90+ Legislative Bills That Could Shape NM Housing & Real Estate

As we navigate the second half of the legislative session, NM REALTORS® is closely monitoring over 90 bills that could significantly impact housing, property rights, and economic development across the state. From expanding affordable housing and property tax relief to addressing zoning regulations and rental policies, these legislative proposals can potentially shape the future of real estate in New Mexico. 

Below is a snapshot of key bills NMAR is tracking and insights into the policies we support and oppose to ensure a balanced, thriving housing market for all.

Legislation We Support 

Our legislative priorities focus on supporting policies that encourage economic development, protect property rights, improve housing affordability, and enhance public safety. Below is a summary of key bills we support and the reasons behind our endorsements.

Affordable Housing & Property Tax Relief
  • HB 47 – Veteran Property Tax Exemptions: Expands property tax exemptions for veterans and their surviving spouses, with an inflation-adjusted mechanism to ensure continued tax relief.
  • SB 192 – Veteran Property Tax Exemptions: Updates veteran property tax provisions, providing more accessible tax benefits for those who have served.
  • SB 144 – Affordable Housing Act Funding: Allocates funding for affordable housing initiatives, supporting efforts to increase housing availability for low-income residents.
  • SB 145 – Housing Trust Fund & Affordable Housing: Strengthens local governments’ ability to address affordable housing needs by increasing state investment in the Housing Trust Fund.
  • SB 232 – Albuquerque Affordable Housing: Provides $500,000 for planning permanently affordable housing projects in Albuquerque, addressing a key urban housing challenge.
  • SB 422 – Affordable Housing Organization Support: Allocates $5 million to provide operational support for nonprofit organizations working in affordable housing.
Homeownership & Development Incentives
  • HB 118 – Professional Recruitment & Retention Act: Offers home purchase loans to professionals who commit to working in New Mexico, helping attract and retain skilled workers.
  • HB 272 – Trade Education Assistance Act: Creates a fund to support trade education programs, ensuring the state develops a workforce for skilled construction and housing trades.
  • HB 325 – Housing Construction Tax Credit: Provides tax incentives for new residential construction and home sales, stimulating housing development.
  • HB 472 – Abandoned Building Revitalization Tax Credit: Establishes a tax credit to encourage the rehabilitation of abandoned buildings, fostering economic revitalization.
  • HB 568 – Home Fire Recovery Tax Credit: Creates a tax credit for homeowners rebuilding homes lost to wildfires, reducing financial strain on affected residents.
Economic Growth & Site Development
  • HB 276 – Public-Private Partnerships Fund & Program: Encourages broadband and transportation projects by facilitating collaboration between public and private entities.
  • SB 169 – Strategic Economic Development Site Readiness: Invests in site readiness for economic development, making New Mexico more attractive for business investment.
  • HB 571 – Building Housing Communities: Supports initiatives aimed at creating new housing developments to meet growing demand.
Zoning & Property Rights Protections
  • HB 309 – Removing Unlawful Occupants from Property: Establishes clear legal procedures for removing unlawful occupants while protecting the rights of tenants and property owners.
  • HB 332 – Unlawful Squatting: Criminalizes unlawful squatting and strengthens property owners’ rights by providing enforcement mechanisms.
  • SB 359 – Removal of Unlawful Occupants: Implements procedures for law enforcement to address unlawful occupancy, ensuring landlords and property owners have recourse.
  • SB 312 – Zoning Decision Appeals: Limits zoning appeals to individuals who own or are directly affected by the property in question, reducing frivolous appeals.
Housing Construction & Workforce Development
  • HB 168 – Construction Cost Studies: Requires cost analysis before new construction regulations are imposed, preventing unnecessary increases in housing costs.
  • HB 338 – Housing Construction Curriculum: Funds training programs at Northern New Mexico State School to expand the workforce for affordable housing construction.
  • HB 491 – Construction & Inspection Licensing: Creates a private inspection licensing framework to improve building code enforcement and compliance.
  • HB 582 – Statewide Construction Templates: Develops standardized templates to streamline the permitting and approval process for new construction projects.
Public Safety & Emergency Preparedness
  • SB 33 – Wildfire Prepared Act: Establishes a statewide program to improve wildfire preparedness and allocate resources for fire prevention and response.
  • SJR 10 – Emergency Responders Property Tax Exemption: Proposes a 50% property tax exemption for emergency first responders, recognizing their vital role in public safety.

Legislation We Oppose 

NMAR has identified several bills that raise significant concerns. While some of these bills aim to address important issues, they introduce unintended consequences that could hinder housing availability, economic growth, and property rights. Below is a summary of the legislation we oppose, along with the rationale for our opposition.

Tenant & Housing Market Regulations
  • HB 98 – Automatic Expungement of Eviction Records: Eviction records are an important tool for landlords to make informed rental decisions. Automatically expunging these records removes critical data that helps assess a tenant's rental history and reliability.
  • HB 253 – Sealing of Certain Court Records: Similar to HB 98, this bill would prevent landlords from accessing essential eviction history when screening potential tenants.
  • HB 339 – Housing Discrimination & Human Rights Act: Expands anti-discrimination laws to include a tenant's source of income, potentially limiting landlords' ability to evaluate financial reliability and rental history.
Barriers to Development & Economic Growth
  • HB 135 – Housing Study Requirement for LEDA Funds: Adds an additional administrative burden by requiring housing studies before businesses can apply for LEDA funds, potentially delaying economic development projects.
  • SB 223 – Housing Study for LEDA Support: Similar to HB 135, this bill mandates additional studies that could slow business investments and economic growth.
  • SB 293 – Housing Study for Some Development Projects: Requires extensive housing studies before approving Tax Increment Development Districts (TIDDs), creating an additional barrier to residential and commercial development.
  • SB 310 – Building & Zoning Changes: Removes local control over zoning decisions, including restrictions on building heights and density requirements. Municipalities should retain decision-making power to address local needs effectively.
Regulatory Overreach & Legal Definitions
  • HB 61 – Unfair Practices Act Changes: Expands the scope of the Unfair Practices Act to include real property. Our primary concern regarding REALTOR® inclusion has been addressed following discussions with the Attorney General’s office.
Property Management & Rental Restrictions
  • HB 100 – Attorneys & Contractors as Property Managers: Allows attorneys and contractors to operate as property managers without real estate broker licenses. Current licensing requirements ensure adequate training and consumer protection.
  • HB 418 – Mobile Home Rental Agreements & Landlords: Prohibits rental agreements shorter than 24 months, restricts rent increases, and imposes additional notice requirements, reducing flexibility for mobile home landlords and potentially discouraging investment.
  • HB 426 – Mobile Home Park Sale Notices: Mandates specific sale notifications for mobile home parks, potentially complicating transactions and delaying property sales.
  • HB 442 – Mobile Home Rent Stabilization: Introduces rent stabilization measures, which could disincentivize new mobile home park development and restrict housing supply.
  • HB 462 – Nonpayment of Rent Notice Period: Extends the notice period required for nonpayment of rent, making it more difficult for landlords to manage rental properties and enforce lease agreements.
Environmental & Water Regulations
  • HJR 3 & SJR 4 – Environmental Rights Constitutional Amendments: These resolutions could lead to unintended consequences, such as halting development and creating legal uncertainty over property rights and land use.
  • SB 21 & SB 22 – Pollutant Discharge & Water Quality Regulations: While clean water protections are important, these bills introduce overly complex regulatory frameworks that could drive businesses out of the state and increase compliance costs for industries.
Restrictive Housing Policies
  • HB 122 – Condominium Owner Occupancy Requirements: Mandates that at least 55% of units in new condominiums be owner-occupied, which could discourage investment and artificially constrain demand.
  • SB 216 – Rent Control & Certain Entities: Repeals the current prohibition on rent control. Rent control policies have historically been shown to reduce housing availability and discourage new development.
  • SB 77 – Purchase of Single-Family Homes: Restricts LLCs and small investors from purchasing single-family homes, which could limit rental housing options and discourage real estate investment.

Stay Updated

Visit the NMAR Legislative Homepage for additional Legislation being monitored, as well as the latest news from the Roundhouse.