Simon Property Group ($SPG)

HR7619, the 'Keep Jobs in California Act,' is a procedural bill in early stage that would prohibit states from imposing retroactive taxes on assets of nonresident individuals. The bill has no funding attached and faces a long legislative path. Its market impact is negligible near-term, though if enacted it would marginally benefit REITs and asset managers with cross-state investor bases by removing a tail risk.

The End Rent Fixing Act of 2025 (HR6124) is an early-stage bill targeting algorithmic rental pricing coordination. It has 30 cosponsors and a Senate companion (S3207), indicating coordinated Democratic support. The bill authorizes no funding — it is a prohibition. REITs with heavy residential exposure face potential operating model disruption, while self-storage, industrial, retail, office, and data center REITs are either unaffected or only minimally exposed. The market has not priced this risk into residential REITs yet, as PSAs -5.38% 7-day drop is more likely due to other factors than this bill at current stage.

HR1078, the Respect State Housing Laws Act, has advanced to the Union Calendar with a House floor vote imminent. The bill removes the 30-day federal eviction notice requirement for federally backed housing, shifting authority to state law. REITs have rallied 3.5% to 13.62% over the past 30 days on deregulation optimism, though the direct revenue impact is difficult to quantify and limited primarily to multi-family residential landlords rather than the broader REIT universe.