Comment Detail

Comment

Director Thompson,

As a realtor assisting owners of residential investment properties, who are freely given the opportunity to deviate and allow for cooperation with individual circumstances that might not be the normal, such as accepting tenants with credit blemishes, or applications from individuals newly forming credit and recently obtained social security numbers. And, a realtor who reviews the market rental rate and advises and allow for the owner to negotiate changes to structure of rental increases so that it is in benefit of both parties to leave rent the same without increase or smaller increase. I think that in most case the majority of owners maintain an affordable housing positions to keep their properties filled and this does not need oversight by the government. IMO if the government want to make housing more affordable maybe they should look into restricting the volume of foreign residential investment purchases or corporation purchases (not talking the American LLC). Other Countries are buying up America at the expense of American people.

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. Rhonda Hofer