Midterms Results: What We Know So Far About CRE's Shake-Out

Democrats will take control of the U.S. House of Representatives, the major news networks project, handing the party a decisive check on President Donald Trump for the final two years of his term.

The Senate could be next. Democrats flipped Republican-held Senate seats in North Carolina and South Carolina Tuesday night, putting them halfway to the net gain of four they need to take control, with races in Kansas, Ohio and Texas still out.

Stock futures slid on bets that a strong Democratic showing could slow the data center build-out and tighten regulation of artificial intelligence. S&P 500 futures fell about 1% and Nasdaq-100 futures about 2%, and the CBOE Volatility Index, Wall Street’s fear gauge, climbed above 20. Bonds moved the other way. The 10-year Treasury yield, a key benchmark for commercial real estate debt, slipped to about 4.92% from its 4.95% close.

Bisnow/created with ChatGPTIn Bisnow’s major markets alone, 10 governor’s races, 17 ballot measures and a smattering of local races have the power to change what gets built, what it costs and how hard it is to get done.

On the campaign trail, few things got kicked around more than data centers and housing costs. Now voters are having their say.

Here’s what passed, what failed and who will be making the policy calls that shape CRE for years to come.

Democrat and Attorney General Phil Weiser defeated opponent Victor Marx in a landslide. Weiser was widely favored to win and received endorsements from many prominent Colorado Republicans, who expressed concern about Marx’s background, which includes allegations of murder and domestic violence. As attorney general, Weiser was among those who sued RealPage over its rent-setting algorithm in 2024 and said while campaigning that he would have signed a 2025 bill vetoed by term-limited Gov. Jared Polis that banned the use of such algorithms in the state.

Republican Byron Donalds won over Florida voters with 50.1% of votes, a 1.5-percentage-point lead over Democrat David Jolly.

Donalds is set to take over from Gov. Ron DeSantis, who has served in the role since 2019, making Donalds the Sunshine State’s first Black governor.

The governor-elect’s campaign promises focused heavily on affordable housing, calling for the removal of local zoning restrictions, shortening permitting processes with technology, and promoting smaller units to developers to lower homebuilding costs and boost housing inventory.

Donalds’ win is closely aligned with the real estate industry. It poured millions into his campaign, which amassed more than $150M by Election Day. Some of his largest donors included billionaire developer Stephen Ross and Citadel founder Ken Griffin.Georgia

Former Atlanta Mayor Keisha Lance Bottoms defeated Republican rival Rick Jackson in the race for the state’s top office, paving the way for fresh initiatives to boost affordable housing. Bottoms is making history as the first Black woman to be elected governor in the U.S. She is also set to become the first Democratic Georgia governor since 2002.