EFTA00307747Set 9
3p2,267w
Exchanges Must Be Preserved
Reform ideas that repeal or weaken tax incentives to encourage homeownership — The Section 1031 provision encourages growth by permitting real estate
must be rejected. We need ... provisions. Since its inception, our income tax system has recognized the favorable effects
of homeownership for families, communities and society by incentivizing
• Proposals that limit itemized deductions—even ifnot direaly ... would stay on the books, allowing proponents of
tax incentives for homeownership. Analysis of a blueprint-like tax this type of tax reform to emptily boast that the deduction
https://www.justice.gov/epstein/files/DataSet%209/EFTA00307747.pdf
EFTA01437985Set 10
54p11,254w
performed very well coming out of the
financial crisis, as households
(particularly Millennials) eschewed homeownership due to stringent mortgage
lending, an overhang of student
debt, and shifting lifestyle preferences. However ... increased slightly faster than economic growth alone
would imply, courtesy of a declining
homeownership rate (supporting apartments), strong job growth (office), and
burgeoning e-commerce distribution
(industrial).5 We believe ... absorption, although intensifying competition for talent
should underpin demand for quality
space. A stabilizing homeownership rate (as Millennials in their mid-30s
contemplate home-buying) may dampen
apartment absorption
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01437985.pdf
EFTA00307737Set 9
10p2,253w
REALTORS' is available
http://www.nar.realtor/political-advocacv
REALTORS°, December 2016,
1/ "Social Benefits of Homeownership and Stable Housing", National Association of
https://realtoru.edu/wp-content/uploads/2014/06/Homeownership-Stable-Housing.pdf
EFTA00307739
HOUSING STATISTICS FOR THE 115TH CONGRESS ... National Association of
Texas District 3 REALTORS
District Level Information
Honorable Sam Johnson (R)
Homeownership in 20151
Total Housing Units 305,681 Homeownership Rate
Occupied Housing Units ... Texas REALTORS®
State Level Information
Honorable John Cornyn (R)
Honorable Ted Cruz (R)
Homeownership in 20152 Homeownership Rate as of 2017 Q12
Total Housing Units
https://www.justice.gov/epstein/files/DataSet%209/EFTA00307737.pdf
apartments
provide, Keeping yields at historic lows.
Demographics and lifestyle preferences that have delayed homeownership still support strong apartment demand,
as does steady job growth. Nearly 29,300 units were ... first quarter of 2016, the highest figure for a
first quarter since 2010.44, Homeownership remains near its lowest point in several decades." We believe the
homeownership rate has likely bottomed ... living in apartments y5 This should restrict any large outflows of renter's into homeownership. Moreover,
according to the Nielsen Company, 62% of Millennials prefer to live in mixed
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01388962.pdf
EFTA00862567Set 9
2015-03-0826p10,577w
other reasons
outlined in the Urban Institute study. First, they have lower homeownership rates, which, while not a
liquid savings vehicle, is one of the most common ways that Americans ... over the age of 60 have savings in real estate or land. But the homeownership rate for
whites is more than 5o percent larger than the rate for African-American ... money to offer a first-time homebuyers
credit, because it can also promote excessive homeownership and larger homes. That money could
certainly be put to good use in other ways
https://www.justice.gov/epstein/files/DataSet%209/EFTA00862567.pdf
EFTA02703043Set 11
2015-03-0824p10,181w
other reasons outlined in the Ur=an Institute study. First, they have
lower homeownership rates, which, while not a liquid savings vehicle, is one of t=e most common ways ... over the age of 60 have savings in real estate=or land. But the
homeownership rate for whites is more than 50 percent larger =han the rate for African-American ... offer a first-time homebuyers credit, because it can also pro=ote excessive homeownership and
larger homes. That money could certainly =e put to good use in other ways
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02703043.pdf
EFTA01071289Set 9
2015-08-1330p17,719w
reverse the recent home ownership trend, Figure 28.
• As shown in Figure 28, the homeownership rate has declined from recent peak of 69.2% in 2004 to the lowest level
since ... more than unwound the
increases during last decade's housing boom and brought the homeownership rate to its lowest level since 1967.
Figure 27: Homebuyer Affordability Index Figure 28: Home ... Figure 36.
• The sharp decline in household debt metric is likely due to declining homeownership rate, write-down of bad
mortgages, and rising disposable income.
Figure 35: Total Household Debt
https://www.justice.gov/epstein/files/DataSet%209/EFTA01071289.pdf
EFTA01078150Set 9
193p87,309w
Considerations:
• The provision would preserve a substantial tax benefit for homeownership without
affecting most taxpayers, who either do not itemize their deductions or who live in
moderately priced housing markets ... reducing the current-law $1 million limitation, the provision would more effectively
promote homeownership, rather than also promoting leveraged purchases of larger homes
than taxpayers otherwise would acquire without
https://www.justice.gov/epstein/files/DataSet%209/EFTA01078150.pdf