{"id":155468,"date":"2023-07-21T06:59:08","date_gmt":"2023-07-21T12:59:08","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=155468"},"modified":"2024-02-27T14:33:52","modified_gmt":"2024-02-27T21:33:52","slug":"new-bill-in-congress-seeks-to-end-depreciation-benefit-for-some-investors","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/new-bill-in-congress-seeks-to-end-depreciation-benefit-for-some-investors","title":{"rendered":"New Bill in Congress Seeks to End Depreciation Benefit for Some Investors\u2014What Does This Mean for You?"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC4516512462\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Earlier this month, Democratic lawmakers introduced a new bill designed to disincentivize investors from buying up single-family homes. The bill, known as the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/stop_predatory_investing_act_one_pager.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Stop Predatory Investing Act<\/span><\/a><span data-preserver-spaces=\"true\">, would eliminate interest and&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.irs.gov\/taxtopics\/tc704\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">depreciation deductions<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;for investors who acquire 50 or more new single-family rental homes after the bill is enacted.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The bill allows a couple of exceptions\u2014investors would still be permitted to take deductions on homes built to rent or financed using Low-Income Housing Tax Credits. And those who elect to sell a property to a homeowner or qualified nonprofit would be permitted to take deductions for the year of the sale.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The bill is aimed at increasing housing access and affordability, particularly for first-time homebuyers purchasing starter homes. Proponents of the bill allege that corporate investors outbid families for homes and rent those homes at increasingly high prices, creating too much competition for would-be homeowners amid a housing shortage.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">But high mortgage rates and forecasts of falling prices are already causing investors to pull back from purchasing single-family homes. Investor purchases of single-family homes dropped nearly 50% year over year in the fourth quarter of 2022, according to&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.redfin.com\/news\/investor-home-purchases-q4-2022\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Redfin data<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Further, it\u2019s not clear whether investors caused overinflated home prices or merely reacted to the conditions that created the housing boom. The bill may not improve housing affordability as supporters hope, and it could have unintended consequences.&nbsp;<\/span><\/p>\n\n\n\n\n\n\n  <div class=\"lg:block\" x-data=\"{ ad_block_block_64ba80829896e: popAds(1) }\">\n      <template x-for=\"ad in ad_block_block_64ba80829896e\">\n        <a\n          :href=\"ad.linkURL\"\n          class=\"no-underline text-black\"\n          x-on:click=\"adClicked('https:\/\/www.biggerpockets.com\/blog\/new-bill-in-congress-seeks-to-end-depreciation-benefit-for-some-investors', ad.sponsor, ad.title, ad.id, 'blockAdClicked', 'blockAd', '')\"\n          target=\"_blank\">\n          <div\n            class=\"py-4 border-b flex flex-col flex-nowrap text-sm border-t px-0 rounded-none\"\n            x-init=\"\n              analytics.track('blockAdLoaded', {\n                referrer: 'https:\/\/www.biggerpockets.com\/blog\/new-bill-in-congress-seeks-to-end-depreciation-benefit-for-some-investors',\n                sponsor: ad.sponsor,\n                ad_title: ad.title,\n                ad_page_location: ''\n              })\n            \"\n            x-intersect:enter.once=\"adViewed('https:\/\/www.biggerpockets.com\/blog\/new-bill-in-congress-seeks-to-end-depreciation-benefit-for-some-investors', ad.sponsor, ad.title, ad.id, 'blockAdViewed', 'blockAd', '')\">\n            <div><span class=\"text-xs text-slate-light block bg-slate-50 p-1 inline-block rounded-md\">Sponsored<\/span><\/div>\n            <div class=\"flex items-center text-sm space-x-4\">\n                <img :src=\"ad.imageURL\" :alt=\"ad.imageAlt\" class=\"h-10 w-10 object-cover rounded-full\">\n\n                <div clas=\"text-sm\">\n                    <span class=\"font-bold block\" x-text=\"ad.sponsor\"><\/span>\n                    <span class=\"text-slate\/80\" x-text=\"ad.description\"><\/span>\n                <\/div>\n            <\/div>\n\n            <div>\n                <span class=\"font-bold\" x-text=\"ad.title\"><\/span>\n                <p class=\"mt-2 text-slate\/80\" x-text=\"ad.body\"><\/p>\n                <span class=\"mt-2 text-themeBlue block mt-2 underline\" x-text=\"ad.linkTitle\"><\/span>\n            <\/div>\n          <\/div>\n        <\/a>\n      <\/template>\n  <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Are Investors Responsible for Driving Up Home Prices?<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">While difficult to determine the extent, it\u2019s clear that large investors did have a presence in the single-family market during the homebuying boom. But whether they caused prices to spike is up for debate.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Data from CoreLogic indicates a jump in the share of investor single-family home purchases from 16% between 2017 and 2019 to 28% in the first quarter of 2022, according to a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.jchs.harvard.edu\/sites\/default\/files\/reports\/files\/Harvard_JCHS_State_Nations_Housing_2022.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;from the Joint Center for Housing Studies of Harvard University. Investors were especially aggressive in pandemic boomtowns that are now at risk for falling prices\u2014for example, they accounted for 41% of home sales in Atlanta and 36% of home sales in Phoenix in the fourth quarter of 2021. The researchers note that large investors (those with at least 100 properties) were responsible for most of the growth and contributed to a reduction in supply for potential owner-occupants.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a class=\"editor-rtfLink\" href=\"https:\/\/www.freddiemac.com\/research\/insight\/20220609-what-drove-home-price-growth-and-can-it-continue\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Data<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;from Freddie Mac shows a much smaller increase in investor purchases as a share of all home sales, from 26.7% in 2019 to 27.6% in December 2021, mostly driven by large institutional investors. But the report notes that investors typically went for under-market-value homes that needed more repairs than owner-occupants would be willing to take on.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">In addition, though corporate investors accounted for about 4% of home purchases, iBuyers flipped many of these homes and returned them to the market, so a portion of those purchases had a neutral effect on supply. \u201cAlthough investors are certainly contributing to the affordable housing shortage, they are not the driver of the tight supply of homes available for purchase,\u201d the report states.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Instead, analysts at Freddie Mac assert that the increase in housing prices can be attributed to underbuilding, which limited supply, as well as low mortgage rates in 2020 and 2021, migration away from expensive cities, and more people than ever reaching the age for first-time homebuying, all of which ramped up demand.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Other experts echo the idea that corporate investors are not to blame for high home prices. \u201cThe growth of institutional investors is a symptom, rather than the cause, of extremely tight housing markets,\u201d said Jenny Schuetz, an economist at The Brookings Institute, at a U.S. House Committee on Financial Services&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.congress.gov\/event\/117th-congress\/house-event\/114969\/text?s=1&amp;r=62\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">hearing<\/span><\/a><span data-preserver-spaces=\"true\">. She also noted that zoning ordinances that create challenges for builders are contributing to the undersupply of homes and that \u201csingle-family rentals are an important part of the housing ecosystem.\u201d<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Would the Bill Be Effective?<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">\u201cOur bill will help prevent corporate landlords from driving up local housing prices, and put power back in the hands of working families, who need a safe, affordable place to live and raise their children,\u201d said Sen. Sherrod Brown (D-Ohio) in a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.brown.senate.gov\/newsroom\/press\/release\/sherrod-brown-colleagues-bill-crack-down-corporate-investors-buy-local-homes-housing-prices\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">statement<\/span><\/a><span data-preserver-spaces=\"true\">. But would the bill have that effect?<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Corporate investors are often depicted as greed-driven entities that reap profits at the expense of working families. If that\u2019s the case, would eliminating a tax break prevent these companies from purchasing single-family homes? Or would they merely pass on the added expense to renters? And even if the bill were effective in getting investors to pull back, would it have any meaningful effect on housing affordability?<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">A&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4480261\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">study<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;on the effects of a ban on investors buying rental homes in the Netherlands indicates that the measure led to gentrification and rising rent prices without impacting home sales or housing prices. Dutch researchers with the University of Amsterdam and Erasmus School of Economics noted that while the law made homes more accessible for middle-income people, the policy ultimately had a negative impact on housing affordability and neighborhood diversity.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">While this study alone certainly isn\u2019t proof of what would happen if the Stop Predatory Investing Act were to go into effect, the research is helpful when assessing the potential effect of curbing institutional investment in housing.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">When evaluating this bill, it\u2019s also important to consider housing affordability for both prospective homebuyers and renters. Whether or not corporate investors contributed to affordability problems for buyers, they are contributing to the supply of rental homes. \u201c&#8230;to the extent institutional investors\u2019 activities are likely to result in smaller inventories of [single-family] units available for purchase, they also result in increasing the overall supply of available [single-family] rentals,\u201d notes a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/sgp.fas.org\/crs\/misc\/IF12225.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;from the Congressional Research Service. The report also states that these investors are capable of completing renovations that may be out of reach for low-to moderate-income homebuyers.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The National Association of Realtors (NAR) Housing Affordability Index sits&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nar.realtor\/blogs\/economists-outlook\/higher-home-prices-and-mortgage-rates-made-it-difficult-for-home-buyers-to-qualify-in-may-2023\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">below 100<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;as of March 2023, which indicates the average family can\u2019t afford to buy a home based on median prices. Prospective homebuyers who might be able to afford a mortgage payment if interest rates were lower are now forced to rent instead of buying. Corporate investors may be taking advantage of that reality, but they\u2019re also providing people with places to live.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">That said, restricting depreciation deductions for investors who own 50 or more single-family homes might make room for more mom-and-pop investors to provide rental homes. That shift is already underway\u2014small investors with 10 properties or fewer are buying an&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.housingwire.com\/articles\/smaller-players-keep-single-family-home-investor-share-steady\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">increasing share<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;of homes, while large investor home purchases decline. It\u2019s possible the proposed bill could help the trend along, which may be a win for renters and small investors.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">In an NAR&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nar.realtor\/sites\/default\/files\/documents\/2022-impact-of-institutional-buyers-on-home-sales-and-single-family-rentals-05-12-2022.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">survey<\/span><\/a><span data-preserver-spaces=\"true\">, 60% of Realtors observed increasing acquisitions of mom-and-pop rental businesses in 2021, and 52% reported that properties owned by institutional investors had higher rent prices than mom-and-pop rentals. The Congressional Research Service notes that it\u2019s unclear whether institutional investors charge excessive rents, but one&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/academic.oup.com\/rfs\/article-abstract\/36\/1\/70\/6550515?redirectedFrom=fulltext&amp;login=false\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">study<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;did find that rents go up after institutional mergers in neighborhoods where both firms had owned properties. A lack of competition within a neighborhood due to the presence of a large investor could be a problem for renters.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Is the Bill a Good Solution?<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">The proposed Stop Predatory Investing Act is an attempt to chip away at a problem much larger than the increasing share of investors in the single-family market. It may not be a complete solution to the undersupply of starter homes, but is it worth a shot?&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Some may argue that the proposed bill doesn\u2019t really hurt anyone. If you believe taxing the wealthy is a solution to correcting&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.pewresearch.org\/social-trends\/2020\/01\/09\/trends-in-income-and-wealth-inequality\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">wealth inequality<\/span><\/a><span data-preserver-spaces=\"true\">, the proposed policy fits that strategy by limiting tax breaks for mega-investors. And due to the 50-property minimum, it doesn\u2019t negatively impact small landlords in the process, unlike the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/new-tax-plan-takes-aim-at-investors\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">proposed elimination of 1031 exchanges<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;we reported on in March.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Then again, large corporations also&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.theatlantic.com\/magazine\/archive\/2018\/04\/learning-to-love-big-business\/554096\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">create more jobs<\/span><\/a><span data-preserver-spaces=\"true\">. And an investor owning 50 rental homes is hardly a monopoly that poses a threat to innovation. Some may argue it\u2019s better for the economy to let these investment firms flourish.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">So, is limiting the growth of large real estate investors the best solution to the housing affordability crisis? Think tanks like the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/bipartisanpolicy.org\/blog\/10-actions-to-housing-affordability\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bipartisan Policy Center<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;and the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cbpp.org\/research\/housing\/addressing-the-affordable-housing-crisis-requires-expanding-rental-assistance-and\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Center on Budget and Policy Priorities<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;each note that a multipronged approach is necessary, but their policy suggestions focus on reforming zoning regulations and improving affordable housing programs rather than curbing institutional investment.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">Still, the Stop Predatory Investing Act has support from organizations such as the National Housing Law Project and the National Association of Local Housing Finance Agencies.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Bottom Line<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">At its best outcome, the Stop Predatory Investing Act<\/span><em><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/em><span data-preserver-spaces=\"true\">may suppress investment in single-family homes from large investors and leave room for mom-and-pop investors in the market without reducing the supply of single-family rental homes. At its worst, the bill could negatively impact housing affordability and access to single-family rental homes for working families.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">There\u2019s also the possibility that the bill won\u2019t have any effect on the share of large investors purchasing single-family homes. And the problem may already be correcting itself as large investors retreat from the market.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span data-preserver-spaces=\"true\">In any event, this is only one piece of the puzzle. Lawmakers need to address supply constraints\u2014in particular, restrictive zoning laws\u2014as well as barriers to homeownership in order to meaningfully impact affordability for prospective homebuyers.&nbsp;<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_d4a072a7871e44f6240e250191cda717\" class=\"visibility-group alignwide  hidden\">\n        \n\n<div id=\"hero-block_ea5b10a5eaf1a2f317d85977d032e92d\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-1\/2 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size wp-block-paragraph\" style=\"font-style:normal;font-weight:800\">Find the Right Agent, Close the Best Deal<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color wp-block-paragraph\" style=\"font-size:18px\">Step #1: Use Agent Finder to match with top <em><strong>investor-friendly<\/strong><\/em> real estate agents to help you find, analyze, and close your next deal.<\/p>\n\n\n\n<div id=button-custom-event-block_4cffb0a9555c2ebd4b782f01148c3ca8 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Agent Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/new-bill-in-congress-seeks-to-end-depreciation-benefit-for-some-investors&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Find an Agent<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/08\/Marketplace-Blog-Blocks-Agent-v3.png\" alt=\"investor friendly real estate agent\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color wp-block-paragraph\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/new-bill-in-congress-seeks-to-end-depreciation-benefit-for-some-investors&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Congress is making a new attempt to curb real estate investor activity with a new bill that could change the way the game is played.<\/p>\n","protected":false},"author":613615,"featured_media":155473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7384,7119],"tags":[],"class_list":["post-155468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics-policy","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/155468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613615"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=155468"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/155468\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/155473"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=155468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=155468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=155468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}