WASHINGTON, D.C. — Today, a broad coalition of housing providers and lenders released a letter to President Biden opposing the recent proposal to cap rents nationwide. Rent control policies have proven time and again to increase rents, reduce the capital needed to boost the supply of housing, and ultimately hurt renters today and in the future.
Imposing federal rent caps on top of what is already an overly complicated set of regulations at the state and local levels will disincentivize housing investors, thereby further exacerbating the supply shortage, and reducing housing opportunities for our nation’s renters. We urge the White House to reject rent control and instead increase subsidies for those in need and work with housing providers on proven solutions – such as those outlined in the administration’s Housing Supply Action Plan – to expand the supply of needed affordable housing.
Rent control does not build a single home, and it ignores the real reasons for increases in housing costs, including rapidly rising insurance costs, state and local taxes, and other economic factors. Further, it disincentivizes needed housing investments, particularly in communities that already have few affordable options.
Instead of rent control, we urge the administration to focus on leveraging federal resources to expand supply and build the housing America needs.
Letter signatories include:
American Land Title Association
American Seniors Housing Association
BOMA International
Council for Affordable and Rural Housing
Commercial Real Estate Finance Council
Institute of Real Estate Management
Leading Builders of America
Manufactured Housing Institute
Mortgage Bankers Association
NAIOP, Commercial Real Estate Development Association
Nareit
National Apartment Association
National Association of Home Builders
NATIONAL ASSOCIATION OF REALTORS®
National Association of Residential Property Managers
National Housing Conference
National Leased Housing Association
National Multifamily Housing Council
The Real Estate Roundtable
Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is where rental housers and suppliers come together to help meet America’s housing needs by creating inclusive and resilient communities where people build their lives. We bring together the owners, managers, developers and suppliers who provide rental homes for 40 million Americans from every walk of life—including seniors, teachers, firefighters, healthcare workers, families with children and many others. NMHC provides a forum for leadership and advocacy that promotes thriving rental housing communities for all. For more information, contact NMHC at 202/974-2300, e-mail the Council at info@nmhc.org.
