Every year, as part of the annual National Association of REALTORS®’ (NAR) Legislative Meetings, REALTOR® leaders from across Wisconsin travel to Washington, D.C., to meet with the state’s Congressional delegation. They discuss key issues impacting not only the real estate industry in Wisconsin, but also the broader national economy.
This year, Wisconsin REALTOR® leaders focused on issues such as housing supply, tax policy, maintaining independent contractor status and fair housing initiatives. In addition to the policy talking points, REALTOR® leaders shared personal stories as to how these issues directly affect the lives of individuals and families striving for the American dream of homeownership.
At the forefront of these discussions was the pressing issue of housing availability. Despite modest increases in inventory, Wisconsin continues to grapple with a significant shortage of homes. According to Forward Analytics, Wisconsin needs to produce over 200,000 new homes by 2030 to meet demand, a daunting task given the current rate of production. To confront this challenge head-on, NAR is advocating for legislative measures aimed at incentivizing the construction and rehabilitation of homes for low- and moderate-income homeowners. Among these measures are the Neighborhood Homes Investment Act and the Yes in My Backyard (YIMBY) Act, both designed to stimulate the creation of affordable housing options.
Housing affordability emerged as another critical concern, compounded by rising property prices and mortgage rates. NAR has thrown its support behind legislation like the Choice in Affordable Housing Act (H.R. 4606/S. 32) and the Credit Access and Inclusion Act of 2023 (H.R. 3418/S. 1654), aimed at expanding access to affordable housing and credit opportunities for all Americans.
In addition to these pressing housing issues, Wisconsin’s REALTOR® leaders championed initiatives to support veteran buyers by encouraging the Department of Veterans Affairs to change their regulations to allow veteran buyers to pay for buyer agent representation. Other legislative priorities discussed included protecting independent contractor status for REALTORS® and maintaining key provisions of the Tax Cuts and Jobs Act of 2017, such as 1031 like-kind exchanges and qualified business income deductions. These efforts are not merely about advancing the interests of the real estate industry; they are about safeguarding the rights and opportunities of individuals and communities across the state and the nation.
While NAR’s packed week included sessions on governance, professional development and networking, perhaps no activity proved as impactful and rewarding as engaging with the state’s Congressional delegation. Through vocal advocacy and support for legislative measures, the Wisconsin REALTORS® who participated in these Hill visits came together to play a pivotal role in shaping the future landscape of homeownership and economic opportunity for generations to come.
Tom Larson
WRA President & CEO