The results of homeowner tax reform are in: Americans are voting with their feet

Once upon a time, the federal tax benefits of homeownership were equal. The write-off you got in California or New York was the same as the break you received in Montana or New Mexico.

With the tax reform of 2017, however, that’s no longer the case. Changes in tax policy have caused homeowners to rethink their real estate options, a trend accelerated by the COVID-19 pandemic. The result? For some, it’s goodbye, New York. So long, San Francisco. Hello, Orlando. Howdy, Austin.

“For the past two years, I’ve felt like everyone is leaving Los Angeles, and that has intensified during the pandemic,” says Lindsay Katz, an agent at real estate brokerage Redfin in Los Angeles. “More than half of my sellers are moving to a different area. A lot of young families are moving back to their hometowns to be near their parents, moves they can now make because they’re working remotely.”

We believe, along with millions of Americans, that the dream of ownership is a dream that’s worth protecting. If you agree, we encourage you to add your name to our petition.