New bill could have significant repercussions for landlords.
President Joe Biden signed a bill in 2023 that aims to make rent more affordable for millions of Americans. While this may be good news for renters, it will have significant repercussions for landlords. As a property management company, we anticipate that the government will become more involved in regulating rents, which could lead to increased legislation and paperwork.
The bill also calls for the government to assist in making rents more affordable, which could again result in more paperwork for property management companies and landlords. However, the biggest concern is the uncertainty around the government's involvement in determining rental rates. While the government claims to cover the cost of rent, we've observed that overpayment is common, as seen in Section 8.
"We anticipate that the government will become more involved in regulating rents."
Rent control is another area where additional government legislation is likely. California has already implemented such legislation, and we see it spreading to other states. It's evident that taxes, rent affordability, and renters' rights will be here to stay.
In addition to making rent more affordable, the bill also seeks to tighten the application process. However, we're not entirely sure what this will entail. Our company and others have had consistent application processes for over a decade, so we'll have to wait and see how this new rule impacts us.
The bill signed by President Biden to make rent more affordable for Americans has several implications for landlords and property management companies. While the government's involvement in rents may lead to increased paperwork and regulations, rent control and renters' rights are here to stay. As always, if you have any questions or concerns, please don't hesitate to call or email us.