NAR Submits Comments on the FHFA’s Request For Information on Administration’s Tenant’s Bill of Rights

On Monday, July 31, NAR submitted its response to the Federal Housing Finance Agency’s (FHFA) Request for Information (RFI) on tenant protections in Fannie Mae or Freddie Mac-backed multifamily rental properties. The RFI asked about a range of tenant protections, including eviction practices, rent increases, and notice requirements. NAR stressed in its response the need for policies that address the root causes of high rents, including removing barriers to constructing new affordable housing, incentivizing participation in the Housing Choice Voucher program, and funding existing HUD programs. Further, policies such as rent control are not solutions to high rents and low inventory but rather reduce property values, disincentivize new development, and favor current residents over future ones.