Greetings! I have just returned from the Illinois REALTORS®’ Public Policy meetings which were held in Peoria this past week. The meetings were insightful and filled with a tremendous amount of information – which is why I am writing to you, with an err of caution.
As you may know, Congress has been discussing significant changes to our tax preferences regarding homeownership. These include the removal of the Mortgage Interest Deduction (MID), the removal of the Property Tax Deduction and the removal of the 1031 Like Kind Exchange. All of these items will have a significant impact on the housing market in general and your business, in particular. My point in writing to you today is to make you aware that we are not “crying wolf;” now, more than ever before, we need you to voice your displeasure with these decisions that today, seem imminent, to your local and state representatives.
At the start of my presidency, I made a statement that I want you to be UNCOMMON, and to lead prosperous, fulfilling and successful careers in our industry! While I don’t fear for our position disintegrating, I do want to caution you that changes are on the horizon for how we practice our profession. You can be a huge part of (y)our success moving forward by responding to Calls for Action, contributing your fair share ($20) to RPAC and by vocalizing your displeasure at these decisions which go against the very core of homeownership!
I, along with our local, state and national government affairs directors, will be monitoring these items as we move ahead. This Congress, unlike years past, will be moving swiftly to change legislation and will have the power to do so. Please, I implore you to contribute how you see fit, to defeat these ideas so the American Dream of homeownership stays just that for many years to come.
I am always available to discuss these and other issues you have concern or delectation about. Please feel to contact me at MattSilver@Urbanre.com or (224) 444-9169.
Have an incredible first quarter and as always, to your continued success!
133rd President, Chicago Association of REALTORS®