Biden Makes First Move Toward Radical Rent Control Law

Answering 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.

The president has given the Federal Housing Finance Agency (FHFA), the Biden Plan, instructions to examine limits under the Biden plan “for future investments and actions promoting renter protections,” According to a report, Yahoo Finance.

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

Please specify “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.

Related: AOC Humiliated by GOP Congressman in Gas Stove Dispute

“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,” These were the words of the legislators. “We urge your Administration to pursue all possible strategies to end corporate price gouging in the real estate sector.”

In particular, lawmakers urged the president to issue new regulations to define excessive rent increases and to enforce rent gouging. [morel ] The administration’s proposals have been more aggressive than those made so far. The letter requested that FHFA implement rent protection for tenants who live in properties financed by government-backed mortgage properties. This is closer to what the president stated 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.

Local laws regarding rent and leases have existed since the birth of the republic. Local and state governments can punish landlords for cheating renters if they are found guilty. Local and state governments are better equipped to handle local rental housing issues because they are closer to landlords and renters than anyone else in Washington.

But now, the federal government doesn’t believe that landlords should be compensated for owning rental property. They’re “gouging” renters. After more than two years of fighting landlords’ attempts to evict renters due to non-payment of rent, this is the result. In an age of rapid rising inflation, landlords have been accused of “profiteering” at the expense to 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 that AOC supports would decimate the rental market and make it harder to find affordable housing. Small business owners don’t want to be dependent on Washington for their businesses. Rental housing will disappear — perhaps the intended purpose of the new rules.

It is easier to sell the narrative that corporate greed is responsible for rent rises than the story of small businesses trying to maintain their properties in an inflationary environment, which Warren, AOC and Biden are largely responsible for.

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