THIS WEEK …

President Donald Trump’s One Big Beautiful Bill is the biggest shake-up to U.S. housing policy in decades — and multifamily developers are scrambling to rework their models.

At the heart of the bill is a massive expansion of the Low-Income Housing Tax Credit, which could finance up to 1.2 million new affordable units by 2035. The law also slashes the bond financing requirement for projects from 50% to 25%, unlocking stalled deals in cities like New York, Los Angeles and Chicago. Opportunity Zones are now permanent, with new rules to steer capital more directly into distressed areas.

But it’s not all upside. The bill cuts $1T from Medicaid, likely pushing millions of renters into deeper housing insecurity and guts green retrofit programs, killing funding for energy-efficiency upgrades across multifamily portfolios. Developers in climate-vulnerable regions are especially concerned.

So, is this actually a lifeline for affordable housing? A windfall for condo developers? Or a ticking time bomb for America’s rental economy? Tune in this week as we break down what the bill really means for multifamily, who wins, who loses and what smart operators should do now.

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In a time of economic whiplash, policy swings and market churn, we launched a new weekly livestream — First Draft Live — inspired by our popular daily newsletter, The First Draft, that unpacks what’s really moving commercial real estate right now. Every Friday at 12:30 p.m. ET / 9:30 a.m. PT, we bring in an industry leader for a real-time conversation on the week’s most pressing story. 

Audience questions are welcome and will be fielded by our producer during the livestream. Can’t attend live? Register anyway — the recording will be available within 24 hours. To watch or listen to past episodes, click here.

Interested in speaking? Contact Director of Global Production Elizabeth Baker at liz.baker@bisnow.com.