No More Money for You!
Drastic times call for drastic actions, and BUILD PAC, the political action committee of the National Association of Home Builders, says it's cutting off contributions to congressional candidates — incumbents and challengers alike.
The reason is visible in almost any neighborhood: The housing market's on the skids. The essential number for home builders, new housing starts, fell 25 percent last year. It was like getting blasted back to 1980.
BUILD PAC's 160-member board said it took the move after watching Congress and the Bush administration fumble the problem for six months. They said the freeze will last "until further notice."
The freeze-out goes against a PAC's raison d'etre. Typically, they're scrutinizing the candidates like judges at the county fair, weighing which pol merits how much money. In fact, in 14 years working this beat for NPR, I can't remember another example.
And BUILD PAC is a serious player in Washington. In 2006, it ranked third in contributions, distributing $2.9 million. (Republicans got 73 percent.) This cycle, it had only given out $865,800 as of Dec. 31 (55 percent to Republicans). It had $1.4 million in the bank.
But unless the housing market comes zooming out of this dive and association members start making money again, BUILD PAC may have much less than usual in its kitty for candidates.
- Peter Overby
6:40 PM ET | 02-12-2008 | permalink

