A slim Congressional majority has made it "very difficult to find the political will for another massive tax reform and spending bill," according to Ryan McCormick, senior vice president and counsel of the Real Estate Roundtable.

McCormick told CBRE's Spencer Levy in a recent podcast that nearly all of the proposals that were on the table early last year "have largely fallen off," and says the Build Back Better Act is "really kind of hanging by a thread."

"On the tax front, we really started last year with a tremendous amount of potential change on the table, potential risk for real estate, a lot of potential changes to taxation of capital investment, capital formation, capital gains, long-term depreciation schedules, small pass-through businesses and just rates generally. And a lot was put on the table by the new President and his initial budget – things like repealing or limiting like kind exchanges, raising estate taxes, eliminating the step up in basis of assets at death and other changes," he told Levy.