Counselors: Halving Immigration a Net Negative

Scott Muldavin, 2017 chair of the Counselors of Real Estate

CHICAGO—With the Trump administration throwing its support behind proposed legislation to halve the annual number of legal entrants to the US from the current level of one million per year, the Counselors of Real Estate cautions that sharp reductions in immigration would represent a net negative for this industry. Although not taking a formal position on the issue, per the association’s policy, CRE notes that tightened restrictions on the numbers of people entering the US would negatively impact multiple industry sectors from housing to hospitality to retail. The association of high-level property advisors included immigration on its 2017-2018 list of Top Ten Issues Affecting Real Estate, released this past June.

Restrictive immigration laws, focusing on concerns about security and terrorism, appeal to a voter base concerned about jobs lost to illegal immigrants, the CRE report notes. At the same time, companies ranging from tech firms to real estate finance companies bemoan the lack of qualified workers, with highly skilled immigrants typically filling many positions in these sectors.