Question emailed to Ask A Real Estate Agent:
Mr. Dowell, what do you think of the new Cap & Trade Bill being voted on this week? Is it good for Kansas City?
Great question, Sam. After doing hours of research, I have found a considerable amount of information about the Cap & Trade Bill. In my opinion, the Cap & Trade Bill is NOT Good for Kansas City Real Estate. I'll give you two reasons:
First, part of The Cap and Trade Bill HR 2454, The American Clean Energy and Security Act of 2009, adds another layer of conditions for selling personal Kansas City real estate (your Kansas City home) in the United States. The American Clean Energy and Security Act, a whopping 1,200 pages defining a cap-and-trade program for greenhouse gas emissions, a federal renewable electricity mandate, and a suite of new mandatory energy efficiency standards, imposes 397 new federal regulations and 1060 mandates on an American public already overwhelmed by extensive federal regulations. Written in there is a requirement for all home sales to be conditioned upon an energy audit and an energy rating assessment labeling program. How much additional selling costs will ALL sellers now be required to pay to comply with the proposed requirements? This maybe become expensive in older homes and hard to schedule in the 10 day due diligence period of a real estate contract.
In addition, Kansas City Power & Light said the bill will force them to buy so many carbon allowances for coal that electricity rates could rise 50 percent by 2012, and another 70 percent by 2020. Lets get some positive economic growth first, not minus 6.6%, before we kick in some expensive program/tax. This may force some Kansas City residents to buy more energy efficient homes. Those Kansas City residents who do not have energy efficient homes may see more money going out to pay their utilities.
Just as the Kansas City real estate market looked to turn around, the Cap and Trade Bill aims to slow it down. Sam, I don't think the Cap & Trade Bill Act is good for Kansas City overall.
What do you think of the 1200 page Cap & Trade Bill? Is it good for Kansas City homebuyers, home sellers and Kansas City overall?
Blog post written by the Dowell Taggart Team of RE/MAX Best Associates
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