Transportation and Infrastructure Committee approves bill that may hurt the current real estate market in Kansas City

With the announcement last week that the Transportation and Infrastructure Committee approved a bill that would establish an “independent civilian commission” with $65 million in seed funding to start the process of identifying property to be sold and selling it off [1]. Advocates for the bill hope to create $15 billion in savings as a result of these sales, but committee members have noted that this figure is likely “overstated.”


The problems with the government selling billions of dollars is first, they don't have an up-to-date inventory list of government owned real estate. Yes, it is surprising, but the government does not have a thorough list of government owned properties.


Next, the addition of billions of dollars of more real estate for sale will further hurt the real estate market. With an increase of supply without more real estate buyers, the sales prices will see a plunge.


[1] http://www.globest.com/news/2016_2021/washington/314837-1.html?ET=globest:e27657:482976a:&st=email


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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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