If demand for tax preferred qualifying dividends were to shift partly over to REITs as this tax advantage is removed, that increased demand should be atailwind for REIT share values.
The fundamental point is that, in the presence of inelastic supply curves, demand-side subsidies face a headwind of adverse price effects, while direct public provision gets atailwind of favorable price effects.
"When they come close to the Sun, this ice melts - solar wind blows this material out into space, so you get atail of matter coming off the comet, " explains O'Brien.