It's kinda crazy how every headline is like "It's a win for builders" and "It's a win for investors" but never "It's a win for renters." And they're the people who actually live in these homes.
More supply = win for renters.
This bill has already stifled new BTR construction, and led to the creation of less housing.
I am actively negotiating a contract where the buyer added a carve-out to close for the passing of this provision.
@CityofPhoenixAZ It would’ve been brilliant for the governor to consider this before releasing the draft ADWR report before it was ready for public consumption.
Fewer CRE loans are being extended, and more are moving toward resolution, whether through refinancing, asset sales, restructurings, or defaults. For CRE borrowers, the era of ‘extend and pretend’ is giving way to ‘resolve or reset.’
More in the blog:
https://t.co/5Y55rpYdTU
The push to save build-to-rent housing for renters got a big boost this week via a bipartisan letter signed by 76 members of Congress. They point out key flaws in the sloppily written ROAD to [Less] Housing Act, including:
1) It would crush housing supply creation by ~72k units per year.
2) It would destabilize housing for families by forcing renter displacement (aka evictions) via forced sale provisions.
3) It would reduce access to higher-quality neighborhoods for middle-class families, thereby hurting education attainment and upward mobility etc.
Good to see 76 members of Congress who value facts over narratives. The solution is obvious: Just build more housing!
@RepJoshHarder Please keep up the good work. The forced disposition mandate will put my company (and many others) out of business. Let alone the impact on hard working American's who deserve to choose where and how they live.