Kamala Real Estate

This policy is going to hit you right in the piggy bank. So everyone's talking about Kamala's new tax plan for the $25,000 home credit for new buyers. While it just increases the pricing of homes for $25,000 for everyone else and doesn't help the economy at all, there's a worse policy in there. I don't know if you guys saw this, but she wants to get rid of the 1031 exchange. She wants to limit it to $500,000 deferred. What does this mean? That means you can play a 1031 if you're buying a single-family house, a duplex, a triplex. But if you're trying to scale, you're trying to buy multifamily, you can no longer really scale these up. Those multimillion-dollar projects which by the way, I did when I had no money at all. That's how I scaled. I made $2 million on one project. Those experienced landlords, the ones who are making it, making a difference, putting the effort in, they can no longer roll up things tax-deferred. It's going to slow down real estate. There should be less transactions, more people holding on. It's going to be harder for the middle class to use real estate to scale up. The only ones who benefit are your BlackRock and the other major corporations who want to hold everything forever anyways.