With property owners and housing providers still feeling the effects of inflation, any additional layers of already heavy regulation by state and local governments can have severe unintended consequences, like driving housing providers out of the communities they serve. That’s why NAR is focused on fighting these misguided policies and sharing the facts on this important issue.
Currently, the Federal Housing Finance Agency (FHFA) is seeking the public’s input on tenant protections for multi-family properties backed by the federal government through the Government Sponsored Enterprises (GSEs), or Fannie Mae and Freddie Mac. This request for information (RFI) comes on the heels of the White House’s Blueprint for a Renter’s Bill of Rights, which directed the FHFA to investigate policy measures that provide relief to renters but could also infringe on private property rights, state and local law, and standard lease agreements.
The FHFA oversees the GSEs as they carry out their chartered responsibilities, including facilitating the financing of affordable housing opportunities. The GSEs are key stakeholders in providing financing to housing providers who develop rental properties in communities across the country. Their participation in the secondary market ensures there are financing options to develop multifamily properties across the country.
In response to the RFI, NAR is highlighting the vital role REALTORS® play in creating opportunities for upward mobility for renters by helping them obtain quality, affordable, and safe housing opportunities. We need you!
At our Call for Action page, you can share comments in the personal story field about how you work with renters to provide and maintain quality affordable housing. This can include topics like helping obtain rental assistance, proactively communicating lease renewals, using alternative credit scoring models, or other best practices. You can also share details about how housing providers play a vital role in your community and the potential impacts of additional regulation. Please submit your comments by July 31.
In addition to sharing the REALTOR® perspective with agencies like FHFA, NAR is working with our industry partners to fight misguided rent control policies. In June, NAR joined the National Apartment Association, the National Association of Homebuilders, and the Mortgage Bankers Association in filing an amicus brief in two cases asking the Supreme Court to hear a challenge to New York’s rent stabilization law (RSL).
The brief provided numerous examples of how New York’s rent control law – and others around the country – make it difficult for property owners to possess and enjoy their own properties, even for personal uses, and how these burdens fall hardest on individual “mom and pop” property owners with the fewest resources. It detailed how these laws exacerbate housing supply and affordability problems and decrease consumer mobility and entry into the housing market.
NAR has also joined with four other national trade associations to establish the Housing Solutions Coalition. This initiative will provide tools and resources to develop campaigns and offer proven, effective alternative solutions on rent control policies and proposals where they arise.
Many local and state associations from coast to coast have used REALTOR® Party resources to help fight rent control measures. You can read more about their efforts in the REALTOR® Party success stories.
History has shown rent control is an antiquated policy that exacerbates shortages, disproportionally benefits higher-income households, and ultimately drives up rents. REALTORS® will continue to push for solutions that lower housing costs and allow more people to find a place to call home.
Source: NAR
