WASHINGTON, D.C.\u2014National Association of Realtors\u00ae President Kevin Sears issued the following statement in response to the Biden Administration\u2019s rent control plan:<\/p>\n
\u201cNAR opposes misguided attempts to cap or control rental rates. Price controls may seem appealing, but they have backfired on local governments and harmed the people we need to help the most. Developers are reluctant to build in areas where the government imposes rent controls on new buildings, and these policies actually decrease the supply of low- to mid-range housing units. We can protect the most vulnerable by supporting targeted assistance to renters and housing providers when there is a gap between rising wages and rising rent. But the long-term solution remains increasing supply.\u00a0We need more than 328,000 new apartment units each year just to keep up with demand\u00a0\u2013 that\u2019s 4.3 million units by 2035.<\/p>\n
\u201cRent control is a rare instance where the research is fairly conclusive: It doesn\u2019t work. These measures fail to improve most renters’ financial situation and shift the burden of economic difficulties, inflation, and other costs onto the housing provider with no counterbalance.\u00a0NAR has advocated for federal legislation and policies such as YIMBY and the Neighborhood Homes Investment Act to help eliminate discriminatory land use policies and remove barriers that weaken housing production in the United States. The only way to keep cities affordable for working-class families is to ensure that the supply of housing keeps pace with the growing demand.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
WASHINGTON, D.C.\u2014National Association of Realtors\u00ae President Kevin Sears issued the following statement in response to the Biden Administration\u2019s rent control plan: \u201cNAR opposes misguided attempts to cap or control rental rates. Price controls may seem appealing, but they have backfired on local governments and harmed the people we need to help the most. Developers are […]<\/p>\n","protected":false},"author":45,"featured_media":6427,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-6426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/comments?post=6426"}],"version-history":[{"count":1,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6426\/revisions"}],"predecessor-version":[{"id":6428,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6426\/revisions\/6428"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media\/6427"}],"wp:attachment":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media?parent=6426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/categories?post=6426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/tags?post=6426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}