A VP Pick, An Incumbent, An Assassination Attempt

This summer has been eventful with an assassination attempt, a VP pick, and the incumbent President terminating his campaign bid. President Biden's views on rent control have taken a backseat amid these political changes. However, his proposed rent control policies could potentially harm the rental housing industry.

An article in The New York Times stated that President Biden plans to implement a 5% cap on rental price increases nationwide. This cap would apply to rental property owners with more than 50 units, affecting approximately 20 million rental units worldwide. Such policies could destabilize the rental housing industry and impact the more than 250,000 rental households in Mecklenburg County.

The big question now is whether the White House will reconsider its stance on rent control, especially now that President Biden has ended his re-election campaign. Additionally, how could rent control policies influence migration trends?

Some conscientious rental property owners are taking action by reaching out to their members of Congress to voice their concerns about the proposed policies. As Election Day approaches, rental property owners are gearing up to have a say in the decision-making process. It's important to note that the President's proposal would require Congressional approval, and given that Republicans currently control the House, it's unlikely the measure will pass. However, even with the potential failure of the measure, rent control continues to be supported by some policymakers as a solution to rising national rental housing costs, despite differing opinions from economists, academics, and rental housing practitioners.

The Greater Charlotte Apartment Association is taking steps to educate about the negative impacts of rent control and to register renter residents to vote in the lead-up to the presidential election.