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Director Thompson,

As a realtor I am already seeing landlords sell their properties because of the policies already in place. Covid really created a burden on landlords who found out their tenants were not going to pay rent. And the government policy allowed this to happen. By shutting down the smaller businesses the work collapsed and it was ok to not pay rent or mortgage. But those who didn't are now losing their homes. Despite covid being over the economic situation is still getting worse. Not because of the people but because of the policies of the government and that is why I am writing this, another bad policy to lead to more bad policy. The tenants are not required to be accountable or responsible for anything. This is only to take housing away from the public put it into government hands for the people coming across the border. We already have counties suing NY because they are allowing too many people in and no affordable housing for them. Putting them in places where there is no transportation or work. How is this helpful? Or putting them in the SUNY system dormitories? Where do they go in September? Are the students going to be put out of the dorms? Why are illegal policies are being proposed by our own government? We shouldn't accept bad politics even if they are imposed. The better thing would be to reduce inflation so the building of affordable housing could increase. Imposing policies that hinder the ownership of multi-families will only hurt the public and lead to zombie, unsafe housing. Landlords and tenants alike.

Thank you for the opportunity to respond to your Request for Input (RFI) on how the Federal Housing Finance Agency (FHFA), in its oversight of Fannie Mae and Freddie Mac, can best provide affordable housing opportunities for renters. Approximately 40% of the National Association of REALTORS®'s (NAR) 1.5 million members own at least one rental housing unit, playing a vital role in providing safe, quality, and affordable housing in neighborhoods nationwide.

As the FHFA examines ways to improve access to affordable housing, it is critical to acknowledge the most significant driver of housing unaffordability is the limited supply of available housing. According to NAR data, the United States has an underproduction gap of over 5.5 million units – a key underlying reason housing costs have increased. On top of this, inflation has increased the prices of goods and services for all Americans. As housing providers strive to provide affordable housing opportunities in their communities, they also contend with rising mortgage rates and increased costs for supplies, services, and maintenance. When inflation is high, the prices of materials increase. That means it becomes exceedingly more expensive for construction teams to build new homes or renovate existing ones. Ultimately, these high costs spill into the housing market and lift home prices for new builds and existing housing.

As REALTORS®, we are committed to upholding the very specific provisions of our contracts with residents, and we often go above and beyond what is required to ensure residents have safe, quality, and affordable places to live. Rental housing is a deeply complex issue that is unique to every community. Creating additional layers of policies to a space that is already heavily regulated by state and local governments will have severe unintended consequences for renters as housing providers are leaving the market in communities where affordable housing is sorely needed.

Affordable housing is pivotal to creating paths to upward mobility for people across the country. I appreciate your commitment to ensuring we achieve this goal without impeding the creation of much-needed housing supply. Jacqueline Kline