While economic conditions dominate most of today’s
headlines, the commercial real estate market’s health—and its impact on the
broader economy—should not be underestimated. “Commercial real estate is
integrated with various sectors of our economy ranging from small businesses
and manufacturing to retail and consumer spending,” says U.S. Rep. Carolyn B.
Maloney, D-N.Y., who received the CCIM/IREM 2012 Legislator of the Year honor
during the Capitol Hill Visit in April. “If the commercial real estate market were
to fumble, it would have a negative impact on the overall economic recovery.”
A tireless advocate for small businesses, Maloney has shown
voting support for critical issues that positively influence real estate,
including covered bonds, credit union lending, and sales tax fairness. Maloney
continues to focus on improving financial and banking regulations and oversight
in her role as senior member of the House Financial Services Committee.
To stay informed, she relies in part on industry
organizations such as CCIM. “We don’t know everything here on Capitol Hill,”
she says. “It’s important when representatives from an industry, such as CCIMs,
relay the challenges they face and their successes.”
Throughout her 20-year career in Congress, Maloney has also
championed women’s rights. “No matter what their political views are, I
encourage every woman to learn about the issues that impact women in the
workforce and vote to support candidates that will advance women and the real
estate business,” she says.
Maloney’s outlook through year-end is cautiously optimistic.
“Our economy has been growing for 13 consecutive quarters, but we need to keep
an eye on the looming budget deficit and the ‘fiscal cliff,’” she says. “The
uncertainty surrounding what would amount to a large spending freeze could have
a dramatic effect on consumer spending, which will in turn affect
small businesses and the commercial real estate sector.”