THIS WEEK …

President Donald Trump’s sweeping tax-and-spending bill is barreling toward a Senate showdown — and CRE could be one of its biggest winners or biggest casualties.

While it cements CRE-friendly shields — like a permanent 23% QBI deduction, full 100% bonus depreciation on commercial property, expanded LIHTC and Opportunity Zone program — it also plants a 10‑year federal moratorium on state and local regulation of AI‑driven rent systems.

That pause in local oversight could nullify rent-algorithm bans already enacted from Philadelphia to San Francisco — and stoke federal-state tensions about tenant protections. But CRE’s gains come at a cost: deep deficits (a projected $2.6T CBO hit), rollback of clean-energy incentives and unresolved Senate divisions that could dilute core provisions or alter investment appetite.

On Episode 2 of First Draft Live, we’ll dissect OBBBA and what CRE stands to gain, what hangs in the balance and whether tenants, developers and markets are poised for a boom — or a reckoning.

ABOUT FIRST DRAFT LIVE

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.