While it’s tempting to think that electing a real estate mogul president is fantastic news for the commercial real estate sector, Trump's rhetoric regarding real estate taxes has been a bit conflicted.

The President-elect has claimed he would jack up taxes on carried interest, the income on lower-taxed capital gains, and this could slow down deal flow, Bloomberg reports. Yet at the same time Trump has proposed lowering the tax rate for business partnerships, which could include property fund managers, from 23.8% to 15%.

While that tax decrease would certainly benefit real estate players, Trump’s tough talk on foreign trade could scare away the foreign investment that has proven critical for real estate. Last year foreigners invested a record of almost $100B into US commercial properties, and the last thing the industry needs is for that river of cash to run dry. [Bloomberg]