The US President, contrary to the belief of the incumbent, isn’t a dictator. Biden cannot just “make it so”. Amending the IR code would require getting bills through Congress.
That said, the excesses of the present administration need to be paid for … somehow. The pendulum is swinging against the rich and for most people “the rich” are anyone more prosperous than they are. Who pays directly will depend upon things like whose lobby is most influential. So if you think removing the 1031 Exchange rule is A Bad Thing, you and your state real estate investor groups had best start educating and influencing your congressional representatives and senators on November 4.