WASHINGTON, July 16,
2024 /PRNewswire/ -- The Housing Solutions Coalition
(HSC), a broad coalition of housing groups, today issued a
statement regarding President Biden's proposed 5% corporate rent
cap:
This proposal amounts to typical election year rhetoric. Rent
caps, also known as rent control, have never been viable solutions
to the ongoing affordability challenges facing our nation's rental
housing market. These flawed policies often exacerbate housing
shortages, leading to higher rents and lower quality housing. As
the country faces a massive housing deficit, common sense solutions
are desperately needed that prioritize building more housing, not
erecting additional barriers to housing development.
Among the several policies we champion are regulatory and
financial incentives for home builders and multifamily
owners/operators, a solution that would bolster new housing
development now and in the future. Additionally, increasing
subsidies for those in need helps reduce the financial burden on
low-income families, ensuring they have access to safe, stable and
affordable housing. Rent caps do the opposite, hindering new
development while keeping existing units out of the rental
market.
As former President Obama's chair of the Council of Economic
Advisers, Jason Furman, said to the
Washington Post, "Rent control has been about as disgraced
as any economic policy in the tool kit. The idea we'd be reviving
and expanding it will ultimately make our housing supply problems
worse, not better."
HSC members welcome thorough discussions with the Administration
and Congress on this issue and stand ready to work on reasonable
and effective solutions.
About HSC
The Housing Solutions Coalition is a
collaborative effort of professionals and experts from different
but related corners of the real estate industry. Through this
coalition, we aim to promote workable solutions to the current
housing crisis, guided by the belief that every American should
have fair access to quality housing that they can afford.
Contact:
Justin
Pressfield, Principal, Dewey Square Group
Justin.Pressfield@deweysquare.com, (202) 813-7887
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SOURCE Housing Solutions Coalition