Matthew Rothstein
January 20, 2022
As President Joe Biden marks one year in office, his administration has changed surprisingly little for commercial real estate, with one notable exception.
The passage of the Infrastructure Investment and Jobs Act in early November greenlighted $550B in spending that will greatly impact the country’s built environment in the long term. But some expected changes to key investment regulations never came to pass and the Build Back Better spending bill, which would have fed billions of dollars into affordable housing amid other social programs, sputtered before the finish line.
Still, the infrastructure bill became law, with enough dollars behind it to actually complete some long-needed projects.
“There were lofty goals initially, and through the legislative process there were a lot of concessions, but for certain key sectors, transportation specifically, [funding for] the key projects we expected to move forward was generally there,” said Gavin Middleton, chief operating officer at development and construction advisory firm Lehrer Cumming. “From what I know, there will be significant enough allocation to move those projects forward.”
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