Earlier this week the National Apartment Association launched Protect the Lease, a grassroots campaign to inform members of Congress about the importance of the apartment industry as they take up the issue of tax reform. In an interview with Multifamily Executive, NAA President & CEO explained why the initiative is of vital importance for the industry:
“Tax reform is a huge issue for our members and something that they’ve been talking about ever since it first appeared on the horizon,” Pinnegar told Multifamily Executive. “The Tax Reform Act of 1986 really destabilized commercial real estate and severely impacted the apartment industry. It’s one of those things that people who were in the industry and actually had to survive the downturn that was created…it’s a very real issue for them and they’re very concerned on what that will do to the industry.”
Pinnegar says it’s crucial for the NAA and its members to make their feelings on this subject known early and often. “Tax reform is a variety of issues and once it’s introduced it’s going to change and move over time,” he says. “So we’re going to have to have an ongoing conversation about aspects of how various changes would impact the industry.”
In grassroots fashion, he’s encouraging members to write Letters to the Editor in their local newspaper and host property tours for elected officials in order to detail the potential impacts of tax reform first hand.
According to the NAA, the apartment housing industry provides more than 20 million apartment homes for nearly 39 million Americans and supports jobs for 12.3 million people. Together the apartment industry and its residents annually contribute $1.3 trillion to the U.S. economy.
For more information about the campaign visit www.protectthelease.com. In the coming weeks and months, there will also be opportunities to participate through PTAA so stay tuned!