Real estate donors are turning away from Trump

SALT deduction cap and trade war with China have hurt the industry

TRD NATIONAL /
Dec.December 18, 2019 10:35 AM
Donors favor Democrats over Trump (Credit: Getty Images, iStock)

Donors favor Democrats over Trump (Credit: Getty Images, iStock)

As a Republican, an incumbent and a former developer, President Donald Trump should have no trouble harnessing donations from the real estate industry.

But new data from the Center for Responsive Politics show that the president is lagging behind Democratic rivals Joe Biden and Pete Buttigieg this year when it comes to donations from individual real estate donors.

Trump has raised just $902,723 from them compared to Biden’s $1.04 million and Buttigieg’s $964,912, the center found.

Sean Burton, a Los Angeles-based executive at real estate investment firm Cityview who supports Biden, told Bloomberg that policy changes under Trump — notably tariffs on China and a cap on state and local tax deductions — had caused frustration in the industry.

“People in California were very upset about SALT,” he said. “And there’s been a significant pullback of Chinese capital in real estate over the last few years.”

The real estate industry has traditionally donated more money to Republican candidates than Democratic ones, and Trump received $5 million from the real estate industry in the last general election.

But the industry has taken a major hit this year with a sharp decline in Chinese investment, which has contributed to a slump in luxury sales in New York.

The power of the industry is not lost on Trump.

“It’s the biggest business,” he said at the National Association of Realtors’ convention in May. “There’s nothing close.”

“You know, as a group — as a group, you’re a tremendously big business and a very powerful business, politically, because you have numbers. Numbers is power.”

[Bloomberg] — Sylvia Varnham O’Regan


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory
Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month

Hamptons’ priciest summer rental to host MAGA extravaganza next month
Mayor Bill de Blasio (Getty, Wikimedia)

Landlords challenge city laws protecting non-paying businesses

Landlords challenge city laws protecting non-paying businesses
Mayor Bill de Blasio and Dr. Oxiris Barbot (Getty, iStock)

Day care — and its landlords — get a lifeline

Day care — and its landlords — get a lifeline
From left: Gaw Capital Partners’ Goodwin Gaw, Howard Lorber of New Valley Group, Oyo CEO Ritesh Agarwal, Soho House's Ron Burkle, and Steven Witkoff of Witkoff Group (Getty)

TRD Insights: These hotel businesses got big PPP funding

TRD Insights: These hotel businesses got big PPP funding
The threat of eviction hangs heavily above immigrant families who have lost work as a result of the coronavirus pandemic. (Getty)

Eviction bans don’t always protect the most vulnerable

Eviction bans don’t always protect the most vulnerable
City Council members Debi (Deborah) Rose (right) and Brad Lander (Getty, iStock)

Council bill to reopen day care centers would be boost for landlords

Council bill to reopen day care centers would be boost for landlords
President Donald Trump (Getty, iStock)

Trump tweets that he “may END” Obama-era fair housing regulation

Trump tweets that he “may END” Obama-era fair housing regulation
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...