former Michigan Gov. Jennifer Granholm had her confirmation hearing on Jan. 27 before the Senate Energy Committee. As governor, she supported policies for electric cars, energy efficiency, and renewable energy deployment.

Secretary of Commerce – Gina Raimondo
The Senate Commerce Committee held a Jan. 26 confirmation hearing to consider Rhode Island Governor Gina Raimondo for Commerce Secretary. Gov. Raimondo spoke at The Roundtable’s 2020 State of the Industry Meeting about her efforts to build more affordable housing, along with her support for Opportunity Zone tax incentives. (Roundtable Weekly, Jan. 31, 2020)

Secretary of Homeland Security – Alejandro Mayorkas
The Senate will vote on the nomination of Alejandro Mayorkas to lead DHS on Feb. 1, after he was approved by the chamber’s Homeland Security and Governmental Affairs Committee on Jan. 26.  A former Obama Administration official, if confirmed he will help shape the Biden Administration’s policies on matters such as immigration and cybersecurity. (The Hill, Jan. 28)

Secretary of Housing and Urban Development – Marcia Fudge
The Senate Banking Committee on Jan. 28 held a hearing on the nomination of Marcia Fudge to lead HUD.  Rep. Fudge (D-OH) is former chairwoman of the Congressional Black Caucus. During her nomination hearing, she told the committee that $25 billion in rental assistance approved by Congress at year-end was “not enough.” (NPR, Jan. 28)

A full listing of other cabinet nominees and senior roles in the Biden Administration is provided by The Wall Street Journal.

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Senate Weighs Timelines for COVID-19 Relief Bill and Impeachment Trial; President Biden Signs Climate Executive Order

Posted on by Trey Jackson

U.S. Capitol evening

Senate policymakers this week began to consider President Joe Biden’s $1.9 trillion COVID relief package proposal after Congressional leaders agreed to delay opening arguments in the impeachment trial of Donald Trump until Feb. 9. (Reuters, Jan. 25 and PBS, Jan. 26)

  • As an alternative to a trial, Sen. Tim Kaine (D-VA) yesterday said he will introduce a resolution to censure the former president, citing the 14th amendment to bar Trump from holding future office. At least 10 Senate Republicans would have to vote for censure to move the resolution forward, even though the GOP has shown little support for conviction in the impeachment proceeding. (The Hill and The Washington Post, Jan. 28)
  • With the impeachment trial date set, Senate Majority Leader Chuck Schumer (D-NY) said he is aiming to pass a pandemic aid package by mid-March, when unemployment benefits will expire. (Forbes, Jan. 25, 2021 and Roundtable Weekly, Dec. 22, 2020)
  • Schumer and House Speaker Nancy Pelosi (D-CA) also said this week that if Republicans continue to reject President Biden’s $1.9 trillion pandemic relief proposal, a Democrat-only pandemic stimulus plan will move forward next week using budget reconciliation – a process that requires a simple majority vote in the Senate, thereby avoiding a filibuster. Vice President Kamala Harris could break a tie vote in the 50-50 Senate. (The Hill, Jan. 29)
  • President Biden said Monday that he is open to negotiating a bipartisan approach to the next pandemic aid package with Congress, but stated “time is of the essence” and that “[t]he decision to use reconciliation will depend on how these negotiations go.” (Bloomberg and CNBC, Jan. 25) 
  • Sen. Rob Portman (R-OH) – a centrist Republican who recently announced he will not seek reelection in 2022 due to partisan gridlock – said the use of reconciliation “would exacerbate the partisanship around here; it would make it more difficult to find common ground.” (Wall Street Journal, Jan. 26)

Presidential Executive Order on Climate

  • In related policy news, President Biden issued an executive order on Wednesday to “tackl[e] the climate crisis at home and abroad.” (Axios, Jan. 28, New York Times, Jan. 27).  The order aims for the U.S. to achieve a “net-zero emissions” economy by 2050.
  • The climate order directs federal agencies to determine the U.S.’s carbon reduction target under the terms of the Paris climate agreement, and maximize opportunities to “create well-paying union jobs to build a modern and sustainable infrastructure.”

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Pandemic Aid, Biden Administration Agenda and Other National Policy Issues Addressed in Roundtable Discussions

Posted on by Trey Jackson

DC-JF-JD-2021-SOI-x475w

The Real Estate Roundtable’s 2021 State of the Industry (SOI) meeting this week featured discussions with three incoming Senate Committee chairs who oversee banking, energy, housing, and tax legislation – along with other national leaders on a wide range of policy matters. The Roundtable’s policy advisory committees also met virtually to discuss these matters as well as the Biden Administration’s COVID response initiatives, the prospects for legislating in a 50-50 Senate, and homeland security concerns in the aftermath of the January 6 attack on the Capitol. (Watch all SOI videos on The Roundtable’s YouTube Channel.)

  • Roundtable Chair Debra Cafaro (Chairman and CEO, Ventas, Inc.) launched the SOI meeting on Jan. 26, acknowledging the health, economic and equality crises that have engulfed the nation over the past year. (video)
  • Cafaro also emphasized how The Roundtable was one of the first industry groups to denounce the attack and suspend political support for any members of Congress not interested in seeking bipartisan solutions to the nation’s significant challenges. (Roundtable Weekly, January 15)
  • Cafaro was joined by Roundtable Chair-Elect John F. Fish (Chairman & CEO, SUFFOLK) and Roundtable President and CEO Jeffrey DeBoer (photo above) in announcing that the organization’s 2021 National Policy Agenda will soon address issues in the areas of tax, capital and credit, energy and climate, homeland security, infrastructure and housing.

Policy Issues & Featured Speakers

The SOI meeting attracted nearly 300 participants and included the following speakers: 

Senator Joe Manchin (D-WV)

  • Sen. Sherrod Brown (D-OH) – Incoming Chairman of the Senate Banking, Housing and Urban Affairs Committee – spoke about the national eviction moratorium and ensuring citizens have access to affordable housing (video). [Roundtable President and CEO testified before the Senate Banking Committee in Sept. 2020 about policy recommendations that could encourage a national recovery from the economic effects of the pandemic.]
  • Sen. Joe Manchin (D-WV), photo above – Incoming Chairman of the Senate Energy and Natural Resources Committee – is one of the key centrist Senators who is expected to play a significant role in forging bipartisan legislation in the 117th Congress, as the Biden Administration moves swiftly on its pandemic aid plan and clean energy initiatives to boost job creation. (video)
  • Sen. Ron Wyden (D-OR) – Incoming Chairman of the Senate Finance Committee – will have a principal role on Capitol Hill on tax, trade, and spending. He welcomed fact-based reports showing the link between real estate, the pandemic and tax policy. (video)
  • Dr. Scott Gottlieb – 23rd Commissioner of the U.S. Food and Drug Administration – spoke with Roundtable Chair Debra Cafaro on the emergence of vaccines, concerns about coronavirus variants, and the prospects for fuller re-opening of the economy.
  • Penny Pritzker – 38th Secretary of Commerce (2013-2017), Founder and Chairman of PSP Partners and former Roundtable Board Member – provided her insight on leadership, international trade agreement, the climate crisis and racial inequity. (video)
  • Steven Pearlstein – Business and Economics Columnist, The Washington Post – discussed the challenges ahead for bipartisan policymaking in a split Senate with The Roundtable’s Board of Directors, reflecting his recent column, “Five (somewhat) upbeat predictions for 2021.” (video)

Roundtable Policy Advisory Committees

SPAC x475w image 1-27-20

The Roundtable’s policy advisory committee meetings analyzed national issues impacting CRE in detail with the following high-level congressional and agency staff:

  • Research and Real Estate Capital Policy Advisory Committees (RECPAC)
    Rep. French Hill (R-AR) provided his insights on the 117th Congress from his perspective as a member of the House Financial Services Committee. Additionally, D. Michael Van Konynenburg (Eastdil Secured), Brian Kingston (Brookfield) and Michael Bilerman (Citi) provided their perspectives on the market cycle. (video)
  • Tax Policy Advisory Committee (TPAC)
    Tax legislative priorities affecting CRE were a focus of a discussion moderated by Russ Sullivan (Brownstein Hyatt Farber Schreck) with Tiffany Smith, chief tax counsel for Senate Finance Committee Democrats and Andrew Grossman, chief tax counsel for House Ways and Means Committee Democrats. (video)
  • Homeland Security Task Force (HSTF) and Risk Management Working Group (RMWG)
    This joint meeting was briefed on potential post-inauguration threats from a representative of the FBI’s Counterterrorism Division. Additionally, Brian Michael Jenkins, a senior adviser to the president of the RAND Corporation, addressed the attack on the U.S. Capitol and the implications for real estate.
  • Sustainability Policy Advisory Committee (SPAC), photo above
    U.S. Energy Information Administration speakers updated SPAC on the Commercial Building Energy Consumption Survey (CBECS), the only federal data that takes stock of U.S. commercial real estate. Environmental, Social, and Corporate Governance (ESG) trends were also discussed, as well as the need for voluntary federal standards to help unify a patchwork of state and local laws addressing buildings and their carbon footprint. (video)

Next on The Roundtable’s FY2021 meeting calendar is the Spring Meeting on April 20. This virtual meeting is restricted to Roundtable-level members only.

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Senate Finance Committee Approves Janet Yellen as Treasury Secretary; BisNow Webinar Features Roundtable’s DeBoer on Industry Policy Agenda and Biden Administration

Posted on by Trey Jackson

Janet Yellen during Senate Finance Committee confirmation hearing

The Senate Finance Committee on Jan. 22 voted unanimously to advance President Biden’s nomination of Janet Yellen for Treasury secretary to the full Senate for a vote. Yellen, who formerly served as chair of the Federal Reserve, would become the first woman to hold the position. (The Hill, Jan. 22) 

  • Yellen testified before the committee earlier this week that “the world has changed,” encouraged policymakers to “act big,” and addressed fiscal relief, potential tax increases and the growing budget deficit. (Bloomberg and Wall Street Journal, Jan. 19)
  • “Neither the President-elect, nor I, propose this relief package without an appreciation for the country’s debt burden,” she said. “But right now, with interest rates at historic lows, the smartest thing we can do is act big. In the long run, I believe the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a very long time.” (Yellen testimony, Jan. 19)
  • In follow-up written Q&A with the committee, Yellen addressed a wide variety of policy issues including tax policy and climate change. Among her answers in the document:

    “Both the President and I believe we can turn the threat of climate change into an opportunity to boost our economy and reinvigorate old and new industries to create high paying middle class jobs across America. President Biden has a comprehensive plan to invest in the United States, create a clean energy economy, and address the crisis of climate change. I am focused on the President’s agenda, including investments in the clean energy economy, to address climate change and create good paying jobs and energy efficiency technologies, as well as clean electricity standards that will achieve carbon-pollution-free electricity by 2035.”

  • Yellen also said she planned to start a new Treasury “hub” that would examine financial system risks arising from climate change and on related tax policy incentives, POLITICO’s Zachary Warmbrodt reports.
  • Sen. Ron Wyden (D-OR), who is poised to chair the tax-writing Senate Finance Committee, said in a statement after the hearing, “As we continue to deal with the worst economic crisis in a century, it’s critically important that she be leading the Treasury Department as soon as possible.” 

Roundtable’s DeBoer & Policy Priorities 

Jeffrey DeBoer, upper left, during Bisnow Webinar

Real Estate Roundtable President and CEO Jeffrey DeBoer commented in the media this week on the Biden Administration and policy priorities ahead.  

  • In Commercial Property Executive’s Jan. 22 article, Industry Responds as Biden Kicks Off Tenure (cpexecutive.com), DeBoer states, “There are many serious issues facing the nation, but job number one is winning the ongoing battle against the health and economic consequences of the pandemic.”  He added, “In addition, we expect robust debate and activity around housing availability, infrastructure and immigration reform and expanding opportunities for all Americans.”
    • The Roundtable and 12 national real estate organizations on Dec. 16, 2020 congratulated Joe Biden and Kamala Harris on their historic election and submitted detailed policy recommendations to the incoming administration on COVID-19 relief, sustainability, housing, immigration, tax policy infrastructure, and other policy issue areas. (Roundtable Weekly, Dec. 18, 2020)
      • The industry letter acknowledges the many economic and social challenges confronting the country and the Biden Administration, including the national response to COVID-19. The letter and supporting policy memo were also sent to every congressional office on Capitol Hill.
      • DeBoer also participated in Jan. 19 BisNow webinar with Roundtable Member Steven Witkoff, Chairman & Chief Executive Officer of Witkoff, and W. Edward (Ed) Walter – Global Chief Executive Officer of the Urban Land Institute and current co-chair of The Roundtable’s Research Committee – that focused on future economic stimulus proposals from the Biden Administration and industry priorities.
      • DeBoer said, “What Biden has suggested already is very positive. We need to go bold and big. So when we look at this next wave of legislation, we’re going to be looking for how does it distribute the vaccine because until that occurs it is going to be difficult for cities and states and businesses to regain their footing. We have also worked hard on the concept of rent assistance and we have urged that impacted businesses also be able to get some rental assistance.”
      • He added, “We are also very hopeful that in the next bill we can get some additional clarity on liability concerns for businesses. And going forward, we’re concerned that for leasing and refinancing, there may be a need to have a program along the lines of what was established after 9-11 for terrorism insurance. There may be a need for a pandemic risk insurance federal program that would allow people to help mitigate the risk of a future pandemic and that insurance would be available to any kind of business.” 

      The Roundtable’s policy agenda and the Biden Administration’s proposals will be discussed during both The Roundtable’s business meeting and policy advisory committee meetings during the organization’s State of the Industry Meeting on Jan. 26-27 (all virtual).

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      Roundtable Members Participate in Nationwide Illumination of Buildings to Honor COVID-19 Victims

      Posted on by Trey Jackson

      Denver's City and County Building was lit as part of the

      Real Estate Roundtable members on Jan. 19 joined other building owners and operators around the nation to illuminate private and public buildings in a “national moment of unity and remembrance” to honor those Americans who have fallen to COVID-19. (Photo: Denver’s City and County Building, credit: Patricia Duncan )

      • Dozens of Roundtable member organizations responded to a request for participation from the Presidential Inaugural Committee.  Their building illumination efforts coincided with a lighting ceremony around the Lincoln Memorial Reflecting pool in Washington, D.C., and the ringing of bells in churches and towns nationwide to commemorate the moment of remembrance.
      • The Roundtable on Jan. 19 issued the following statement about the memorial event, which was held as part of the inauguration of President Joseph R. Biden and Vice President Kamala D. Harris:
        • “The Real Estate Roundtable encourages all Americans to support the peaceful transfer of power to the new Biden-Harris Administration, and urges that the 117th Congress unify across party lines to address the critical health, economic and social challenges now facing the American people. 
        • “This evening, in association with the inauguration of the Biden-Harris administration, our nation will recognize the nearly 400,000 fellow citizens who have died over the past year due to COVID-19.” 
        • “Building owners are proud to join national policy makers, religious leaders, business figures and others commemorating tonight’s event by lighting many of our buildings nationwide as part of the #COVIDMemorial.”
        • “The Roundtable is committed to work positively with our elected officials to help our nation stabilize and rebuild from the severe hardships caused by the pandemic — and to do so in a manner that affirms and more fully realizes the ideals of equality and opportunity upon which our great nation is founded.”

      Photo compilations of illuminated buildings in towns and cities nationwide who participated in the tribute were posted on media outlets such as Axios, the San Jose, CA publication The Mercury News and ABC News.

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      Joe Biden Takes Oath as 46th President, Signs Executive Orders on Pandemic Response, Evictions, Climate, Immigration and Racial Equity

      Posted on by Trey Jackson

      U.S. Capitol Biden-Harris Inauguration

      On January 20, the peaceful inauguration of Joe Biden as the 46th president of the United States and Kamala Harris as vice president took place on the steps of the Capitol, where two weeks prior a violent mob attempted to overturn the electoral process.

      • President Biden in his inaugural address emphasized themes of national struggle and unity. He stated, “We must end this uncivil war that pits red against blue, rural versus urban, conservative versus liberal. To overcome these challenges – to restore the soul and to secure the future of America – requires more than words. It requires that most elusive of things in a democracy: Unity.”

      • Vice President Harris – who is the highest-ranking woman of color in U.S. history – stated during a post-inaugural event, “This, too, is American Aspiration. This is what President Joe Biden has called upon us to summon now. The courage to see beyond crisis. To do what is hard. To do what is good. To unite.” (New York Times, Jan. 21)

      Coronavirus Response

      The new administration’s top priority is to develop and manage a coordinated, national public health and economic response to the COVID-19 pandemic. On its first two days in office it issued:

      Additional “Day One” Orders

      President Biden signs Executive Orders on

      In addition to addressing COVID-19, the Biden Administration moved swiftly on “Day One” with 17 Executive Orders (EOs) covering a range of issues.  (New York Times and CQ, Jan. 20) These actions include: 

      • Extending the federal residential eviction moratorium (scheduled to expire on January 31) through the end of March – with a request to HUD and other agencies to allow forbearance on payments of federally-guaranteed mortgages; 
      • “Restoring science” and “tackling the climate crisis,” such as by rejoining the Paris Climate Agreement, and directing the EPA and the Energy Department to reassess Trump-era rules on building energy codes as well as standards for appliance and motor vehicle fuel efficiency;
      • Advancing racial equity and support for underserved communities; and
      • Restoring protection for “Dreamers” under the Deferred Action for Childhood Arrivals (DACA) program, ending the ban on travel to the U.S. from primarily Muslim countries, and other immigration-related matters. The Roundtable joined an amicus brief to the U.S. Supreme Court last year urging that DACA protections should be re-instated for immigrants brought to the United States as children. (Roundtable Weekly, June 19, 2020 )
      • (Biden has also proposed a legislative immigration overhaul that would provide a path to citizenship for the undocumented, which has already been met with some GOP opposition and “underscore[s] that the measure faces an uphill fight in a Congress that Democrats control just narrowly.” (AP, Jan. 19).

      References:

      The Biden Administration’s initial actions and policy agenda will be a focus of The Roundtable’s Jan. 26-27 State of the Industry Meeting (held virtually).  Speakers will include:

      • Sen. Sherrod Brown (D-OH) – Chairman, Senate Banking, Housing and Urban Affairs Committee
      • Sen. Joe Manchin (D-WV) – Chairman. Senate Energy and Natural Resources Committee
      • Sen. Ron Wyden (D-OR) – Chairman, Senate Finance Committee
      • Dr. Scott Gottlieb – 23rd Commissioner of the U.S. Food and Drug Administration

      • Penny Pritzker – 38th Secretary of Commerce (2013-2017); Founder and Chairman of PSP Partners

      The Roundtable will also unveil its 2021 National Policy Agenda publication soon, which will address policy issues in in the areas of tax, capital and credit, energy and climate, homeland security, and infrastructure and housing.

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