Rent Control What Does the Research Tell Us About the Effectiveness of Local Action?
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Affordable Housing Lease Addendum HOME And/Or NHTF Assisted
Affordable Housing Lease Addendum HOME and/or NHTF Assisted It is possible that the unit for which you are applying has been assisted with federal funds and is governed by the HOME Investment Partnerships Program 24 CFR Part 92 or the National Housing Trust Fund Program (NHTF) 24 CFR Part 93, as amended. The HOME program requires that in order to be eligible for admittance into this unit, your total household annual income must be at or below 50% of median income (very low- income as defined under 24 CFR Part 92). The National Housing Trust Fund program requires that in order to be eligible for admittance into this unit, your total household annual income must be at or below 30% of median income (extremely low-income as defined under 24 CFR Part 93). If your unit is initially designated as a HOME unit and after initial occupancy and income determination, your total household annual income increases above 80% of median income (low-income as defined under 24 CFR Part 92), you will be required to pay 30% of your adjusted gross monthly income for rent and utilities, except that tenants of HOME-assisted units that have been allocated low-income housing tax credits by a housing credit agency pursuant to section 42 of the Internal Revenue Code of 1986 (26 U.S.C.42) must pay rent governed by section 42. If your unit is initially designated as a NHTF unit and after initial occupancy and income determination, your total household annual income increases above 30% of median income (household is no longer extremely low income), you may stay in your NHTF assisted unit. -
The Affordability Crisis: How Rent Control Is Making Waves In
THE AFFORDABILTY CRISIS HOW RENT CONTROL IS MAKING WAVES IN MULTIFAMILY Formerly known as the War Emergency Tenant Protection Act, rent control was proposed during the World War II era to protect tenants from war-related housing shortages. These policies were first enacted in New York and Washington, D.C., as they experienced the most significant shortages. Fast forward to today, rent regulation has spread to California, Maryland, New Jersey, and most recently, Oregon. THREE YEARS POST WWII, 2.5 MILLION NEW HOMES WERE BULIT ACROSS THE COUNTRY. Although there are no housing shortages today as severe as during World War II, the rent regulation policies have evolved with the intention to create more affordable housing options and simultaneously protect tenants who live on a fixed or low-income, such as the elderly. Rent control is a law implemented by the government in which they control and regulate the amount a landlord can charge a tenant for rental housing. This policy prevents landlords from overcharging rent and protects tenants from eviction without just cause, such as late payments. ™ Rent control has been a buzzing topic as of late, with new statewide enforcements within New York, Oregon, and most recently, California. In this article, Matthews™ will discuss the current state of rent regulation laws and how tenants and investors are reacting. ADVANTAGES OF RENT CONTROL DISADVANTAGES OF RENT CONTROL Policymakers tend to account for the voice The audience speaking out against rent control supporting rent regulation laws by implementing laws is primarily investors. Professionals and rent control to combat affordability issues. -
What Affordable Housing Programs and Initiatives
WHAT AFFORDABLE HOUSING PROGRAMS AND INITIATIVES DOES THE DISTRICT OFFER? DEPARTMENT OF HOUSING AND COMMUNITY DEVELOPMENT: • Inclusionary Zoning Affordable Housing Program (IZ) sets aside a percentage of affordable rental or for-sale units in new residential development projects of 10 or more units as well as rehabilitation projects that are expanding an existing building by 50 percent or more. Households interested in purchasing or leasing an IZ home must take the IZ orientation class with one of DHCD partner community-based organizations and complete the online registration form. For more information, please visit the following link: www.dhcd.dc.gov/service/inclusionary-zoning-affordable-housing-program • The Housing Production Trust Fund (HPTF) is a special revenue fund administered by the Department of Housing and Community Development. The HPTF provides funding for the production and preservation of homes that are affordable to low-income households in the District in a wide variety of ways. The primary use of the fund is as “gap financing” that enables housing projects to have sufficient financing to provide affordable housing. The fund also provides other forms of assistance including: - pre-development loans to assist nonprofit housing developers in getting low income housing projects funded; - financing for site acquisition to provide locations to build affordable housing; - funding for the rehabilitation of single family homes. Since 2001, the HPTF has helped produce over 9,000 affordable homes for low income District residents. For more information, please visit the following link: https://dhcd.dc.gov/page/housing-production-trust-fund • The Home Purchase Assistance Program (HPAP) provides interest-free loans and closing cost assistance to qualified applicants to purchase single-family houses, condominiums, or cooperative units. -
Housing Financialization and Rent Control Working Paper 2020:01 Department of Economics, John Jay College Jacob Udell1
Housing Financialization and Rent Control Working Paper 2020:01 Department of Economics, John Jay College Jacob Udell1 Abstract This working paper attempts to consolidate a number of insights about commercial real estate finance over the last 25 years in New York City to suggest a general framework for thinking about gentrification, housing financialization, and rent control. In particular, it argues for the need to account for the supply of capital seeking out returns in NYC, with an emphasis on the market for older-stock, rent-stabilized multifamily buildings. It also sketches out some potential dynamics following the passage of the Housing Stability and Tenant Protection Act in June 2019, which significantly strengthened the NYC rent stabilization regime and had an important effect in the acquisiton market for rent stabilized properties. Finally, it analyzes an example of a portfolio of Bronx buildings owned by Emerald Equity Group and financed by Freddie Mac, to explore some of these dynamics. Many of the parts of this paper are in draft-form, and areas to expand upon and develop are noted throughout the paper. 1While this working paper was conceived with much help, it does not reflect the analysis of anyone but myself, as a graduate student in Economics at John Jay College. Please do not cite without contacting the author at [email protected]. Draft 2 – 2.20.2020 Introduction NYC private landlords and their investors have been able to profit handsomely over the last 25 years by acquiring large portfolios of existing rent-stabilized, older-stock properties.2 In that period, prevailing prices for rent stabilized buildings have increased almost unabated, with the few years around the 2008 Financial Crisis being the only exception. -
What More Do We Need to Know About How to Prevent and Mitigate Displacement of Low- and Moderate-Income Households from Gentrifying Neighborhoods?
What More Do We Need to Know about How to Prevent and Mitigate Displacement of Low- and Moderate-Income Households from Gentrifying Neighborhoods? VICKI BEEN1 New York University he extent to which gentrification results in the displacement of low- and moderate-income households from neighborhoods undergoing signifi- cant change is still the subject of study and debate among urban policy researchers.2 Recent evidence suggests that, at least in areas outside low- vacancy “superstar cities”3 with intense gentrification, renters who likely Tare the most vulnerable to displacement generally do not move away from gentrifying neighborhoods at higher rates than such households move from nongentrifying areas.4 Elected officials, housing advocates, and the public, on the other hand, have no doubt that gentrification can and does cause displacement.5 There are a number of reasons the research findings on displacement may be less accu- rate or complete than reports from affected neighborhoods. First, there is considerable disagreement, especially early in the process, about which neighborhoods actually are gentrifying. Second, data tracking people’s moves to and from neighborhoods is limited because of concerns about the confidentiality of tax, social service, and other governmental data files that follow individuals over time, and because private sources of linked data, such as credit reporting bureau files, are incomplete in a variety of ways (some households don’t have credit files, for example). Third, even if residents of gentrifying neighborhoods may move no more often from gentrifying neighborhoods than similar households in other areas, they may move for different reasons. Residents of non-gentrifying neighborhoods may more often move voluntarily — seeking better neighborhoods or jobs, for example — while residents of gentrifying neighborhoods may more often move involuntarily, wanting to stay in the neighborhood but unable to afford it. -
Single-Room Occupancy Uses
City Council Report City Council Meeting: March 26, 2019 Agenda Item: 7.A To: Mayor and City Council From: David Martin, Director, City Planning Subject: Introduction and Adoption of an Urgency Interim Zoning Ordinance Regarding Single-Room Occupancy Uses Recommended Action Staff recommends Council introduce and adopt an urgency interim zoning ordinance to prohibit Single-Room Occupancy (SRO) uses citywide on an interim basis in order to prevent the proliferation and over-concentration of SRO uses that are not 100% Affordable Housing Projects or certain specialized housing uses such as emergency shelters, transitional housing, and supportive housing. This urgency interim zoning ordinance would allow for study of revised development standards, land use regulations, use classifications, and additional requirements related to physical design or amenity plans, for SRO uses in order to protect the public health, safety and welfare. Executive Summary Over the years, City staff, decisionmakers, and community members have had numerous discussions regarding housing development in the City and how to create effective housing policies, programs, and regulatory tools to address the need for more development of a variety of types and sizes of housing options. In particular, a need has been identified for development of new affordable housing and supportive housing, and market-rate multi-family projects near transit, in order to offer attractive and feasible opportunities for a range of individuals and families to live in Santa Monica. The Downtown Community Plan was adopted by Council on July 25, 2017. Framed as a “housing first” approach, it envisioned a robust mix of housing types serving a wide range of household sizes and income levels. -
DC's Vanishing Affordable Housing
An Affiliate of the Center on Budget and Policy Priorities 820 First Street NE, Suite 460 Washington, DC 20002 (202) 408-1080 Fax (202) 408-8173 www.dcfpi.org March 12, 2015 Going, Going, Gone: DC’s Vanishing Affordable Housing By Wes Rivers Introduction Rapidly rising housing costs led to a substantial loss of low-cost rental housing in the District over the last decade, yet there was little growth in wages for many residents, which means that rent is increasingly eating away at household budgets. As the District’s high cost of living continues to outpace incomes, more and more residents struggle to pay for housing while also meeting other necessities like food, clothing, health care, and transportation. The loss of affordable housing threatens the physical and mental health of families, makes it harder for adults to find and keep a job, creates instability for children that makes it hard to focus at school, and leaves thousands at risk of homelessness at any given moment. This analysis looks at the costs of rent and utilities paid by District residents over the last decade, and how these trends have affected residents’ ability to afford and live in DC, using data from the Census Bureau’s American Community Survey. The findings suggest that policymakers need a comprehensive strategy to preserve the low-cost housing that now exists and to create more affordable housing options in the city. Rents have grown sharply but incomes have not for many DC households. For example, rents for residents with incomes of about $22,000 a year increased $250 a month over the past decade, adjusting for inflation, while incomes remained flat. -
Ph6.1 Rental Regulation
OECD Affordable Housing Database – http://oe.cd/ahd OECD Directorate of Employment, Labour and Social Affairs - Social Policy Division PH6.1 RENTAL REGULATION Definitions and methodology This indicator presents information on key aspects of regulation in the private rental sector, mainly collected through the OECD Questionnaire on Affordable and Social Housing (QuASH). It presents information on rent control, tenant-landlord relations, lease type and duration, regulations regarding the quality of rental dwellings, and measures regulating short-term holiday rentals. It also presents public supports in the private rental market that were introduced in response to the COVID-19 pandemic. Information on rent control considers the following dimensions: the control of initial rent levels, whether the initial rents are freely negotiated between the landlord and tenants or there are specific rules determining the amount of rent landlords are allowed to ask; and regular rent increases – that is, whether rent levels regularly increase through some mechanism established by law, e.g. adjustments in line with the consumer price index (CPI). Lease features concerns information on whether the duration of rental contracts can be freely negotiated, as well as their typical minimum duration and the deposit to be paid by the tenant. Information on tenant-landlord relations concerns information on what constitute a legitimate reason for the landlord to terminate the lease contract, the necessary notice period, and whether there are cases when eviction is not permitted. Information on the quality of rental housing refers to the presence of regulations to ensure a minimum level of quality, the administrative level responsible for regulating dwelling quality, as well as the characteristics of “decent” rental dwellings. -
The Impact of Affordable Housing on Communities and Households
Discussion Paper The Impact of Affordable Housing on Communities and Households Spencer Agnew Graduate Student University of Minnesota, Humphrey Institute of Public Affairs Research and Evaluation Unit Table of Contents Executive Summary ............................................................................................................ 3 Chapter 1: Does Affordable Housing Impact Surrounding Property Values? .................... 5 Chapter 2: Does Affordable Housing Impact Neighborhood Crime? .............................. 10 Chapter 3: Does Affordable Housing Impact Health Outcomes? ..................................... 14 Chapter 4: Does Affordable Housing Impact Education Outcomes? ............................... 19 Chapter 5: Does Affordable Housing Impact Wealth Accumulation, Work, and Public Service Dependence? ........................................................................................................ 24 2 Executive Summary Minnesota Housing finances and advances affordable housing opportunities for low and moderate income Minnesotans to enhance quality of life and foster strong communities. Overview Affordable housing organizations are concerned primarily with helping as many low and moderate income households as possible achieve decent, affordable housing. But housing units do not exist in a vacuum; they affect the neighborhoods they are located in, as well as the lives of their residents. The mission statement of Minnesota Housing (stated above) reiterates the connections between housing, community, and quality -
Nine Facts New Yorkers Should Know About Rent Regulation
NINE FACTS NEW YORKE RS SHOULD KNOW ABOUT RENT REGULATION Ju ly 2009 Citizens Budget Commission Since 1993 New York City’s rent regulations these households still pay a high portion of have moved toward deregulation. However, their income for rent. Moreover, rent there is a possibility that the direction may regulation is providing valuable benefits to a be changed. In early 2009, the New York significant number of higher income house- State Assembly passed legislation that holds. In addition, the impact of regulation includes sweeping proposals such as the is concentrated in Manhattan. Finally, many elimination of high-rent vacancy decontrol households with low incomes are not in the and the re-control of most apartments that regulated sector or other government hous- were deregulated under this provision. The ing assistance programs; they face high rent current deep economic recession is viewed burdens in the unregulated housing market. by some as a reason to seek protections for more tenants, and by others as an oppor- At this juncture, CBC believes the Legis- tunity to lift regulations without fear that lature should be cautious about initiatives to market forces will result in burdensome rent extend the reach of rent regulation. Instead, increases. Regardless of what may happen state leaders should think more broadly in the current legislative session, the state about ways to better target assistance to enabling legislation for rent regulation is lower income households and to allow the due to expire in 2011. market to work in ways that better allocate housing and expand housing choices for all Given the legislative interest in rent New Yorkers. -
Understanding the Diversity of Rent Regulation Laws
Fordham Urban Law Journal Volume 46 Number 5 One Hundred Years of Rent Control: An Examination of the Past and Future of Rental Article 1 Housing (Symposium) 2019 Laboratories of Regulation: Understanding the Diversity of Rent Regulation Laws Vicki Been Ingrid Gould Ellen Sophia House Follow this and additional works at: https://ir.lawnet.fordham.edu/ulj Recommended Citation Vicki Been, Ingrid Gould Ellen, and Sophia House, Laboratories of Regulation: Understanding the Diversity of Rent Regulation Laws, 46 Fordham Urb. L.J. 1041 (2019). Available at: https://ir.lawnet.fordham.edu/ulj/vol46/iss5/1 This Article is brought to you for free and open access by FLASH: The Fordham Law Archive of Scholarship and History. It has been accepted for inclusion in Fordham Urban Law Journal by an authorized editor of FLASH: The Fordham Law Archive of Scholarship and History. For more information, please contact [email protected]. LABORATORIES OF REGULATION: UNDERSTANDING THE DIVERSITY OF RENT REGULATION LAWS Vicki Been,* Ingrid Gould Ellen,** and Sophia House***† Introduction ........................................................................................... 1042 I. Understanding the Goals of Rent Regulation ................................ 1043 A. Stated Goals of Rent Regulation Programs ....................... 1043 B. Existing Research and Challenges ....................................... 1046 II. Features and Trade-Offs of Rent Regulation: Defining the Regulated Universe ....................................................................... -
No Place Like Home: Defining HUD's Role in the Affordable Housing Crisis
adm_71-3_41554 Sheet No. 105 Side A 09/18/2019 13:09:53 ALR 71.3_SMUCKER_ME REVIEW.DOCX (DO NOT DELETE) 8/28/19 5:47 PM NO PLACE LIKE HOME: DEFINING HUD’S ROLE IN THE AFFORDABLE HOUSING CRISIS K. HEIDI SMUCKER* Introduction .............................................................................................. 634 I.HUD: An Agency or Writer of Federal Checks? ................................... 636 A. The Evolution of Rental Housing Assistance: What Worked and What Didn’t ............................................................................ 637 B. A Funnel for Federal Funding ................................................ 639 II.Houston (and San Francisco, D.C., and New York), We Have a Problem ....................................................................................................... 640 A. The Rise (and Potential Fall) of San Francisco’s Restrictive Zoning .................................................................................... 641 B. Washington D.C.: Negative Implications of Cookie-Cutter Development .......................................................................... 643 C. I Heart New York, But Not The Rent ................................... 646 III.Baby Steps, Tiny Victories, and Their Potential for Impact ............... 647 IV.Affirmatively Furthering Affordable Housing: A (Possible) Recipe for Success ........................................................................................... 651 A. Reviving an Obama-Era Ghost in the Name of Efficiency .... 652 B. A Bird in the Hand