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June 2, 2017
Rent Control's Failure
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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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Top News

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.   

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. 

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.

RISK MANAGEMENT

NMHC Launches New Cyber Security Alert System

Is your company doing enough to protect itself? Get the story behind NMHC’s new cybersecurity notification system.

HOME SHARING

Is AirBnB the Amenity You're Missing?

A New Jersey landlord embraces home sharing as a property perk instead of joining the fight against it.  

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. 

TRENDS

Investigative Report Highlights Affordable Housing Challenges

An influx of single renters searching for affordable housing is forcing the industry to get creative in matching demand with supply. 

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.” 

DEVELOPMENT

Self-driving Cars Hit the Road, Real Estate Takes New Direction

Local city planners and transportation officials see autonomous vehicles’ potential to reshape real estate, development and city planning as rivaling that of the introduction of the automobile. 
In Case You Missed It
A hand-selected collection of noteworthy articles on a wide variety of issues of interest to apartment executives.
Multifamily Market Dashboard

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.”

 
Upcoming Meetings
2017 NMHC Emerging Leaders Speaker Series Dallas
June 7, 2017 at the George Bush Library, Dallas, TX

2017 NMHC Student Housing Conference & Exposition
September 25 - 27, 2017 at the Tampa Marriott Waterside Hotel & Marina, Tampa, FL
About Apartment Wire
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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