We Must Combat the Threat of Rent Control
Rent control is the most destructive housing policy in modern history. And one of the most draconian versions of this destructive policy is at our doorstep. This is an existential threat to our industry. NMHC held a session on the growing threat of rent control and California’s Proposition 21 during our NMHC Fall Board Meeting. Please view the video of the session to learn more, and go to noonprop21.vote to do your part.
In New York City, property values dropped by 25% immediately upon the passage of new rent control legislation there. Our ask of $100 a unit for California portfolios represents a fraction of a percent of portfolio value, or just $8 a month of rent for one year. If you are outside of California, we ask to give what you can.
We have the team in place to win as we did two years ago with Prop 10. The only way we lose is by not funding the campaign. Moreover, the proponent of Prop 21, Michael Weinstein, has invested in campaign infrastructure to continue to run these types of campaigns inside of California and out. Prop 21 passing would only embolden Weinstein to run a rent control ballot initiative in other states – as he has already done on other issues.
Please visit noonprop21.vote. Thank-you in advance for your support.
Best,
Doug Bibby
President, NMHC
Related Articles
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- NMHC-NAA Statement for House Financial Services Subcommittee Field Hearing on Status Quo Housing Policy
- Rent Control Fact Sheet
- NMHC-NAA Statement for Senate Banking Hearing on Property Insurance Market Challenges
- Real Estate Industry Letter on Rent Control to FHFA Director Sandra Thompson