Key Takeaways
- Interest rates are the most powerful policy lever affecting real estate cycles.
- Tax policy (1031, depreciation, SALT) directly influences investment flows and migration.
- Supply-side regulations determine cycle amplitude: restrictive zoning means price volatility, permissive zoning means construction volatility.
- Monitoring policy signals is essential for anticipating cycle disruptions.
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Test Your Knowledge
1.How can government policy disrupt natural real estate cycles?
2.What was the real estate impact of the 2017 SALT deduction cap?
3.What is the primary risk of investing based on temporary government policies?