When REALTORS® hear the words “rent control” they immediately think: controversy. While some parts of the United States—usually dense, urban areas—have adopted policies that establish rent control measures, it is very much the exception rather than a normal practice. Even though these policies are few and far between, efforts to impose rent control are on the rise throughout the country, including right here in Virginia. These efforts are propelled by concerns about tight housing markets, the lingering economic impact of COVID-19, as well as rising inflation.
Though such measures may be well-intentioned, these policy changes fail to solve the problem facing renters and future homebuyers, and are often counterproductive. Further, debates on rent control often enable polarized discourse that creates division between housing providers and residents, rather than bolstering relationships to create long-term solutions. There are also several studies that note these changes do little to combat the root problem of housing affordability.
This may cause some hesitation for Virginia REALTORS®, but there is great news. RPAC allows us access to members of our legislature, so that we can provide insight on the effects that rent control can have on Virginians. This is just one example of how RPAC is a gift to our industry and not just during the holiday season. To continue to combat rent control measures and other policies that could negatively impact you, your clients, and the industry, learn how you can participate in our efforts!