Senior Vice President Jerry Giovaniello said November 8th was a “great night for real estate.” NAR works hard to create relationships with members of Congress and many incumbents were re-elected. $25 million was spent by NAR on congressional races this year, which is a new record for RPAC. Giovaniello said 90 percent of all RPAC-endorsed candidates won their races.
Giovaniello is optimistic regarding real estate issues in Congress but warns that tax reform will be on the agenda in 2017. He said Trump, who is a real estate developer but not a NAR member, could be a source of inspiration to those legislators interested in reform because he repeatedly mentioned his successes in avoiding federal taxes during his campaign using legal loopholes.