ICYMI: Leading Real Estate Organizations Send Letter Urging Congress to Address the Debt Ceiling

Today, a coalition of real estate organizations sent a letter urging both parties in Congress to address the debt limit, which they argue is "an exceptionally important issue affecting all Americans regardless of political party or philosophy."

They write: "As the leading trade organizations representing those that build, finance, sell, and manage U.S. commercial/multifamily and residential properties, we urge you to work together to take action to raise the statutory debt limit as soon as possible – and avoid roiling the financial markets and other important sectors of the economy unnecessarily."

"Given the more than $8.6 trillion in mortgage debt backed by the federal government through Fannie Mae, Freddie Mac, Ginnie Mae and other federal agencies," they argue, "the housing and real estate markets are particularly susceptible to any instability stemming from concern about the U.S. meeting its financial obligations." They also note that even a prolonged stand-off will have negative consequences: "inaction, or even the possibility of inaction, can agitate U.S financial market stability broadly."

Signees include:

American Land Title Association
American Resort Development Association
Building Owners and Managers Association International
Commercial Real Estate Finance Council
Housing Policy Council
ICSC
Mortgage Bankers Association
NAIOP, the Commercial Real Estate Development Association
National Apartment Association
National Association of Home Builders
National Association of REALTORS®
National Multifamily Housing Council
The Real Estate Roundtable

The coalition joins a growing list of economic leaders and organizations to call on Congress to raise the debt limit and avoid economic damage, including Business Roundtable, Amazon CEO Andy Jassy, Center for American Progress, Goldman Sachs, JP Morgan, and leading trade groups in the banking and financial services industry, among others.