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Director Thompson,

Thank you for taking the time to read through our personal experiences. Being a good landlord who is fair and cares is quickly becoming harder and harder to find. Everyone is facing rising costs - in many instances Landlords do not want to raise their rents and risk losing good tenants they may already have BUT their costs have increased as well. In addition they are struggling to find sub contractors that can help them upkeep their properties. Increased oversight will add more cost as well more time (and time is money) and in the long run decrease rental housing. I have 2 clients talking to me now about selling their small rental complexes due to these types of issues .... when it was the long term plan to sell in 2-5 years. Responsible landlords want their property to be enjoyed but respected and not abused. Tenants want affordable rents that are clean and maintained. This will not be accomplished or even possible if we keep heaping costs and regulations onto the owners.

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. Allyson Bernard