Nick Erickson’s Post

Debate Over Federal Rent Cap Heats Up! President Biden's proposal to cap rent increases at 5% faces opposition from housing and real estate industry groups. It's certainly important to have affordable housing, but have you ever seen rent caps help a community achieve this goal in the long term in a sustainable fashion? I have yet to hear a true community success story from rent caps! * Industry Pushback: Housing groups argue against President Biden's proposal to cap rent hikes at 5% for multifamily properties with over 50 units, calling it ineffective and damaging. * Building More Housing: Experts stress that creating more affordable housing is a better solution than imposing rent controls. * Potential Consequences: Critics warn that rent caps could decrease housing quality and deter new construction, worsening the housing crisis. * Mixed Opinions: While some advocate for protections against rent gouging, others see rent caps as a barrier to investment in housing. #HousingCrisis #RentControl #RealEstate #AffordableHousing #multifamily SVN Desert Commercial Advisors National Multifamily Housing Council National Apartment Association (Naahq) National Low Income Housing Coalition National Housing Conference https://lnkd.in/gThR_Bih

🚨 Join the Discussion on Housing Policy! 🚨 President Joe Biden has announced a new plan to combat soaring rent prices in the US, proposing a cap on rent increases for landlords who own more than 50 units. This bold move aims to protect 20 million rental units and send a clear message to corporate landlords: "Rent is too high, and buying a home is out of reach for too many working families and young Americans." 🏡 While the proposal includes exceptions for new construction and renovations to encourage more housing stock, it faces significant opposition and requires congressional approval. Critics, like NAHB Chairman Carl Harris, argue that rent control could worsen the housing crisis by discouraging new developments and hurting existing tenants. 📉 As the debate heats up, we want to hear from you! 🔹 Do you think the proposed rent cap is a viable solution to housing affordability? 🔹 How should the government address the housing shortage and rising prices? 🔹 What are the potential impacts on landlords and developers? Share your thoughts, experiences, and ideas in the comments at Pakira Forums! https://lnkd.in/emhhGMrg #HousingCrisis #RentControl #BidenPlan #AffordableHousing #RealEstate #PolicyDebate #JoinTheConversation

Politics & Political Policies are destroying the economics and incentives of multi family investments.

President Biden tonight stated in his press conference he will push for a national rent control policy limiting rent increases to 5% (???). This, from an administration which claimed to believe - until tonight apparently - the way to bring down housing costs was to build more housing. In fact, just this spring the administration’s Domestic Policy Council Director was quoted in Politico magazine saying, “We know we need to increase housing supply to ensure that we can bring down the rents and the cost of homeownership.” So what has changed? The laws of economics still apply: build more housing and prices come down. For a succinct explanation of why rent control doesn’t work, take a look at the below article. A couple quotes: “The basic problem with rent control is well-known: A broad cap on rent increases means that many middle-class and even upper-middle-class renters get reduced rents because of the legislation, and the proportion of benefits that go to low-income households who are the ostensible beneficiaries is low.” And, “Developers faced with tangible constraints on prices—and the prospect of those constraints becoming more constricting in the future—find it less profitable to build new buildings, further reducing supply.” #housing #sfr #btr https://lnkd.in/e_rsqMXa

The only proven relief valve for the housing crunch is to ease restrictive zoning ordinances. We are trying to do this here in New York City, but we cannot be alone. Of course, rent control is only a small portion of the urban housing stock. Nevertheless, we must remember just how expensive it is to develop anything in NYC. Without tax credits and subsidies, developers would be faced with net losses for many new constructions. Adding more restrictions in an already expensive market would constitute a severe misfire by this administration. #housing #rent #nyc

Developments in Housing Policies: What You Need to Know To Stay Informed. President Biden has announced comprehensive plans to address the housing crisis. These plans could have a significant impact on rent control and affordable housing. Key Highlights from the White House Announcement: ⬇ 🔹 Cap on Rent Increases: Proposal to limit rent hikes to 5% for corporate landlords. 🔹 Public Land for Housing: Repurposing federal land for affordable housing projects. 🔹 Support for Local Initiatives: Financial and policy backing for local housing efforts. 🔹 Enhanced Renter Protections: Strengthened protections for renters in properties financed by Fannie Mae and Freddie Mac. 🔹 Efficient, Climate-Resilient Housing: Emphasis on sustainable and resilient housing solutions. 🔹 Combating Price Gouging: Measures to prevent exploitative rent practices by corporate landlords. Read the full White House Announcement here: https://lnkd.in/gGb37QFx. #RealEstateDevelopment #MultifamilyHousing #AffordableHousing #RentControl #SustainableHousing #HousingMarket

"The plan to provide up to $25,000 in down payment assistance to 4 million first-time buyers over four years is likely to inadvertently raise home prices, thereby diminishing the intended benefits of this support." "The fundamental problem with past programs and Harris's proposed efforts is not insufficient subsidies but structural issues—namely, restrictive zoning and land use rules—that are holding back housing construction. These regulations make buildable land both scarce and expensive." #Housing #RealEstate #Economics #Policy https://lnkd.in/gQvHFhz3

Why don’t our politicians study some basic economics? While the intention to address rising rents is admirable, implementing laws to control rent increases is dumb. Politicians should focus on incentivizing new housing developments. Or why stop with rent controls? Let’s put caps on construction costs. That’ll fix your inflation! Not! This is not how free market works - that is how socialism works. Create policies that stimulate growth and attract developers to create a sustainable housing market. #EconomicInsight #HousingDevelopment #realestate #rent https://lnkd.in/grwGrZkv

Good Cause wasn't the only housing bill proposed by lawmakers this year. A handful of proposals at the state and city level from 2024 are still being considered and could make a difference to New Yorkers trying to weather the housing affordability crisis. Read the latest from our blog to learn what bills we'll be keeping an eye on the rest of the year: https://lnkd.in/e884SC44

Here’s a deeper dive into the housing bills that passed last year to build more housing, protect tenants, and more. KQED https://lnkd.in/gdRrPYPD