Big Real Estate and landlord lobby groups have given large donations to the four co-founders of the Congressional Real Estate Caucus.
Kamala Harris has said that tackling the housing affordability crisis and taking on price-gouging corporate landlords will be a Day One priority for her as president. In addition to typical pledges to expand housing supply, Harris has promised she would sign legislation “outlawing new forms of price fixing by corporate landlords,” an extremely worthy effort as millions of tenants are extremely rent burdened.
This promise comes on the heels of the Department of Justice’s groundbreaking antitrust lawsuit against software firm RealPage, which allegedly facilitated a nationwide rent-gouging scheme by selling its algorithmic pricing software to leading corporate landlords like Camden, AvalonBay, and Mid-America Apartments. Tenant organizers with the Tenant Union Federation, who are waging an unprecedented rent-strike, have applauded the DOJ’s RealPage lawsuit and urged further action to rein in greedy corporate rent-gougers, including conditioning government-backed loans to landlords.
But the ambitions of Harris and tenant advocates to crack down on predatory corporate landlords could face stiff resistance from a new group on Capitol Hill: the Congressional Real Estate Caucus. Launched in May by two Republicans and two Democrats, the caucus’ stated aim is to “ensure that congressional debates […] include a concern for real estate and serves as a forum for members of Congress and real estate professionals to discuss federal policy and its impact on the nation’s real estate industry.” The real estate industry’s financial success is the priority of the group: the Caucus promised to work to “support policies that allow this industry to prosper.”
The Real Estate Caucus was endorsed at its launch by 11 leading real estate and landlord lobbying groups:
- National Association of Realtors (NAR)
- National Multifamily Housing Council (NMHC)
- National Apartment Association (NAA)
- Mortgage Bankers Association (MBA)
- National Association of Home Builder (NAHB)
- Asian Real Estate Association of America (AREAA)
- American Property Owners Alliance (APOA)
- National Association of Real Estate Investment Trusts (NAREIT)
- U.S. Mortgage Insurers (USMI)
- Leading Builders of America (LBA)
- American Land Title Association (ALTA)
Many of these groups (most notably, NMHC) have either opposed or lobbied against anti-rent-gouging policies and other tenant protections, or counted RealPage and its rent-gouger clients among their dues-paying members.
A Revolving Door Project review of personal financial disclosures and campaign finance records reveals that all four of the caucus’ founding members have received major financial support from the industry and have personal real estate investments.
- Rep. Lou Correa (D, CA-46): Correa, a former real estate broker and frequent opponent of robust antitrust enforcement, has received a combined $150,000 in PAC contributions from industry supporters of the Real Estate Caucus and is among the few Democrats to ever receive a campaign contribution from real estate mogul and Clarence Thomas patron Harlan Crow. He is also invested in five real estate properties across two separate trusts that generate rental income.
- Rep. Brittany Pettersen (D, CO-07): Pettersen, a freshman member of Congress and former state legislator, has received a combined $56,500 in PAC contributions from industry supporters of the Real Estate Caucus in just two years. She also co-owns a single-family property in Lakewood, CO that generates rental income.
- Rep. Tracey Mann (R, KS-01): Mann, a former lieutenant governor of Kansas, has received a combined $75,500 in PAC contributions from industry supporters of the Real Estate Caucus and has reported large amounts of income from 15 rental properties and development sites. His investments in three real estate funds dependent on the Opportunity Zone tax break (which Mann has pushed to extend) have alarmed Congressional ethics experts.
- Rep. Mark Alford (R, MO-04): Alford, a freshman member of Congress and former real estate advisor with ReeceNichols, has received a combined $18,500 in PAC contributions from industry supporters of the Real Estate Caucus. Alford also owns an LLC with two properties that generate rental income.
REP. LOU CORREA (D, CA-46)
Campaign Finance: Rep. Lou Correa’s campaign committee and leadership PAC (OC Jobs & Education) have received a combined $150,000 in PAC contributions from Day One industry supporters of the Real Estate Caucus. NAR is Correa’s ninth-highest career contributor.
NAR: $64,000
- $15,000 to leadership PAC since 5/13/2020. Latest donation on 5/6/2024.
- $49,000 to campaign committee since 6/29/2015. Latest donation on 5/24/2024.
MBA: $12,000
- $12,000 to campaign committee since 6/4/2018. Latest donation on 8/7/2021
NAHB: $24,500
- $24,500 to campaign committee since 8/24/2016. Latest donation on 6/20/2024
NAA: $13,500
- $13,500 to campaign committee since 12/31/2015. Latest donation on 10/27/2023
NMHC: $18,000
- $18,000 to campaign committee since 12/20/2017. Latest donation on 3/5/2024
ALTA: $18,000
- $18,000 to campaign committee since 6/30/2017. Latest donation on 5/13/2024.
OTHER
- Individuals at Sanderson J Ray Development, a California Developer, have given Correa $35,900 since 2015, making them one of Correa’s top career contributors.
- Harlan Crow gave Correa’s campaign committee $2,800 on 6/7/2019.
Investments and Personal Finances
- Correa’s 2023 financial disclosure filing lists three properties generating rental income under the “Correa-Reynoso Family Trust”.
- Correa’s 2023 financial disclosure filing lists an additional three properties under the “Lou Correa Separate Property Trust”, two of which generate rental income.
Controversies
- Correa has defended corporate monopolies from antitrust scrutiny in Congressional hearings and has teamed up with Republicans to undercut the Biden administration’s antitrust enforcement efforts.
- Correa’s chief of staff René Muñoz is a former lobbyist for Big Tech monopolies, including Amazon and Apple.
REP. BRITTANY PETTERSEN (D, CO-07)
Campaign Finance: Rep. Brittany Pettersen’s campaign committee and leadership PAC (PAC in The Saddle) have received a combined $56,500 in PAC contributions from Day One industry supporters of the Real Estate Caucus. The National Association of Realtors is tied as the single biggest contributor to Pettersen’s leadership PAC.
NAR: $20,000
- $10,000 to campaign committee since 10/6/22. Latest donation 6/4/2024.
- $10,000 to leadership pac since 5/19/23. Latest donation 1/12/2024.
NMHC: $2,500
- $2,500 to campaign committee since 6/30/23. Latest donation 6/30/2023.
MBA: $7,500
- $5,000 to campaign committee since 6/29/23. Latest donation 3/28/2024.
- $2,500 to leadership pac since 9/28/23. Latest donation 9/28/2023.
NAHB: $4,000
- $4,000 to campaign committee since 6/19/2024. Latest donation 6/19/2024.
NAA: $5,000
- $5,000 to campaign committee since 6/30/23. Latest donation 3/28/2024
NAREIT: $2,500
- $2,500 to campaign committee since 9/15/23. Latest donation 9/15/2023.
USMI: $2,500
- $2,500 to campaign committee since 1/23/24. Latest donation 1/23/2024.
ALTA: $12,500
- $10,000 to campaign committee since 8/1/22. Latest donation 6/25/2024.
- $2,500 to leadership pac since 6/3/2024. Latest donation 6/3/2024.
OTHER
- Pettersen’s campaign committee has received at least $18,000 in individual contributions from Apollo Global Management, a major private equity firm with real estate investments.
Investments and Personal Finances: According to her 2023 financial disclosure filing, Pettersen jointly owns a single family rental home in Lakewood, CO valued at $1 million that generated $15,000 in rental income in 2022.
REP. TRACEY MANN (R, KS-01)
Campaign Finance: Rep. Tracey Mann’s campaign committee and leadership PAC (Great Plains PAC) have received a combined $75,500 in PAC contributions from Day One industry supporters of the Real Estate Caucus.
NAR: $35,000
- $30,000 to campaign committee since 7/14/2010. Latest donation 6/27/2024.
- $5,000 to leadership PAC since 12/22/2023. Latest donation 12/22/2023.
MBA: $3,500
- $3,500 to campaign committee since 09/23/2022. Latest donation 4/30/2024.
NAHB: $20,000
- $20,000 to campaign committee since 10/23/2020. Latest donation 5/24/2024.
NAA: $5,000
- $5,000 to campaign committee since 11/10/2023. Latest donation 5/3/2024.
NMHC: $11,000
- $10,000 to campaign committee since 12/21/2021. Latest donation 11/10/2023.
- $1,000 to leadership PAC since 3/20/2024. Latest donation 3/20/2024.
ALTA: $1,000
- $1,000 to campaign committee since 3/31/22. Latest donation 3/31/2022.
OTHER
- Mann’s campaign committee has received $5000 in PAC contributions from NAIOP, the commercial real estate development association, since 6/23/2023.
Investments and Personal Finances
- Mann’s 2022 financial disclosure filing lists tens of thousands in income derived from 15 rental properties and development sites, including multiple properties and sites held by his real estate startup 3 Strands Neighborhoods.
- Mann’s 2022 financial disclosure filing lists three real estate investments in real estate funds dependent on the controversial Opportunity Zone tax credit program,
Controversies
- Mann’s support for legislation extending the controversial Opportunity Zone program has alarmed Congressional ethics experts, who have cited Mann’s real estate investments in opportunity zones as a serious conflict of interest.
REP. MARK ALFORD (R, MO-04)
Campaign Finance: Rep. Mark Alford’s campaign committee has received a combined $18,500 in PAC contributions from Day One industry supporters of the Real Estate Caucus.
NAR: $14,000
- $9,000 to campaign committee since 10/18/2022. Latest donation 5/24/2024.
- $5,000 to leadership pac since 4/19/2024. Latest donation 4/19/2024.
NAHB: $2,500
- $2,500 to campaign committee since 11/07/2022. Latest donation 11/7/2022.
NAA: $1,000
- $1,000 to campaign committee since 9/14/2023. Latest donation 9/14/2023.
MBA: $1,000
- $1,000 to campaign committee since 4/1/2024. Latest donation 4/1/2024.
Investments and Personal Finances
- Alford’s 2023 financial disclosure filing lists two Kansas City metropolitan area properties generating at least $20,000 in combined rental income held by his LLC Alford Image Group.
- Alford’s 2023 financial disclosure filing lists a $112,000 real estate commission from realtor ReeceNichols, a Berkshire Hathaway subsidiary where Alford worked prior to being elected to Congress.
This page will be periodically updated with new information.