Democrats Win the Midterms: What It Means for the Housing Market

The much-anticipated 2026 midterm elections are now over, giving us a glimpse into how the next two years will play out in American politics. While Democrats and Republicans remain divided on many important topics, one type of policy seems to have bipartisan support—could the latest round of elections be good for the housing market? Today, we’re breaking down exactly how the new lineup of senators, representatives, and local players could affect home prices, supply, demand, and your property taxes. Earlier this year, we saw one of the biggest bipartisan housing bills signed into law—the 21st Century ROAD to Housing Act. This bill expedited environmental reviews and preapproved building designs, plus it offered new lending rules that could help borrowers across the country; surprisingly, both Democrats and Republicans fought for it. Could more housing bills be signed into law during the next two years? If so, it’s these. A massive boon for homeowners could happen in two ways: capital gains could be indexed to inflation so you’re not paying on purely paper gains, and the owner-occupied $250K/$500K exemption could be doubled to $500K/$1M. For anyone who owns property, these are huge changes. But that’s not all. The “Build More Agenda,” which has bipartisan support, could curb construction prices and finally allow ADUs to be federally financed. We’ll get into those three new political pushes in more detail and talk about the sizable property tax changes that could affect you if you’re in a few specific states. The 2026 midterm election results and what they mean for the housing market Your capital gains tax bill could get cut BIG time (big news for homeowners if passed) The “Build More Agenda,” which is pushing for lower costs, ADU financing, and tariff relief A $1,000,000 tax break for owner-occupants? Where property taxes are getting cut, limited, or slowed way down The housing laws that will matter the most to where you’re investing And So Much More! In This Episode We Cover Learn more about your ad choices. Visit megaphone.fm/adchoices

Speaker names marked ? are inferred from speaking time and the show’s known hosts — they are not voice-verified.

• 0:00Dave Meyer?

  The 2026 midterm elections are over. What do the results mean for real estate investors? Democrats took control of the US House and the Senate on Tuesday, which means the federal government will be divided when the new Congress takes office in January, after two years of full Republican control. And for most issues, that would mean it's less likely any legislation at all would pass before the next presidential election in 2028. But housing is different. Housing affordability has become such a massive problem for so many people across the entire political spectrum, that it's one of the very few remaining topics on which Democrats and Republicans

• 0:42Dave Meyer?

  could plausibly work together to pass new legislation. How could that affect you? Your home value, your tax burden, and your real estate portfolio? I'm breaking it down today.

• 0:59Dave Meyer?

  What's up, everyone? I'm Dave Meyer, Chief Investment Officer at BiggerPockets. Today, I'm giving you my quick take on the 2026 midterm election results and what they mean for the US housing market. We are in an era of pretty extreme partisanship. So, a divided government means that there is a low probability of significant legislation getting passed on most issues. That's just, unfortunately, the world that we live in right now. But, as I mentioned in the intro, housing is an exception. We just saw this when the 21st Century Road to Housing Act became law July 11, 2026, after passing 85 to 5 in the Senate and 358 to 32 in the House.

• 1:43Dave Meyer?

  So, along those lines, let's talk about the Road to Housing Act, because this really was one of the first and most significant federal housing laws that we've seen in a really long time. And it could set up what happens next. I've done some shows on this. I've talked about it in the past. But in short, I think it's a pretty good law. Generally speaking, I'm a fan. Not because it's some magical silver bullet that's going to fix the many problems that we have in US housing. It's certainly not going to do that, because frankly, most housing policy happens at a state and local level. But I do think there are things in this bill that are a step in the right direction.

• 2:27Dave Meyer?

  A lot of federal housing policy, or even ideas about housing policy, go on the demand side. It's like, how do you lower mortgage rates? How do you give credits or incentives for people to buy? And those things can help, at least in the short run. I have questions about if they really work in the long run, or if maybe they just create artificial demand, and that pushes up housing prices more, and then things become unaffordable again. But the Road to Housing Act really did and does focus on the supply side of things. And if you want a long-term solution to housing affordability, you have to do something on the supply side. And the Road to Housing Act does that mainly

• 3:11Dave Meyer?

  by focusing on removing some of the existing governmental barriers to building new homes. And I do think this could be sort of a template, or maybe just the beginning of future legislation that gets introduced, because people are finally recognizing that you need to address the supply side. So, we don't know exactly what will happen, but we're seeing where politicians and policy is heading, at least from this existing bipartisan bill that passed. And the Road to Housing Act worked on the supply side mainly by focusing on removing some of the governmental barriers to building new homes.

• 3:53Dave Meyer?

  So, first, expedited environmental review for projects with HUD funding. This could be a big one, in my opinion. This is one of the biggest hurdles that developers have to clear. Environmental reviews, depending on where you live, can take months. They can actually even take years. That adds a tremendous amount of risk to real estate developers and people who are building new housing units. So, expediting that lowers the risks and makes more deals pencil. Another example is pre-approved building designs to speed up permitting. I love this idea. It's something that they do in a lot of cities. And I think if they could roll this out on more state and national levels, it makes a lot of sense. Basically, governments approve building designs, so you don't need to go through this very costly

• 4:36Dave Meyer?

  and very time-consuming process of getting a permit. If you just pick one of the pre-approved designs, you could just get building a lot faster. Another one I really like, this sounds kind of weird, but they removed these chassis requirements for manufactured homes. Basically, there was a lot of impediments for people who get manufactured or prefab homes. They weren't able to get the same financing from the government that traditional homes would. I don't really think that makes sense. I think, actually, given how much the cost of building has gone up, the idea of making prefab and manufactured housing cheaper is a really good idea. There are also other programs that would make it easier to get a mortgage on a home under 100K,

• 5:21Dave Meyer?

  updates to income limits on some government housing programs, and more flexibility for community banks. So, again, a lot of this is focused on the supply side. And it was passed in July, when President Trump signed the Road to Housing Act into law. And most of it hasn't even gone into effect yet. That will not happen until 2027, as designed by the law. Congress does still need to appropriate funds for some of the programs in the bill, which will be a future negotiation that we'll have to keep an eye on. But that's all law already and won't change after this midterm election. And one more note here is that the big headline coming out of this bill was the so-called institutional investor ban, right?

• 6:06Dave Meyer?

  That was being talked about a lot on the news and in all of the media. And that provision did come to fruition. But I don't think people fully understand what was actually in that. A lot of people are talking about this big institutional investor ban. And there was something like that, but there is a ton of caveats. The provision said that owners of real estate who own more than 350 homes can't buy more on the open market. And they actually implemented penalties on this. So, if you go and do that, the penalties are up to $1 million per home, or three times the purchase price if they do that. But again, that doesn't explain the whole story. There are many exceptions to that law.

• 6:50Dave Meyer?

  So, for example, even if you own more than 350 homes, you can still buy properties on the market if you are renovating to rent. That's what most real estate investors do. At least in our world of mom and pop retail real estate investors, we're usually renovating to rent. And so, that is still allowed from institutions. So, we will still face competition. I say "we." I don't know if any of you own more than 350 units. Congrats if you do, single-family homes, that's a lot. So, I just will say that if we're thinking about, is there still going to be competition from institutional buyers? I would say yes, from the renovate to rent. They are also allowed to do rent to own, so lease option kinds of things. They are allowed to buy from other institutions,

• 7:35Dave Meyer?

  so they can trade houses between each other, and they can still do build to rent. So, there really isn't that big of a change here, at least in my opinion. Can they go out and buy a bunch of new homes from a builder? No, but they can still be active on the existing home market for renovate to rent. They could still buy from other institutions. They could still do build to rent. And so, they're still going to be a force in the housing market. I think people often overestimate how big a force they are. They own about 2% to 3% of properties nationwide. Sure, in certain markets, they own a lot more, and you might feel that if you live in one of those markets.

• 8:16Dave Meyer?

  But nationally, not as big a player as most people think. In fact, retail investors like you and me own way more of the rental housing market than institutions, and it's by a lot. So, all that being said, we may see some reshaping of how big Wall Street companies participate in the housing market when that law goes into full effect in January. But they won't be totally removed from the equation. And remember, these institutional investors own only about 2% to 3% of all single-family rentals in the US, anyway. Basically, the entire institutional investor ban concept, really more of a bipartisan political pandering move, because it's popular to say, "Wall Street drove up the housing prices."

• 9:00Dave Meyer?

  Then a meaningful change you're going to feel in the vast majority of local markets. Anyway, that's where we stand currently on federal housing policy. Both parties care about it a lot. And they took a first step under a Republican-controlled Congress by passing the 21st Century Road to Housing Act over the summer. So, what happens now after the 2026 midterms? We'll get into that right after this quick break. Most investors only think about insurance when something goes wrong. A tenant injury, storm damage, loss of rent. Then suddenly, the cheapest policy doesn't feel like the best one anymore. That's why a lot of BiggerPockets investors use steadily for landlord insurance, designed specifically for rental properties.

• 9:43Dave Meyer?

  Whether you own one property or a growing portfolio, they make it simple to get covered properly. And BiggerPockets Pro members get an extra 5% off their landlord insurance premiums. Visit biggerpockets.com/landlordinsurance to get a quote today. Do you ever notice how every passive investment somehow turns into a very active lifestyle? Active spreadsheets, active phone calls, active stress? Here's a better question. What if you could buy brand-new construction homes 10% below market value in the best markets across the country without making real estate your second job? That's exactly what Rent to Retirement does. They're a full-service, turnkey investment company handling everything for you. In some cases, investors get 50% to 75% of their down payment back at closing,

• 10:28Dave Meyer?

  plus interest rates as low as 3.75%. They've partnered with BiggerPockets for over a decade, helping thousands invest smarter. If you want to do the same, visit biggerpockets.com/retirement to learn more.

• 10:40Henry Washington?

  If you own rental properties, you know the job does not stop at closing. There's tenant screening, rent collection, maintenance calls, and the paperwork that comes up with all of it. If you're managing more than one to two doors, that workload adds up fast. That's where Mind, BiggerPockets' preferred full-service property management partner, comes in. Mind is built specifically for real estate investors with experienced property management teams, local market expertise, and purpose-built technology. They support leasing, rent collection, maintenance coordination, and reporting. Whether you're managing one rental or scaling towards your 10th, Mind is built to grow with you. It frees up your time to focus on finding your next deal instead of fielding maintenance calls. And it's not just about time.

• 11:25Henry Washington?

  If you're a BiggerPockets Pro member, Mind will save you $500 for every home you onboard, up to $10,000 in your first year. Check mind.co to save time, money, and frustration. That's M-Y-N-D.co.

• 11:40Dave Meyer?

  Here's why savvy real estate investors are obsessed with bonus depreciation. It lets you take that rental property or commercial building you own and depreciate most of the cost against your income legally, 100% IRS compliant. That's instant cash flow improvement. Cost Segregation Guys is the number one firm nationwide specializing in identifying these faster depreciating assets in your property. They've completed tens of thousands of studies across all 50 states, from remote cabins to apartment complexes. So if you own investment property, this is a no-brainer. So visit costsegregationguys.com/bp for your free proposal and find out how much you could save this tax season.

• 12:26Dave Meyer?

  Welcome back to the BiggerPockets Podcast. I'm Dave Meyer. Today, I'm giving you my quick take on what happens now after the midterm elections, other than hopefully all of us no longer getting all those text messages from politicians in states you don't even live or vote in telling you to vote for someone. What happens now, though, is first, we get a lame duck session with Congress, and the White House still aligned under full Republican control until the members, new members of Congress, are sworn in during January. We don't know yet if Republicans will rush to pass any legislation during this time, but government funding runs out on December 11th, which could cause another government shutdown. God, I am so tired of these.

• 13:09Dave Meyer?

  Another government shutdown if no new funding bill is passed. And it's also been suggested that Republicans could try to pass a third reconciliation bill during the next five weeks. And this is speculation, but the one rumored provision in that bill that investors should keep an eye on during this time is a change to the tax code that would index capital gains to inflation. So let me explain this a little bit. You know, when you invest capital, and not like your work, but you're investing money, you pay a capital gains tax. It's usually about 20%. When you sell an asset, like a home, that taxable gain is the sale price that you sell it for, minus what you paid for the house, plus any improvement. So let's just say you sell it for $500,000. You bought it and renovated.

• 13:54Dave Meyer?

  All in, you're in for $300,000. You have $200,000 of capital gains. If your capital gains tax is 20%, that's $40,000. But if this inflation indexing were to become law, your taxable gain would be lowered by whatever portion of that difference was created by inflation. So basically, if they said that actually, you know, you're all in for 300, but $100,000 of your gain is because of inflation, rather than paying that tax on $200,000, you would be paying that tax on $100,000, having your tax bill. So we don't know if this reconciliation bill will happen or if inflation indexing would even be included,

• 14:39Dave Meyer?

  but it has been discussed by a number of elected officials and influencer commentators, and would be a significant benefit for buy-and-hold investors if it became law. So that's the lame duck period. After that, once we have a new Congress in January, obviously, any single-party bills would be off the table until 2029, because we have a divided government. But as I said earlier, we have just seen a bipartisan housing bill pass in July. So it could happen again. Like, this is one area of the government that people do seem to agree, thankfully, and we could see some progress here. On October 5th, the Bipartisan Build America Caucus released the Build More Agenda. They're a group of about 40 House members,

• 15:24Dave Meyer?

  and they were influential in negotiating the Road to Housing Act that we just discussed. So they have a track record of getting bills passed and work explicitly toward crafting legislation that work in a divided government. Right now, this is only a proposal from the House. It's not even a real bill yet, but some of the ideas in it would have big impact on investors. So it's something to keep an eye on it. I'm going to mention a few of these, and then we will, of course, have more coverage if the Build More Agenda starts progressing through Congress next year. The first thing to keep an eye on is "right to build zones." This is where cities could voluntarily designate areas where housing gets approved automatically if it meets standardized zoning and permitting rules.

• 16:08Dave Meyer?

  In exchange, the federal government would pay the city for each new home built above its recent construction pace. The Agenda's example is $10,000 per home, and that's about what cities typically charge developers in impact fees. So for small developers, that could mean far less time and uncertainty in getting projects approved. Again, this is something focused on the supply side. It's why I said earlier that this Road to Housing Act could be sort of the beginning of a bigger push to build more housing. The second provision to keep an eye on is financing for ADUs. I really like this one. The Agenda proposes a federally-backed second mortgage for building an ADU. An ADU is an accessory dwelling unit.

• 16:53Dave Meyer?

  It's like if you have a single-family home, and you have a lot, and it's permitted and zoned, you can build a second unit, like a small home, either as a full-time rental, a short-term rental, unit for your parents, your in-laws, or whatever. And currently, it is really hard to get financing for that. It's not covered under an existing mortgage, but the Agenda proposed a federally-backed second mortgage for building an ADU based on the unit's future value, and, very important here, rental income. That is huge here, because a lot of times, if you go out to traditional mortgage lenders, they do not count your rental income for something like this. But this would give you a federally-backed second mortgage

• 17:36Dave Meyer?

  that would count on that future income. And critically, you get to keep your existing mortgage rate. So you wouldn't have to refinance if you have a 2%, 3%, 4% mortgage. And if you want to build an ADU, you don't need to refinance and raise the cash, and you don't have to refinance your mortgage. It's a much better way to finance ADUs, and I think that could pick up ADU construction, either by real estate investors like all of us, or even by normal homeowners, and that could increase the supply of housing. The third one, this is a big one, because I think we don't talk about this enough, but this one is aimed at making building materials cheaper. Building materials are going up way faster than the pace of inflation.

• 18:22Dave Meyer?

  It was just in the Wall Street Journal the other day, talking about how much faster building materials are going up faster than inflation. "The cost of materials for new homes rose 42% over the last five years, and tariffs alone are estimated to add nearly $11,000 to the cost of a new, single-family home." The Agenda calls for targeted tariff relief on residential construction materials and for exempting affordable housing projects from Buy America rules, which can add 15% to 25% to their costs. That would matter to anyone building or doing heavy rehabs. Personally, I'm a fan of this. I am not a fan of across-the-board tariffs. So targeted tariff relief to make housing more affordable? I like that idea.

• 19:05Dave Meyer?

  Now, these three ideas, again, they are the right to build zones, financing for ADUs, cheaper building materials. They're just a couple of the housing proposals in the Build More Agenda. But as you can see, it's focused around pulling some of the levers that the federal government does control to make it easier and cheaper to increase housing supply. And all of this is very similar to how Congress approached the 21st Century Road to Housing Act, which passed by really overwhelming margins during a Republican-controlled Congress in July. So we'll, of course, keep monitoring that and let you know if this progresses from a set of ideas into actual legislation. There is one other piece of potential legislation before the 2028 election that I want to touch on, but we'll get to that right after this break.

• 19:51Dave Meyer?

  For my wife's birthday, I wanted to make her a new website for her landscape design business. So I researched a lot of different options. I tried out a couple, but honestly, it was really overwhelming. It was pretty time consuming and still, the site wasn't coming out the way I wanted it to. Then I tried Hostinger and everything was super simple. I asked Hostinger's AI to build a clean site for her business and it had a working version up in minutes. No coding or designer needed. Plus, its AI agent helps with SEO, website copy, and email marketing after launch. You get domain, website, email, all in one account. And right now, you can get Black Friday and Cyber Monday

• 20:34Dave Meyer?

  pricing through December 14th. So snag Hostinger services at their lowest prices before the sale ends. Create your website today for just $1.99. Go to hostinger.com/realestate and use code REALESTATE for an additional 10% off Black Friday and Cyber Monday pricing.

• 20:51Henry Washington?

  Buy smart, drive for less, and trade for more. That's Toyota affordability. And it all starts with a great deal from your local Toyota dealer. Make a smart buy on an all-wheel-drive Camry, Corolla Cross, or get a Corolla sedan packed with the latest features, advanced tech, and head-turning style. Take a test drive in two of Toyota's most popular SUVs, the spacious, family-friendly Grand Highlander and adventure-ready RAV4. And with so many hybrid and plug-in hybrid models available across the lineup, plus efficient all-electrics like the BZ, BZ Woodland, and all-wheel-drive CHR, you can drive your way and skip the pump. And long after you leave the lot, your Toyota keeps delivering with legendary resale value built on a reputation for quality and reliability.

• 21:36Henry Washington?

  So when it's time for your next Toyota, you could trade in for more from a great deal today to a great value tomorrow. A Toyota is right for you. Shop toyota.com for deals and details, or stop by your local Toyota dealer today. Toyota, let's go places. BiggerPockets Real Estate is brought to you by MOD. MOD prescribes a once-or-twice-daily modophonal drink that can keep you energized, focused, and alert throughout the day. Here's the mechanism. Energy drinks with caffeine temporarily block eudinecine, the chemical that makes you tired. It builds up, and when the caffeine wears off, it all crashes down on you at once. Modafinil works differently. It engages multiple pathways in your brain:

• 22:15Henry Washington?

  dopamine, norepinephrine, histamine, and orexin to achieve steady energy and alertness for 10 to 12 hours. Modafinil was invented in the 1970s, and since it's been used in the highest performers on the planet, soldiers, pilots, and astronauts aboard the space station use modophinil in high-stakes situations where full concentration and alertness are paramount. It's now available at mod.com to qualifying patients. Visit mod.com, that's M-O-D dot com, for free consultation and get 10% off your first order plus free shipping with promo code BPRE. That's promo code BPRE at mod.com. See their website for important safety information, and we thank MOD for sponsoring the pod.

• 23:00Dave Meyer?

  I just booked a ski trip to Park City, and I've already got the whole thing planned out. Five days, first tracks every morning before the crowds show up, my knees reminding me I'm not 25 anymore by the second run, and an embarrassing number of overpriced burritos at the lodge. I don't even care. This is the trip I look forward to all year. But here's the part I actually appreciate. The practical side of my brain kicking in is that my place doesn't have to just sit there empty the whole time I'm away. I can list my space on Airbnb and bring in a little extra income while I'm out getting humbled on a mountain. And with the co-host network, I'm not the one handling all of it. You can

• 23:41Dave Meyer?

  partner with a vetted local co-host who can create your listing, manage reservations, message guests, and even handle the styling. So I get to fully focus on my trip and my place is still working for me the whole time. Find a co-host at airbnb.com/host. Investing in real estate has always been smart, but it hasn't always been simple. Now, it's both, thanks to the Fundrise Flagship Fund. The Fundrise Flagship Fund launched more than five years ago with a mission of delivering low-fee access to blue-chip private market real estate. Today, the Fundrise Flagship Fund has grown to manage more than $1 billion of real estate on behalf of hundreds of thousands of investors, making it one

• 24:24Dave Meyer?

  of the largest funds of its kind. For those who believe real estate has an important role to play in their portfolio strategy, the Fundrise Flagship Fund has positioned itself as both a simple and a smart option. Whether you're starting with $10 or $10,000, the Fundrise Flagship Fund makes adding real estate's unique potential for both passive income and consistent growth. Just visit fundrise.com/pockets to make your first investment today. Carefully consider the investment objectives, risks, charges, and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the fund's prospectus at fundrise.com/flagship. This is a paid advertisement.

• 25:10Dave Meyer?

  Welcome back to the BiggerPockets Podcast. Today, we're talking about the implications of the midterm elections. We've talked about where we stand federally, but there's one more thing I want to talk about, which is the 2028 tax bill. Yes, 2028, two years from now. Several of the notable tax breaks from the one big, beautiful bill that was passed back in 2025 are scheduled to expire after 2028. They are doing that by design, and the deductions for tips, overtime, and seniors are all scheduled to go away in 2028. So, we are likely to see some kind of negotiation in Congress and with the White House on extending those during 2028. And that is two years from now, so it's hard to predict what could

• 25:55Dave Meyer?

  happen in a future tax bill. But I want to highlight one provision that could be folded in. The More Homes on the Market Act has 155 House and 23 Senate sponsors. That's a lot. The House cosponsors are mostly Democrats. The Senate cosponsors are mostly Republicans, showing that there is bipartisan support for it. And although this won't pass on its own, there is speculation that it could become part of a bigger future tax bill. So, we should pay attention. What this act proposes is raising the capital gains tax exclusion on the sale of a primary home from $250,000 to $500,000 for single filers, and from

• 26:35Dave Meyer?

  $500,000 to $1 million for joint filers. What this means, if you haven't heard of this, basically, if you own a home and you live in it for at least two years, or at least two of the last five years, if you go to sell that home, you are exempt from capital gains tax for up to $250,000 if you're single, or up to $500,000 if you're married. This is an incredible tax benefit, one of the best tax benefits in the entire tax code. If you live in a home, let's say you bought it for $200,000, and then you live in it for a long time, and let's say it's worth $750,000 after 30 years or something like that. You would, in theory, have a $550,000 capital gains tax that you should pay. But

• 27:20Dave Meyer?

  the existing law excludes you, if you're married, for $500,000 of that, and you'd only have $50,000 of capital gains tax to pay. So you pay $10,000 taxes on that massive gain. So that's been in place for a long time, since 1997, nearly 30 years. But, the number that has deducted those $250,000 and $500,000 limits, those thresholds were set in 1997, and they have not been raised since. This bill would index those thresholds to inflation going forward. About 1 in 3 homeowners, nearly 29 million households, have more equity than the single filer exclusion protects. Supporters say the tax hit keeps

• 28:02Dave Meyer?

  longtime owners, especially seniors, from selling and freeing up inventory. So passing this could be a step towards easing the lock-in effect we could see across the housing market. Note that this only applies to primary homes, not investment properties, and it would cost the federal government an estimated $46.4 billion in tax revenue. So this is far from a sure thing, but one worth watching. I'll just mention personally, I don't think this would free up that much inventory. I do not think that this is really the reason why seniors aren't selling. Maybe a little bit, but I don't think this would be a massive change in the housing market. But if this applies to you, it could be a major tax break that you could get, depending on how much equity you have in your home. So definitely

• 28:46Dave Meyer?

  worth keeping an eye on. All right, so that's what we got for federal housing policy. But as I mentioned at the top, and it's so true, most of what happens in the housing market depends on what happens on state and local levels. The federal government, they're working on some stuff, but most zoning, most criteria, most of how much gets built, really depends on local things. So, I want to just talk about a couple of the state referendums that were on the ballot this week that are interesting and relevant to housing. I think you'll all find these interesting as well. So there's one in North Carolina that passed a constitutional amendment that will require lawmakers to pass a law limiting how much local governments can increase the property tax revenue they collect. The amendment

• 29:31Dave Meyer?

  itself doesn't set the limit, so legislators will have to negotiate that in 2027, but anyone who owns property in North Carolina will at least gain more certainty over how much their property taxes could rise once that secondary law is passed. And this North Carolina law, I think, is representative of a lot of pushback on property taxes. They've gone up a lot in recent years. A lot of people are very frustrated by this. But again, that is not set by the federal government. Those are set by state and local governments. And this law in North Carolina is saying the state should have more say, and it should limit how much local governments can increase property tax revenue. So that's one example of what states are doing. The next is in Florida, where they passed a constitutional

• 30:16Dave Meyer?

  amendment dropping the cap on yearly assessment increases for rental properties from 10% to 5%. But, that cap's assessed value, not tax rate. So if local governments raise rates to just make up for that lost income, rental owners could still see their bills go up. So I just don't think this one is going to be super impactful, but if you're in Florida, keep an eye on this one. There were a few other small ballot measures passed around the country, so double-check if anything significant happened in the states where you own property, but those are the biggest ones to be aware of. So, that's our episode for today. Just to recap, we now have a divided government where the chance of legislation,

• 30:58Dave Meyer?

  any big legislation, is generally going to be lower, at least based on what we've seen from the government over the last decade or two. But, housing has proven one exception. We have seen examples this year that there is bipartisan support to help make housing more affordable. And we've talked about some of the ways that Congress could move to make housing more affordable and encourage building in the next couple of years. We will keep an eye on all of this and update you as things go. The second thing to remember is looking at your state and local level. I read off a couple of things that happened in states, but what happens in housing, the stuff that really matters most is at the local level. Check with your state or your city and see

• 31:42Dave Meyer?

  what has changed, whether it's in terms of zoning, in terms of taxes. That stuff all really matters for real estate investor, and you, as an investor, it is your job to keep on top of that stuff. So make sure you have an eye out for it. That's our episode for today. Thank you so much for watching this episode of the BiggerPockets Podcast. I'm Dave Meyer, and I'll see you next time.

• 32:04Speaker 02

  Life is all about making decisions. Sometimes you make questionable ones, like buying a new TV that's too big for the wall because the electronics store employee was a little too good at their job. Then, sometimes you make great ones, like protecting your home and auto with Progressive. You get customized coverage options, so you can be sure you have the right coverage. Get your quote today at progressive.com. Progressive Casualty Insurance Company affiliates and other insurers, not available in all states.

• 32:34Speaker 03

  Your sausage McMuffin with egg didn't change, your receipt did. The sausage McMuffin with egg extra value meal includes a hash brown and a small coffee for just $5. Only at McDonald's for a limited time.

• 32:46Speaker 04

  Price and participation may vary. Promotion pricing may be lower than meal pricing.