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There is little debate as to whether the United States has a housing affordability problem. Twenty million American households now spend more than 30 percent of their income on rent. And the problem grows worse each year.
This is a big problem, and one that requires some intervention. However, in the face of such significant housing challenges, some lawmakers are revisiting rent control as a strategy to control housing costs.
NMHC’s Doug Bibby argues that this strategy misses the mark. In fact, rent control policies contribute to declines in property maintenance, stifled development activity, shrinking affordability and a chronic undersupply of rental homes.
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REGULATIONS
Citing Housing Shortage, Builders Push for Friendlier Laws
Amid growing housing affordability concerns, the real estate industry is having success in using the
scarcity of affordable housing to secure more legal protections. These legal
changes could lead to a flurry of new development and construction
activity. |
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MEETINGS
Register Now for Next Week's Emerging Leaders Event in Dallas (June 7)
NMHC’s Emerging Leaders Speakers Series heads to Dallas on June 7, where three local developers will
discuss their strategies for profiting from the city’s rental boom. The event, taking place at the George Bush
Library, is open to any under-40 employee of a member firm with more than five
years experience. |
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LAND USE
Renter Stereotypes Continue to Fuel NIMBYism
America’s NIMBYism is so pervasive that even high-end renters are seen as unwanted and harmful to
communities. “Some homeowners will still look down their noses at the rabble-renting
apartments up the street—never you mind their deluxe dog parks and resort-style
pools,” writes Dallas News’ Steve Brown. |
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POLICY
New GSE Reform Paper Highlights Growing Rental Needs
“While the rental market often takes a backseat in housing finance reform discussions, it has the greater potential to
improve affordable-housing opportunities, and it is the market where most
people start their housing journey,” argue Michael Bright and Ed
DeMarco. |
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LEADERSHIP
We've Gotten Better at Diversity. Now the Challenge Is Inclusion
Harvard Business School dean weighs in on diversity on campus and beyond: “The benefit of diversity in education, or in any other area, is realized only when people genuinely learn from one another’s different life experiences and perspectives. If people engage only with those who are like them, diversity is irrelevant.” |
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| A hand-selected collection of noteworthy articles on a wide variety of issues of interest to apartment executives. |
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| Multifamily Market Dashboard |
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Regressive Tax System Burdens Renters
The Lincoln Institute of Land Policy recently released a study that found that, on average, apartments face an effective tax rate 35 percent higher than owned homes (“homesteads”) across the country. In some cities, however, the variance is even higher.
This has
financial repercussions for apartment renters. According to the study, “While
renters do not pay property bills directly, they do pay property taxes
indirectly since landlords are able to pass some of their property taxes by
increasing rents. Since renters have lower incomes than homeowners on average,
preferences given to homesteads relative to apartment buildings will tend to
make the property tax system more regressive.”
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| A must-read for top apartment industry professionals, Apartment Wire is a timely review of emerging trends in apartment finance, development, management and technology and more, featuring both exclusive content from NMHC's staff of experts and provocative articles from across the web. |
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