Is the Shocking New Bill About to CRUSH Real Estate Prices? Discover the Hidden Consequences!

As the dust settles on the landmark **One Big Beautiful Bill Act (OB3)** passed in 2025, stakeholders in the real estate sector are poised for significant changes. In a recent episode of the podcast **"Real Estate Law Unlocked,"** Deputy Real Estate Section leader **Vivian de las Cuevas-Diaz** engages in a deep discussion with **Joel Roberson** and **Andrew Siracuse**, both partners at **Holland & Knight**, focusing on the critical implementation phase that lies ahead.

The legislation, hailed for its ambitious aims, now transitions into a phase where executive agencies like the **U.S. Department of the Treasury** will fill in essential details through guidance and rules. Siracuse, who has a notable history working on Capitol Hill, emphasizes the importance of this phase, stating, “Treasury comes out every so often with a priority guidance plan, which outlines what they aim to tackle for the upcoming year.” This plan will likely address elements from OB3, including tax-related aspects that were part of previous legislation like the **Tax Cuts and Jobs Act (TCJA)** that have been extended or modified.

One key aspect of the discussion emphasizes that while the passage of OB3 represents a significant victory, getting it right during implementation is critical. Roberson stresses that “a lot of work went into what was in the budget reconciliation bill, but that was only half the battle.” This implementation is where stakeholders, including real estate owners and developers, can advocate for their interests. Engaging with the Treasury Department, the White House, and Congress will be vital to ensure that the final rules reflect the legislative intent and cater to business priorities.

Looking ahead to 2026, the conversation shifts to the anticipated legislative landscape. Siracuse notes that the upcoming election year will create a “silly season,” where legislative activity often cools down as members of Congress begin focusing on campaigning. However, he points out, “there can be a very compressed schedule for a lot of activity, especially in the tax front” as the end of Congress approaches. This period could offer opportunities for crucial legislation, including **must-pass bills** such as the **National Defense Authorization Act** and a full-year appropriations bill.

The podcast also highlights the importance of monitoring key real estate-related provisions that affect the industry directly, such as new **bonus depreciation incentives**, and the permanence of **opportunity zones** and **expanded low-income housing tax credits (LIHTC)** and **New Markets Tax Credits (NMTC)**. Roberson warns, however, that stakeholders should remain vigilant as another reconciliation bill could lead to the revival of revenue-raising measures, including potential changes to **1031 exchanges**, which have historically been a contentious topic.

In the discussion, Siracuse and Roberson underscore the importance of building relationships with lawmakers and administration officials. “It’s all about having someone who is an advocate and has a lot of credibility,” Siracuse explains. He further elaborates that even issues not directly linked to OB3 could find their way into the regulatory discussions, especially if they align with the administration's broader agenda to reduce regulations.

As the conversation wraps, de las Cuevas-Diaz poses a final question to the panel about the main takeaway for real estate professionals as they navigate the changes brought about by OB3. Siracuse points to the new provisions on **bonus depreciation** as pivotal, stating that stakeholders need to ensure they can fully leverage these incentives. Roberson adds that it’s equally important to keep an eye on what might be excluded from the bill, as future budget reconciliation efforts could present additional opportunities—or risks—if certain provisions are put back on the table.

As 2026 approaches, the interplay of advocacy, strategic engagement, and legislative developments will shape the landscape for real estate stakeholders. With a significant legislative package now enacted, the focus will shift to how these laws are implemented, and how effectively those in the sector can influence their practical outcomes.