Rutgers University Edward J. Bloustein School of Planning and Public Policy’s Post

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

With 7 states, Washington D.C., and potentially more areas considering rent control policies, public support is high. But economists caution that rent control might reduce new construction, further straining supply and raising costs over time. The key to affordable rents might not be caps—but more housing. What do you think? #affordablehousing #multifamily #rentcontrol

Zoning reform and housing production may be a local game, but it's a national problem. Here is YIMBY Action's perspective on the Biden Administration's plan to invest in solving our housing shortage by building/renovating 2 million homes (spoiler alert, we think it's progress!) https://lnkd.in/ewFpSqZ6

Rent control is a rare instance where the research is fairly conclusive: It doesn’t work. Price controls may seem appealing, but they have backfired on local governments and harmed the people we need to help the most. NAR advocates for federal legislation and policies, such as the YIMBY Act and the Neighborhood Homes Investment Act, to help eliminate discriminatory land use policies and remove barriers to housing production. The only way to keep cities affordable for working-class families is to focus on housing supply

"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

As the race for the White House heats up, housing issues are taking center stage! From affordable housing to interest rates and regulatory reform, the future of the housing market could be shaped by the next President's policies. Read more to know where the candidates stand.

Building on the Housing Affordability Task Force’s initial recommendations to boost housing supply, the Ontario Real Estate Association (OREA) is recommending the following10 Action Items for the province to take in 2024 that will have an immediate impact: 1. Reform the Ontario Land Tribunal by preventing abuse, eliminating backlog, and allowing fines for unreasonable delays 2. Implement land use changes to end exclusionary zoning 3. Modernize zoning to support commercial-to-residential conversions and greater density along transit corridors 4. Streamline new development applications by requiring preconsultations 5. Allow water and wastewater services to be provided through a municipal services corporation 6. Abolish the Land Transfer Tax 7. Reform how municipalities collect and spend development charges 8. Increase the number of skilled tradespeople in Ontario 9. Fund pilot programs creating innovative pathways to homeownership 10. Implement provincial loan guarantees and support for innovative

Rent control is a rare instance where the research is fairly conclusive: It doesn’t work. Price controls may seem appealing, but they have backfired on local governments and harmed the people we need to help the most. NAR advocates for federal legislation and policies, such as the YIMBY Act and the Neighborhood Homes Investment Act, to help eliminate discriminatory land use policies and remove barriers to housing production. The only way to keep cities affordable for working-class families is to focus on housing supply.

Interesting article - particularly liked 'As we move forward, it is essential to keep the needs of the American populace at the forefront of our efforts. Deregulating housing is not just a policy choice but a moral imperative. By allowing builders to build more homes without excessive government interference, we can ensure that more Americans can access affordable housing. This is not just about economics; it is about allowing people to build better lives for themselves and their families.' Do you think there are too many regulations in real estate? https://lnkd.in/gK4hi5qN