The Housing Solutions Coalition (HSC) recently released a statement criticizing President Biden’s proposed 5% corporate rent cap, labeling it as mere election year rhetoric. The coalition believes that rent caps, or rent control, are not effective solutions to the affordability challenges in the rental housing market. They argue that such policies often lead to housing shortages, higher rents, and lower quality housing.
Instead, the HSC advocates for policies that encourage new housing development, such as regulatory and financial incentives for home builders and multifamily owners/operators. They also suggest increasing subsidies for low-income families to reduce the financial burden and ensure access to safe and affordable housing. The coalition believes that rent caps hinder new development and keep existing units off the rental market, exacerbating the housing deficit.
Notable economist and former President Obama’s chair of the Council of Economic Advisers, Jason Furman, shared his skepticism about rent control in an interview with the Washington Post. Furman believes that reviving and expanding rent control policies would only worsen the housing supply problems in the country.
The HSC is open to discussions with the Administration and Congress to work on reasonable and effective solutions to address the housing crisis. Their mission is to promote workable solutions guided by the principle that every American deserves fair access to quality, affordable housing.
For more information on the Housing Solutions Coalition and their initiatives, please contact Justin Pressfield, Principal at Dewey Square Group at (202) 813-7887.
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As a leading voice in the real estate industry, the Housing Solutions Coalition strives to advocate for policies that prioritize building more housing and providing affordable options for all Americans. Join us in our mission to ensure fair access to quality housing by supporting practical solutions that address the root of the housing crisis.
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