The National Apartment Association (NAA) released the following statement in response to President Biden announcing a 5% corporate rent cap, another name for rent control, should he be reelected this November:
“Implying that rent control will solve the nation’s housing crisis is the easy way out. Rent caps, more commonly known as rent control, are failed policies that don’t work – research has shown it, the lack of affordability in rent-controlled jurisdictions reinforces it and statements from countless economists across generations and the political spectrum are crystal clear. We need leaders to stop playing politics with our housing supply.
“Despite President Biden’s prominent and direct attacks on the rental housing industry, the National Apartment Association and our 97,000 members continue to put in the work to house America’s 40 million renters, build communities at all price points and fight for policies that ensure we have enough housing for generations to come.”