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Biden Makes First Move Toward Radical Rent Control Law

Responding to a letter sent earlier this month by congressional radicals like Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez urging the president to take executive action to prevent evictions and lower rent prices, Joe Biden has initiated a series of actions that will eventually lead to a national rent control law.

Under the Biden plan, the president is directing the Federal Housing Finance Agency (FHFA) to look at limits “for future investments and actions promoting renter protections,” according to a report in Yahoo Finance.

The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) have been enlisted to “root out practices that unfairly prevent applicants and tenants from accessing or staying in housing,” according to the report.

Please define “unfairly.” I don’t think that Senator Warren or AOC define the term the same way that you, I, or most landlords would define it.

“In the absence of robust investments in fair and affordable housing, it is clear that additional timely executive action is needed to address the urgent issue of historically high rental costs and housing instability,” the lawmakers wrote. “We urge your Administration to pursue all possible strategies to end corporate price gouging in the real estate sector.”

Specifically, lawmakers had called on the president to direct the FTC to issue new regulations defining excessive rent increases and enforce actions against rent gouging, suggestions that are [morel ] aggressive than what the administration has so far put forth. The letter also asked to have FHFA put in place rent protection for tenants living in properties financed with government-backed mortgage properties, which is more closely aligned with what the president outlined on Wednesday.

In Wednesday’s announcement, the administration also sought to rally state and local governments — as well as the private sector — to protect renters.

Since the beginning of the republic, laws governing rent and leases have been local matters. If a landlord is cheating renters, local and state governments have the authority and the tools to punish the landlord. And being much closer to the problems of renters and landlords than anyone in Washington, local and state governments have a much better handle on the local rental housing situation.

But now, the federal government doesn’t believe that landlords should be compensated for owning rental property. They’re “gouging” renters. This is after more than two years of preventing landlords from evicting renters for non-payment of rent. And in a period of rapidly rising inflation, landlords are being accused of “profiteering” at the expense of renters.

“We believe that the administration can go significantly further to help tenants struggling to pay rent as soon as next week,” Rep. Jamaal Bowman (D-NY) said. “We need actions that will urgently address skyrocketing housing costs, keep people housed, and rein in corporate profiteering…I look forward to continuing to work with the Biden Administration on this issue.”

It’s a ridiculous charge given that 98 percent of all rental property owners, or 80 percent of all rental properties, are owned by small business entrepreneurs who own five units or fewer, according to a study in Business Wire.

These rules, and any legislation supported by AOC, would destroy the rental housing market and make it much harder to find affordable housing. What small business owner wants to be beholden to Washington for their business? Rental housing will disappear — perhaps the intended purpose of the new rules.

The narrative of corporate greed being responsible for rent increases is a far easier sell than small businesses struggling to keep their properties during an inflationary economy that Warren, AOC, and Biden are mostly responsible for.

READ 30 COMMENTS
  • Michael_T says:

    The owners wall either have to sell off or lose their rental units due to foreclosure. No one in their right mind will build new rental properties, and it isn’t easy to find large cardboard TV boxes now that TVs are under a foot thick.

    • Sandy^ says:

      No sympathy for them. Most commenters on here seem to be a more well-to-do class. Most of the commenters on here are clueless on this because they do not have to choose between rent or food. No sympathy at all. It has become a morally bankrupt nation with out of touch people on both sides. Many of our seniors live in their cars and if they do not they are on a thin line hoping they can keep up. Same with the young. How many friends you want to live with, for how long?

  • Dorothy says:

    Please, in God’s name get rid of these people that seized the White House. They are evil and do not have a shred of decency about them. How about closing our damn borders. That is the most important thing to do. Biden and his crew are planning to go to war against Russia, and that will be the end of our planet. They have caused more trouble than our earthly disasters.

  • Sandy^ says:

    This might be one thing I agree on. We need some kind of rent control. You can not ask whatever you want while our seniors, and poorer young go homeless. When you have to pick food or rent, something is wrong. Most of this is caused by foreign investors coming in and buying up everything, then raising rents. Everyone should be allowed a roof over their heads, not just those who work four jobs, have a rich daddy who sent them to school, or sell their bodies to get rent. This is the state of our nation.

  • Sandy^ says:

    Here is a challenge for commenters. Give up your money for two months. Keep it at the national level of poverty or working poor. Go find a rental, move in, and them start paying the bills with food. Get back to us on how that worked out. 100% we need rent control

  • JJ says:

    Joe, when are you going to stop trying to take over every aspect of our lives!! I’m old, not quite as old as you, Joe, but I don’t like all of this grabbing you and Democrats (and your puppet masters) are trying to do!! Leave the American citizens alone!!! There isn’t anything that Democrats have touched in the past several years that hasn’t turned to disaster!!! Do you truly know who will be negatively affected by this, yet another disastrous action by our dementia ridden President?? Are you even concerned??

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