#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

Remember tht what's important is not which developer got which parcel of land at below market rates without tender and which #Ford family friend got which favors. We need to understand that building luxury homes has never resulted in making housing more affordable. We need to reverse th #greenbelt giveaways and deveop a strategy to build affordable urban #housing, with better #rentcontrol and #rezoning to provice units near transit. #onpoli

@CuriousMagpie @actuallyautistic

We definitely need better rent control. They raise rent because they can. In some states they have to tell you at least 2 months in advance. It sucks and only getting worse.
#rentcontrol #affordablehousing #homelessness #thehomelessproblem #livingwage

Economists support nationwide rent control in letter to Biden admin — ‘All the empirical literature suggests that the basic economic story does not hold’ when it comes to anti-rent control arguments, said one economist
https://www.vice.com/en/article/5d9yvz/economists-support-national-rent-control-in-letter-to-biden-admin #rentcontrol #rentcrisis #housing

(18 Aug) - The Supreme Court Could Overrule Rent Control In New York And Across The Nation https://abovethelaw.com/2023/08/the-supreme-court-could-overrule-rent-control-in-new-york-and-across-the-nation/ #RentControl #SupremeCourt #NewYork #Nation #Overrule #Housing #Politics #News https://mastodon.sdf.org/@uspolitics/110912650501050274

The Supreme Court Could Overrule Rent Control In New York And Across The Nation

https://abovethelaw.com/2023/08/the-supreme-court-could-overrule-rent-control-in-new-york-and-across-the-nation/

#RentControl #SupremeCourt #NewYork #Nation #Overrule #Housing #Politics #News

#RentControl legislation trending. Failed #NVLeg would create the first rent control provisions in Nevada, setting stricter rules on rent increases and allowing tenants relief from cost-of-living increases.
https://www.billtrack50.com/billdetail/1612498

"The average London renter is already putting 40% of their wages straight into their landlord's pocket, and this situation shows no sign of improving on its own."

And the Prime Minister blames the Mayor of London, which isn't exactly reassuring...

#MayorOfLondon #RishiSunak #sadiqkhan #london #Londoners #housingcrisis #londonrentersunion #rentcontrol #LondonHousing #britishpolitics

https://www.bbc.co.uk/news/uk-england-london-66393257

'#Renters Are Struggling': #Economists Back #Tenant-Led Push for Federal #RentControl

https://www.commondreams.org/news/economists-rent-control
"We have seen #corporate #landlords—who own a larger share of the #rentalmarket than ever before—use #inflation as an excuse to #hikerents and reap #excessprofits beyond what should be considered fair and reasonable."
https://peoplesaction.org/wp-content/uploads/2023/07/Economist-Sign-on-Letter_-FHFA-RFI-Response-1.pdf

A group of 32 economists have signed a letter supporting the use of #RentControl nationwide, joining a campaign asking the federal government to regulate rents in buildings with government-backed mortgages.

"All the empirical literature suggests that the basic economic story does not hold" when it comes to anti-rent control arguments

Previous letters supporting rent control have come from 143 academics, 17 Senators, and more than 70 climate researchers

https://www.vice.com/en/article/5d9yvz/economists-support-national-rent-control-in-letter-to-biden-admin

Rent is going ⬆️

#RentControl #CostofLiving #LivingWage

In the old days, price fixing used to require economic competitors to secretly negotiate and often illegally collude with each each other. Nowadays, all it requires is that they use the same AI software tool. In this case YieldStar software for setting rents.

"One of the algorithm’s developers told ProPublica that leasing agents had “too much empathy” compared to computer generated pricing."

[...]

"“Find out how YieldStar can help you outperform the market 3% to 7%,” RealPage urges potential clients on its website.

Few tenants know that such software, owned by a privately held company, has had a hand in rent increases across the country"

#rent #RentControl #ai #PriceFixing

https://www.propublica.org/article/yieldstar-rent-increase-realpage-rent

@black_intellect
A national crisis.

"National Rent Control? It’s Closer Than You Think."

https://youtube.com/watch?v=BlF6a0JLsYc&feature=share

#FairHousing #WealthDisparity #RentControl #Homelessness #EatTheRich

"National Rent Control? It’s Closer Than You Think."

https://youtube.com/watch?v=BlF6a0JLsYc&feature=share

#FairHousing #WealthDisparity #RentControl

National Rent Control? It’s Closer Than You Think.

https://www.youtube.com/watch?v=BlF6a0JLsYc&ab_channel=MorePerfectUnion

A historic wave of tenant organizing is on the verge of winning renter protections that would be attached to federal loans—affecting 1 in 4 apartments. But Greystar, Blackstone, and AvalonBay are spending millions to block it.
They're a part of a coalition of massive landlords, baks, and investors who are pooling resources to block rent control and renter protection policies.
One of the biggest landlord industry lobbying groups is called the National Multifamily Housing Council. That group has spent almost $10 million lobbying against rent control.
Despite this opposition, we're seeing one of the largest upticks in tenant organizing since the 1970s, as renters across the country face worsening housing crisis. Groups like KC Tenants are at the forefront of this movement, fighting to stop unfair rent hikes and corporate slumlords..

#pricegouging #pricefixing #abusiverent #slumlords #economicassault #tenantorganizing #renterprotection #rentcontrol #rent

#Tenants push #Biden for #rentcontrol on all government-backed #housing
https://wagingnonviolence.org/2023/07/tenants-push-biden-for-rent-control-government-backed-housing/

“The rent eats first.”

In a nation of 44 million households renting their home, rents in recent years have been rising far faster than wages & faster than overall inflation

#RentControl #HousingCrisis #greed https://jacobin.com/2023/07/rent-control-arguments-myths-housing-real-estate/

300+ tenants in Toronto on rent strike | CTV News

>More than 300 tenants at two apartment buildings in #Toronto have been withholding their rental payments for weeks, claiming their landlord is failing to abide by rent control regulations.

>building's elevators have not been working on and off for the last three years.
https://toronto.ctvnews.ca/more-than-300-tenants-at-2-toronto-apartment-buildings-have-stopped-paying-rent-1.6481837 #Canada #housing #housingcrisis #rentcontrol #affordablehousing

#ILLeg would repeal the #RentControl Preemption Act which prohibits local governments from enacting, maintaining or enforcing ordinances that would control the amount of rent charged for leasing private residential or commercial property.
https://www.billtrack50.com/billdetail/1518719

"Scrapping the policy represents a major shift in thinking for Labour, which has promised the regulation of rents in all its manifestos since Ed Miliband was leader."

They've also said they're not scrapping Right To Buy in England and there is practically no housebuilding going on down there. How many unhoused people do they want? It's a crisis now and will be devastating soon.

#RentControl #Labour #UKPol

https://www.independent.co.uk/news/uk/politics/labour-rent-controls-lisa-nandy-keir-starmer-b2365616.html