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November 2017   Volume 43, Number 11      
 

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Could DACA Repeal Impact Real Estate?

There are roughly 800,000 “Dreamers” living in the United States – illegal immigrants brought here as children. Most have jobs, many own homes, and many are enrolled at U.S. colleges and universities.

Congressional legislation called Deferred Action for Childhood Arrivals (DACA) was intended to give “dreamers” the opportunity to apply for temporary legal status in two-year increments. DACA stalled in Congress for nearly two decades before President Obama, frustrated by legislative inaction, implemented the act’s protections by executive order.

Now President Trump has decided to cancel Obama’s executive order, ending DACA. He has also admonished Congress to create a permanent legislative solution for DACA. Congress has until March 2018 to do so or the “Dreamers” will be subject to deportation. What impact could this have on the real estate industry?

There is no data available on the extent of DACA homeownership by state. But according to the Department of Homeland Security, about 40 percent of approved DACA recipients are likely in California (25 percent) and Texas (15 percent). After that, the top states with approved DACA recipients are N.Y., Fla., Ill., N.J., Ariz., N.C., Ga., and Wash.

One study determined that 15.7 percent of DACA recipients purchased their first home after their DACA applications were approved. That number increased to 23.5 percent for DACA recipients 25 or older. Should these people face actual deportation, which most political observers on the left and right view as unlikely even if legislation is not passed by the deadline, this housing could come onto the market — unless title is transferred to a relative or in some other way that keeps it off the market. In any case, the ongoing uncertain status of Dreamers probably will have some impact on real estate supply until the matter is resolved.

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In this issue:

The 5 Hottest Hipster Real Estate Markets Across America

Could DACA Repeal Impact Real Estate?

Houston Rethinks Real Estate Development After Harvey

Hurricane Irma Not Likely to Affect Florida Real Estate Prices

NAR Forced MLS Membership Up for Review

REIT Investors Look to Alternative Property Sectors for Bigger Returns

Berkshire’s HomeServices of America Acquires Long & Foster

Harvey Victims Facing Temporary Housing Shortage in Houston

Malls Need New Business Model Says CBRE Report

The End of Facebook for Real Estate?

 


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