White House Roils Housing Industry Over New Tenant Protections
The housing industry is up in arms over new tenant protections that the Biden administration administration is preparing to roll out as soon as this month, Politico reports.
The protections, which come as rents around the country are falling, could include promoting grace periods for late rents, as well as giving renters who are facing eviction the right to legal counsel, according to advocates.
According to Jerry Howard, CEO of the National Association of Home Builders, the industry is bracing for “some pretty intense regulation.”
“They need to be very cautious about what they’re doing,” he added, having attended a November White House meeting on tenant protections. “There’s a real chance of creating a problem that doesn’t exist.”
With a possible recession looming, the Biden administration will be looking for ways to provide relief to cash-strapped Americans suffering from a higher cost of living. Since the U.S. House is now under Republican control, the kind of sweeping economic legislation enacted during the last two years is off the table.
Democratic lawmakers including Sen. Elizabeth Warren (D-Mass.), are leaning on the administration to go big by curbing rent increases at millions of units in properties with government-backed mortgages – a long-shot move the White House is not seriously weighing, according to a person with knowledge of the discussions. -Politico – READ MORE
Responses