Commercial real estate gets lower rates and new breaks in the Republican bills, and trusts that have been key financing sources do especially well.
By denying deductions for state and local taxes, the Republicans seek to force high-tax states run by Democrats to capitulate.
The legislation could send home prices tumbling, increase the region’s tax burden, and make it harder for local governments to pay for infrastructure.
With the Senate on track for a final vote later this week, Republican leaders were still working to secure the votes they need to pass their tax rewrite.
President Trump hoped to devote proceeds from repealing a health care mandate to helping the rich. Then came opposition from Ivanka Trump and Republican senators.
House Republicans, seeking to clean up the tax code and expand tax rate cuts, voted to eliminate a deduction for teacher spending. The Senate bill would double it.