On Wednesday, June 22, NAR sent a letter to the White House as a follow-up to the May 31st housing provider listening session, focusing on the topic of renters' rights and responsibilities. During the listening session and again in the letter NAR highlighted that among its membership are thousands of "mom-and-pop" housing providers, for whom ownership of one or more residential rental properties is a significant source of their income.
For these housing providers, disruptions to their ability to collect the full rent, on time, not only impact their ability to cover basic housing costs (mortgage payments, taxes and insurance) and provide necessary maintenance to the property, but may also impact their retirement savings, children's college funds, and other long-term expenses they use that income for. NAR stressed that the states and localities have long been the source of housing protections, based on the unique needs of their communities, and that these protections continue at the judicial level when eviction proceedings are initiated. An additional level of federal regulations will only serve to further complicate the system and confuse housing providers and renters alike, with the ultimate outcome likely to be fewer "mom-and-pop" housing providers staying in the market and thus exacerbating the affordable housing supply crisis.
NAR is part of a coalition of housing providers which is engaged with the Administration and Congress on these issues and is a member of an industry task force focused specifically on addressing these issues raised by the White House and ensuring that housing providers needs are included in any policy discussion going forward.