The Biden administration today announced significant new actions to protect tenants and make renting more affordable. Way to go, Joe! Via the Washington Post:
The announcement involves multiple federal agencies that will gather information on unfair housing practices. It also includes a “Blueprint for a Renters Bill of Rights” that, while not binding, sets clear guidelines to help renters stay in affordable housing. The White House is also launching a call to action, dubbed the “Resident-Centered Housing Challenge,” that aims to get housing providers as well as state and local governments to strengthen policies in their own markets.
After months of deliberation, the moves come as the housing market continues to pose a serious problem for people who don’t own their homes — and for the economy overall. While inflation has fallen for the past six months, average rental prices have continued to increase rapidly, disproportionately hurting vulnerable households that spend the bulk of their budgets on rent. Meanwhile, the country is stuck in a massive housing shortfall, complicating efforts to lower costs or simply find enough places for the 44 million American renter households to go.
One problem is that builders can't get past the NIMBYs when they want to build multi-family apartment houses.
Another significant part of the problem? Hedge funds and corporations buying up housing to make a profit renting them -- as illustrated by this Netflix "Shark Tank, only with real estate" show, called "Buy My House."
Despite their protests, they're not "making the American dream of owning a home affordable." Hell, no! As an example, one of the investors specializes in the "short-term market" (i.e. Air Bnb), a major factor in destroying affordable housing for the working and middle class. The other is the CEO of Redfin, a company which buys up properties the owners list.
Anyway, you're never going to get a handle on inflated prices without controlling these corporate predators. Don't just say something, Joe - DO something!
