National Association of Realtors® President Kevin Sears Responds to Biden Administration’s Rent Control Plan
WASHINGTON (July 16, 2024) – Kevin Sears, President of the National Association of Realtors® (NAR), expressed opposition to the Biden Administration’s rent control proposal:
“NAR strongly opposes attempts to cap or control rental rates. While price controls may seem appealing, they have historically backfired, harming the very people they aim to help. Developers are deterred from building in areas with rent controls, reducing the availability of low- to mid-range housing units. Instead, we should support targeted assistance for renters and housing providers when there is a disparity between wages and rent. The long-term solution is to increase the housing supply. We need over 328,000 new apartment units annually to meet demand, totaling 4.3 million units by 2035.
“Research clearly shows that rent control is ineffective. These measures do not improve renters’ financial situations and instead place the burden of economic difficulties, inflation, and other costs on housing providers without any counterbalance. NAR advocates for federal legislation such as YIMBY and the Neighborhood Homes Investment Act to eliminate discriminatory land use policies and remove barriers that hinder housing production in the United States. To keep cities affordable for working-class families, we must ensure that housing supply keeps pace with demand.”
For more information, read the original press release from: https://www.nar.realtor/newsroom/nar-responds-to-administrations-rent-control-plan