#RentControl laws on the national level? Biden administration offers a not-so-subtle push

by Medora Lee, September 6, 2023

"Rent control would prevent #corporate #landlords from profiting by using low-interest, government-backed financing while raising #rents and evicting #tenants, Hoang said. 

"Though that may be true, critics say, rent control could hurt millions of people, including some who supplement their retirement with rental income.  

"Among 49.5 million rental units, nearly 46% are small rental properties of one to four units, the National Association of Realtors said. More than 70% of those are owned by individuals, or mom-and-pop landlords. About 70% are also managed by them. 

"'Cost of rental housing is expensive,' Geno said. 'If they can’t pass on expenses they don’t control, many owners will be upside down.'"

"Many mom-and-pop landlords were forced into forbearance during the 1½-year pandemic-related rent moratorium that allowed tenants to forgo rent payments without fear of eviction. Some even had to sell their properties and defer maintenance on their rentals."

And then corporations bought them up, tore down or gutted the places, then created condos or high-rent housing out of the reach of most people! Creating affordable housing would be great, but it takes time. And judging by the number of homeless and those seeking climate change and political asylum, this problem needs to be solved sooner than later! 

https://www.msn.com/en-us/money/realestate/rent-control-laws-on-the-national-level-biden-administration-offers-a-not-so-subtle-push/ar-AA1ggiXW?rc=1&ocid=winp1taskbar&cvid=8a51f854e3ac4dd9ce096c7ac81fbc04&ei=6
#AffordabeHousing #HousingForAll #AffordableHousingForAll