The National Apartment Association and National Multi Housing Council have called for legislators to protect the rental housing industry as they examine and debate recent employment legislation, according to the World Property Channel.
The bill include a carried interest tax which would provide some of the funding for bill, a measure the two groups stated would harm the rental housing market. Specifically, new development would become more expensive and supply would be restricted, a consequence the two organizations noted as unacceptable given current trends orf increased renting and decreased homeownership.
"The apartment industry supports sound economic policy that helps restore job growth, but a tax increase on carried interest is bad for our economy and bad for our housing supply," said the organizations' senior vice president for government affairs, Cindy Vosper Chetti.
In the course of lobbying against the bill, the two groups have also stated it would eliminate jobs and depress income for cities and counties. The NMHC has previously highlighted the negative impact such as tax increase would have through its effect on real estate partnerships with financial institutions.
According to the NMHC, many deals would become financially unworkable under the proposed bill.