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Director Thompson,

While you may think that "protecting tenants" sound like a noble goal, the effect of rent control and changing evictions laws has exactly the opposite affect. I am a Realtor and a landlord. If I am being told that I can't raise rent to keep up with expenses or I can't get rid of a nuisance tenant (which lapse of time evictions are really the only way to get rid of a paying nuisance tenant), then I would rather keep the apartment empty until I find the "perfect" tenant instead of renting to someone "on the edge". The harder lawmakers make it to evict someone, the harder it will become for "marginalized" tenants to find housing. Look at New York. Look ANYWHERE rent control has been implemented. While a couple "lucky" people are paying 1/10th of market rate, while everyone else is paying more to offset those "lucky people". Rent control creates a situation where landlords can not bring in enough revenue to cover the costs of the property. I would suggest that if lawmakers want to house marginalized tenants, then the government (with taxpayer dollars) should buy properties and become the landlords. No middle men. Then, and only then, will there be a couple people in the government that understands the cost (money and mental) of being a landlord.

Unless you are willing to put the taxpayer money where your mouth is, all these new laws and rules are just going to create more of a housing crisis.

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. Sarah Burnham