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Director Thompson,

I am a Broker with over 35 years experience. I am also a real estate investor. I work with many investors. I just sold my last multi-family yesterday after learning that the government is considering stopping the eviction of non-paying tenants. The Landlord & Tenant relationship in MANY states is very unbalanced, in favor of the Tenant. Government legislation which creates this imbalance. I will never own a residential rental again because current and expected legislation. Owning a rental is far too risky. My investors feel the same way. Instead there is movement to vacation rentals which doesn't fall under the oppressive Landlord & Tenant Act. Government needs to take action on the rental and housing crisis "upstream". They should be providing government grants and other types of support etc to builders - only way to solve the housing shortage. The government should be also be supporting Landlords with legislation to helping them to mitigate their risk of loss. This will be the only way to solve the rental crisis.
This housing crisis is very solvable - but the wrong path continues to be taken by government.

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. Fiona King