It’s been a busy week on Capitol Hill, with a number of wins for BOMA and the commercial real estate industry. Below, find an update on some of our top legislative priorities. Please reach out if you have any questions.
Late last week, Congress and the White House passed the bipartisan infrastructure bill. This legislation will make historic investments in the critical infrastructure required to support a thriving commercial real estate industry. BOMA International is pleased to see more than $550 billion in new money invested in our roads, bridges, transit systems, power grids, and other physical infrastructure.
Consistent with our Federal Advocacy positions, BOMA International has worked extensively with Congress and the White House to educate members and administrative officials on the importance of infrastructure to commercial real estate.
Strong and reliable infrastructure is necessary to facilitate the movement of people to the places they live and work. Upgrades to the electric grid and development of smart grid technologies allow building owners and managers the ability to utilize electricity more efficiently and effectively. As work from home and hybrid models are being more widely adopted among business, broadband access—especially in rural and underserved communities—is more important than ever. Broadband expansion will provide opportunities for education, remote employment, and social connectivity that strengthens communities and local economies.
The infrastructure bill invests in renewable energy development, carbon reduction, and green job creation. BOMA International is leading the commercial real estate industry in developing and implementing proactive solutions and policies that reduce the industry’s greenhouse gas emissions, make buildings more energy efficient, and invest in developing a 21st Century workforce.
We will continue to engage with lawmakers of both parties as they continue negotiating and finalizing the budget resolution to ensure the interests of the commercial real estate industry are protected.
Attached, find BOMA Advocacy’s infrastructure issue brief. Please contact Pearce Crosland, Director of Federal Affairs, with any questions.
Pandemic Risk Insurance Act
As the commercial real estate industry continues to face unprecedented challenges in the wake of the COVID-19 pandemic, the Building Owners and Managers Association (BOMA) International applauds the work of Congresswoman Carolyn Maloney and her leadership on the introduction of the Pandemic Risk Insurance Act of 2021. This legislation would create a federal backstop that ensures the availability of pandemic risk coverage in all critical commercial lines of insurance. The public-private programs established by this legislation would allow building owners and managers to protect against business interruptions caused by pandemics in the future. The Pandemic Risk Insurance Act of 2021 is a proactive step in mitigating the significant risks posed by future pandemics and associated federally-mandated business closures or interruptions. BOMA International looks forward to working with Congresswoman Maloney and the 117th Congress on this important piece of legislation.
Director, Federal Affairs