Dive Brief:
- The big spenders of the U.S. corporate lobbying industry, worth approximately $3 billion a year, have changed since the country's 2008 economic meltdown, and the real estate industry has reached one of the top three industries, behind only Internet-related groups and retail, Bloomberg reported.
- Money spent on real estate lobbying increased 19% to $77.4 million between 2010 and 2015, with the National Association of Realtors as the primary driver of that boost.
- The top issues for the NAR — which was the organization that spend the second-highest amount of lobbying money in 2015 — include Federal Housing Administration mortgage insurance, condominium financing, commercial use of drones and land use.
Dive Insight:
Despite the boost in lobbying efforts by the real estate industry, it ranks at 13 for industries spending the most on lobbying. The pharmecutical industry once again topped the list.
Last October, NAR officials testified before the House Financial Services Committee’s Housing and Insurance Subcommittee in support of the Housing and Modernization Act of 2015 and its FHA condominium financing regulations. The act, which passed the House in February of this year, changes the condominium recertification process and owner-occupancy requirements, which, according to the NAR, typically prevent condominium owners from using FHA-backed mortgages.
Former NAR President Chris Polychron also testified before a House subcommittee last year in support of policies that would allow commercial use of drones in what the organization said is a safe and economical way. In addition, the NAR has worked with the Federal Aviation Administration to establish commercial drone regulations.
The NAR was also a vocal opponent to the expiration of the Terrorism Risk Insurance Act, a government program that would help insurance companies cover business losses in the event of a terrorist attack. President Barack Obama signed the Terrorism Risk Insurance Program Reauthorization Act of 2015, which extended the program to 2020.
