White House sets limits on egregious rental rate hikes

113
3
White House sets limits on egregious rental rate hikes

The White House announced Wednesday it is taking strategic steps to protect renters, including setting up limits on egregious rate hikes. Critics have criticized the Biden administration's one-size fits-all program that makes changes for renters at the cost of landlords.

We've seen it for so many years, and it's very frustrating," said American Apartment Owners Association director Alexandra Alvarado during Grady Trimble's report on The Big Money Show Wednesday.

Mom- and- pop landlords are not being treated differently, even though it affects them much more than it would affect a large company with thousands of units. Landlords that have a few units don't. The White House addressed several actions it plans to take in order to meet its commitment to renters, as well as limits on egregious rate hikes. The actions include gathering information on how tenants are screened, updating guidelines on anti-competitive information sharing among landlords and providing legal help to tenants who are evicted.

Rent is one of several products and services that have gone up in price since the COVID-19 pandemic and amid rampant inflation.

The Biden administration has taken steps to protect renters during the height of the Pandemic, including an eviction moratorium and bragging that it has prevented millions of evictions.

State-level attempts to protect renters have been seen by landlords.

New York City is considering the Fair Chance for Housing Act, which was referred to the New York City Council's Committee on Civil Rights on December 8th. The bill is backed by at least 30 of the council's 51 members, according to The New York Post.

The act would strip landlords of the ability to perform criminal background checks on prospective tenants.

In addition to being supported by a number of lawmakers, New York City Mayor Eric Adams has suggested he is open to working with lawmakers on the proposal.

A spokeswoman for the mayor's office told Fox Business that no one should be denied housing because they were once involved in the criminal justice system. We will work closely with our partners in the city council to make sure this bill has the maximum intended impact. Critics argue that the bill would put the safety at risk in a city flooded with crime.

The plan of the Biden White House seeks to increase fairness in the rental market and promote fair housing at the federal level. The White House also revealed in its announcement Wednesday that it has released the Blueprint for a Renters Bill of Rights. The blueprint is intended to support the development of policies and practices that promote fairness for Americans living in rental housing. The efforts of the Biden administration and cities like New York City have concerned landlords, particularly those who are smaller, mom- and- pop landlords. They note that rental prices are the same as supply and demand in the broader housing market.

The landlords argue that supply and demand is at work and that's why we have seen rent increase over the past couple of years. In his report, Trimble concluded that that's one of the reasons that prices are coming down in some of the largest cities in America.