Members of Congress invest more in real estate than any other industry and added a provision to the $2.2 trillion stimulus package that would save wealthy real estate investors billions in taxes.
This article reports on the personal finances of members of Congress and is part of a series about lawmakers’ personal financial disclosures.
OpenSecrets recently updated its personal finances database to include data from lawmakers’ most recent filings released last May.
The CARES Act is already the second most-lobbied bill on record, with over 1,500 clients from every major industry reporting trying to influence the stimulus package.
Political donors in the real estate industry gave $133 million to candidates and groups this cycle, including $32 million to super PACs.
“Since the coronavirus pandemic shuttered businesses in mid-March, 30 million Americans have filed unemployment claims. With the jobless rate reaching depression-era levels, renters are increasingly struggling to make payments. Nearly 4 million homeowners entered mortgage forbearance plans through April, up from fewer than 150,000 in early March. As Americans battle to keep their residences, private equity firms are licking their chops at the prospect of once-in-a-lifetime deals.”