The National Apartment Association (NAA) has taken President Biden to task for his recent remarks regarding the state of rental housing.
During his State of the Union speech in March, Biden boasted that his administration was working to lower rents that were being kept at elevated levels.
“For millions of renters, we’re cracking down on big landlords who use antitrust laws — who break antitrust laws by price-fixing and driving up rents,” he said.
Following the speech, the administration announced a plan to cap the yearly rent increases in properties that receive Low-Income Housing Tax Credit funding at 10%.
In an unattributed statement, the NAA pushed back at the notion that landlords were jacking up rents.
“Since day one, the rental housing industry has been a faithful and willing partner for this administration,” said the NAA statement. “President Biden knows that fair housing laws are a cornerstone of rental housing operations – NAA, our more than 96,000 members and the industry as a whole are built around people, not buildings. Time and time again, NAA has come to the table with real, tangible solutions to address the nation’s housing challenges. It’s far past time to remove politics from housing and help America’s renters.”
Photo courtesy of the White House
In over 25 years of our apartment ownership and management this last 18 months has seen the highest operating cost increases of all. Property taxes up 26%, insuance up 24% and utilities, management and supplies have also gone up double digit percentages. Recent changes to local laws have made it very difficult to evict problematic and non-paying tenants. Virtually EVERYTHING has gone up in price. Unlike many apartment owners, we have very low debt service- so we only raise rents if we HAVE to. So passing on increased operating expenses to tenants is not a choice- it is a must.
This administration is anti-business at every level. Everything they touch or change will have negative effects.
100%
That is exactly correct. The Biden/liberals do not know how to add 2&2 together. They keep coming up with 40. We need responsible people who actually CARE about us. We pay the bills and bear the brunt of these idiotic policies. Biden has NEVER ever held a job, only politics. it’s no wonder where we are. Vote for the business man, TRUMP!
Spot on Brian Collette
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You are right 🙁
This is the worst president in our histiory and has done more to raise prices and destroy our way of life than any other …
My property tax statement just arrived. I has literally tripled in less than four years and this is the case on both of my investment properties. Is a small landlord like me supposed to just suck up the increased expenses and not pass on any increased costs to the renters? EVERYTHING has increased in price since Biden took office, yet he blames US for the problem. Nice.
It’s time to get STUPID out.
This is the worse economic mess that the U.S. has seen since the Depression.
Blaming the increase in taxes and insurance on the federal government or Biden is irresponsible. Every nonpartisan educated investor knows property taxes are determined and collected by your city or county governments. Insurance rate increases are mostly a function of market forces and the overbearing presence of the big players. So, if you don’t like your property taxes, then get involved in your local administration and stop the pointing fingers at the easy target.
I would re-take my economics class if I were you. When the federal government runs inflation through the roof by dumping trillions of unearned dollars into their pet “so called” green energy projects, everything goes up. Then local governments (and everyone else) has to pay the price. Our elite rulers have caused nearly all of this inflation disaster.
RIGHT ON! Jim
Right on! Vote this administration out!