California homeowners and consumers to be hit hard by tax reform bill, C.A.R. says

LOS ANGELES, Dec. 20, 2017 /PRNewswire-USNewswire/ -- The CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) issued the following statement in response to the passage of the Tax Cuts and Jobs Act tax reform bill by Congress today:

"While the impact of this bill may not be as harmful in many parts of the country, here in California where the typical home costs two and a half times the national home price, homeowners and would-be buyers will be hit especially hard. As we move forward and learn the true and full impact of this legislation, we hope we can work with Congress to make the necessary changes that will keep housing as the foundation of this great nation's economy."

"We are disappointed that Congress has passed tax reform legislation that puts home values at risk and dramatically undercuts the incentive to own a home," said C.A.R. President Steve White.

"For more than a century, American tax policy has recognized the value of homeownership to American middle-class wealth creation, strong and stable communities, and as a driver of our economy. Homeownership has been and will always be the foundation of opportunity for Americans across our great nation, and C.A.R. will not stop advocating for it," said White.

Leading the way... ® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS^® (www.car.org) is one of the largest state trade organizations in the United States, with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

SOURCE CALIFORNIA ASSOCIATION OF REALTORS