TAA Submits Testimony at Senate State Affairs Committee Hearing
Synopsis
On Wednesday, May 29, the Senate State Affairs Committee chaired by Senator Bryan Hughes held a lengthy hearing on three of its interim charges. (An interim charge is a topic the committee is assigned to study between legislative sessions by Lt. Gov. Dan Patrick, in preparation for potential legislation the next session.) Of interest to our industry was the following charge:
Protecting Texas Land and Assets: Evaluate strategic land and asset acquisitions in Texas by foreign entities that threaten the safety and security of the United States. Further, evaluate large-scale purchases of single-family homes by domestic entities and its impact on housing affordability for Texas families. Make recommendations to ensure Texans are secure from foreign threats and homes are affordable in our state.
TAA Treasurer Mike Rust of Highland Commercial Properties (pictured above) traveled to Austin to submit public testimony to the committee on TAA’s behalf. As part of this testimony, Rust noted:
“TAA shares the committee’s goal to ensure housing affordability for both residential owners and renters. We would encourage the committee to ensure any recommendations are supported by data…and that the committee’s recommendations consider any unintended consequences that could negatively impact the market for purchasing, owning and renting a home. TAA (also) understands the committee’s interest in ensuring hostile foreign powers are not purchasing large tracts of certain types of land. Our concern arises if the state of Texas seeks to ban or restrict foreign equity investment in the real estate market, as such these restrictions would likely place new liabilities on buyers and sellers and limit the flow of capital for investments.”
TAA’s Government Affairs team will continue to work with the committee as they prepare for the upcoming legislative session and offer any additional information the members may need.