The race to the White House between President Obama and republican candidate Mitt Romney is almost approaching the finish line. With the competition tightening up to an almost close race, and recent polls showing Romney in the lead, what does this all mean for New York City's real estate industry?
These past months, both candidates have focused very little on real estate, as this is the first presidential election since the U.S. Supreme Court rewrote the rules on campaign financing and the U.S. Census redrew the boundaries of voting districts, according to The Real Deal.
Although the housing market has been showing signs of improvement under the Obama administration, Romney has another plan for the market.
Right before the first presidential debate, Romney suggested cutting mortgage interest tax deduction. This is part of his plan to cut taxes across the board by 20 percent.
"As an option, you could say everybody's going to get up to a $17,000 deduction; and you could use your charitable deduction, your home mortgage deduction, or others - your healthcare deduction. And you can fill that bucket, if you will, that $17,000 bucket that way," Romney said, during his interview with Denver TV station KDVR.
"And higher income people might have a lower number."
Romney believes this plan will help build more jobs and also save the economy from its current state and another meltdown.
The real estate industry has been the number one source of funding for government officials, who are in control of the federal counterparts that affects the city's landlords, developers, brokers and lenders.
Both Obama and Romney's campaign have raised more than half a billion dollars, according to The Real Deal. These donations often come from prominent real estate executives and brokerage firms.
With just a few more weeks left until the next president of the United States is selected, the housing market, realtors, current and future homeowners have to brace themselves for the events that play out in the next four years.
