Thanks to a 1997 change in the federal tax code, more homeowners are retaining profits from sales, with the opportunity to buy two homes as a result.
"If you are thinking about buying a second home this spring -- or you bought one in the past couple of years -- you are part of a major transformation in the real estate market.
The number of second homes purchased annually in the United States doubled from 2000 to 2004, according to new research. The boom is being driven in part by demographics -- mainly a flood of equity-laden baby boomers -- and in part by a largely unexpected effect of tax-law changes in the late 1990s."
"When Congress amended the federal tax code in 1997 to permit up to $500,000 (for married couples) or $250,000 (for singles) of gain on the sale of a primary home to be spared from taxation, 'homeowners did not have to buy expensive [replacement] homes anymore...'"
FULL STORY: Tax Law Gave Rise To Second-Home Boom

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Maui's Vacation Rental Debate Turns Ugly
Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.

San Francisco Suspends Traffic Calming Amidst Record Deaths
Citing “a challenging fiscal landscape,” the city will cease the program on the heels of 42 traffic deaths, including 24 pedestrians.

Defunct Pittsburgh Power Plant to Become Residential Tower
A decommissioned steam heat plant will be redeveloped into almost 100 affordable housing units.

Trump Prompts Restructuring of Transportation Research Board in “Unprecedented Overreach”
The TRB has eliminated more than half of its committees including those focused on climate, equity, and cities.

Amtrak Rolls Out New Orleans to Alabama “Mardi Gras” Train
The new service will operate morning and evening departures between Mobile and New Orleans.
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