Tax reform bill will hurt California homeowners

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Nov 02, 2017, 13:55 ET

LOS ANGELES, Nov. 2, 2017 /PRNewswire-USNewswire/ -- The CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) today issued the following statement in response to Republican leaders' tax reform bill announced today:

"We are currently reading through the bill proposed today to determine the exact impact it will have on California homeowners and its housing market," said C.A.R. President Geoff McIntosh. "From what we have seen so far, limiting the mortgage interest deduction to $500,000 will no doubt hurt homeownership in states with high housing costs such as California."

"Any change that would make homebuying less attractive will be detrimental to the housing industry and the nation's economy because of the 2.5 million private-sector jobs created by the industry in an average year," said McIntosh.

Leading the way…® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

SOURCE CALIFORNIA ASSOCIATION OF REALTORS