Clinton seen as hope in repealing tax law

Real Estate Weekly, Jan 20, 1993

When he becomes president, Bill Clinton must lead the fight to liberalize the 1986 Tax Reform Bill as it affects real estate, urges Daniel Z. Nelson, president of Nelson Equities, a real estate development firm.

In a letter to Clinton aide Mickey Kantor of the Presidential transition team, Nelson recalls that he had forecast disaster for construction, housing and real estate generally, when the bill was proposed.

While acknowledging that some tax reform had been needed, the developer decries the extent of the eventual new law.

"By drastically reducing tax benefits, this bill severely reduced the value of real estate across the country, which was largely responsible for the catastrophe that affected the nation's savingsand loans institutions," said Nelson, expanding on his letter.