As rents close in on a record high, more Americans, including the federal government, are wondering if it’s time for national rent control that will regulate rent increases and place restrictions on evictions.
In January, the Biden administration announced a blueprint for a renters bill of rights and encouraged federal governmental agencies and politicians to help tenants find, afford and stay in housing. The blueprint is only guidance, not law or policy, on types of protections renters need and how to achieve them. The blueprint explains how different agencies can play a role, but the one that has drawn attention is the Federal Housing Finance Agency’s (FHFA) examining ways to limit “egregious rent increases.”
FHFA’s request for public input on renter protections in Fannie Mae- and Freddie Mac-financed properties received thousands of comments, including from 17 Democrats led by Sen. Sherrod Brown, D-Ohio. Their letter asked FHFA to “condition” Fannie Mae- and Freddie Mac-backed mortgages based on various tenant protections, including limits on “egregious rent hikes.” Rents have risen 25%, or more than $400, since 2019, according to the apartment search engine Rent.com.
Frustrated, many Americans have coalesced around rent control as a solution, but critics say this will only push rents higher. They say a national plan to increase housing stock is a better solution but takes much longer to implement.
“There are proven solutions to our housing challenges,”…
