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Rent Control EO(s) Inbound?

1,287 Views | 6 Replies | Last: 1 yr ago by WoMD
Red Pear Realty
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AG
Not talking politics. Just the possible ramifications of this if enacted. Go.

Quote:

At a time when apartment rents are starting to descend from the record highsand the momentum for rent controls appears to be buildingthe Biden Administration said it is considering several executive actions that would expand protections for renters.

Among the measures on the table at the White House are standardized rental leases; grace periods for late rents; a right to counsel for tenants facing eviction; the sealing of eviction records; and a federal campaign to end discrimination against affordable housing voucher holders based on the source of income, Bloomberg reported.

The smoke signals from Pennsylvania Avenue came in response to a letter from Sen. Elizabeth Warren to President Biden, signed by 50 members of Congress and made public last week, calling for the president to issue an executive action ordering a cap on rent hikes in properties backed by Fannie Mae, Freddie Mac or the US Department of Housing and Urban Development.

https://www.globest.com/2023/01/24/white-house-mulls-tenant-protections-as-local-rent-control-push-grows/?slreturn=20230024151747




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normaleagle05
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AG
Quote:

The smoke signals from Pennsylvania Avenue came in response to a letter from Sen. Elizabeth Warren...

LOL. Well done author and editor.
DrEvazanPhD
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Biden can EAD. Not sure how this is even legal. This will mean all rents will magically increase to the "maximum" level for the area
NoahAg
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F Brandon
Let's go, Brandon!
aggiebq03+
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This will have the exact same effect every time price controls are introduced. Supply will be constrained well below demand as no new investment is made, and the same people it's meant to "help" will be the ones most hurt by it in the long run.
CS78
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And tenants think it's hard to get things fixed now. Owners will go into immediate damage control mode, cutting corners anywhere possible.
WoMD
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aggiebq03+ said:

This will have the exact same effect every time price controls are introduced. Supply will be constrained well below demand as no new investment is made, and the same people it's meant to "help" will be the ones most hurt by it in the long run.

This is why in SF you meet people paying $300 a month for rent, but their new neighbors are paying $4500. No new (to the city) "normal" people can live there anymore, and rent control helped speed up that process quite effectively. It's only for the super rich or super poor.

Bunch of idiots running these shows.
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