Rent control initiatives continue to gain steam across the country, further limiting housing supply and exacerbating affordability issues. NAR is focused on fighting these misguided efforts and sharing the facts. Read more about how REALTORS® are working to advance sound housing policies – and how you can get involved.
What You Need to Know
In NAR’s 2023 Member Profile, released today, 32% of REALTORS® named a lack of inventory as the most important factor limiting potential clients from making a purchase. Housing inventory fell to the lowest level recorded since 1999 as buyers entered the market at a frenzied pace to lock in historically-low interest rates.
NAR applauded the Federal Housing Administration for increasing the large multifamily loans threshold for the first time since 2014. The new policy also opens the possibility of future annual increases of $5 million. NAR advocated for this change to create greater flexibility for lenders and facilitate the creation of more rental housing across the country.
A new NAR survey finds Americans living in walkable communities report a higher quality of life. 79% of respondents said being within an easy walk of other places and things, such as shops and parks, is very/somewhat important. 78% of those indicated that they would be willing to pay more to live in a walkable community.
NAR recently joined the National Apartment Association, the National Association of Home Builders, and the Mortgage Bankers Association in filing an amicus brief in support of 2 cases asking the Supreme Court to hear a challenge to New York’s Rent Stabilization Law (RSL). As the brief states, “Rent control laws like the RSL exacerbate housing supply and affordability problems by reducing the quantity of available housing. They also reduce housing quality, decrease consumer mobility and entry into the housing market, and provide an inequitable solution to issues of housing affordability.”
Existing-home sales edged higher by 0.2% in May. Sales were mixed among the four major U.S. regions, with the South and West posting improvements and the Northeast and Midwest experiencing pullbacks. All four regions experienced year-over-year sales declines.
As of June 30, RPAC fundraising reached 65% of its national goal with more than $32.5 million raised at all three levels of the association, and 89% of its federal disbursements allocation goal with $8.8 million raised at the national level. RPAC currently has more than 6,700 Major Investors, 1,800 President’s Circle members, and a 31% participation rate.
The REALTOR® Party At Work
Don’t forget to bookmark NAR’s Washington Report for the latest policy updates.
The city of Knoxville has long wanted to revitalize its downtown waterfront along the Tennessee River to create an appealing location and address the increasingly limited housing supply. To help get the project off the ground, the East Tennessee Association of REALTORS® turned to the REALTOR® Party’s Transforming Neighborhoods program, which awarded the city an in-depth study by a team of experts from the CRE Consulting Corps.
As Midland, Michigan, worked on its Comprehensive Master Plan last year, the city commissioned an in-depth economic analysis to reveal the financial impact of existing and potential development patterns with a view toward future growth. The Midland Board of REALTORS® secured a Smart Growth Grant from the REALTOR® Party to support the project.
California’s 1,100 miles of coastline spans 15 counties, 61 cities, and 27 REALTOR® organizations. As coastal communities prepare for rising sea levels, multiple REALTOR® associations have banded together to form Smart Coast California, a centralized non-profit providing economic, planning policy, and engineering considerations to inform decision-making. Issues Mobilization Grants from the REALTOR® Party have supported the initiative.
Resources & Opportunities
NAR’s new national poll of 2,000 adults shows strong demand for walkable communities post-pandemic, with over 30% of Gen-Z and Millennials willing to pay more to live in a walkable community. Additionally, 53% of respondents prefer attached dwellings with easy access to shops and restaurants. Access materials including a customizable press release and assets to share with members or help advocate for a range of housing types, open space, and walkable neighborhoods.
Questions? Contact Hugh Morris at 202-383-1278.
With the help of a Community Outreach Grant, Miami REALTORS® built a container home prototype with repurposed cargo shipping containers to study and advocate for regulatory changes that can reduce barriers to housing affordability. Learn how they cut through red tape by permitting the use of nonconforming lots, creating an expedited review process, enabling container homes for accessory dwelling units, and reducing overall housing costs.
On this month’s Drive With NAR podcast, hear how two real estate pros who lead local housing efforts leveraged their REALTOR® organizations and business contacts to magnify their impact. Jenean Watson, vice chair of the Sacramento Association of REALTORS®’ Diversity, Equity and Inclusion and Fair Housing committees, shares how her association spearheaded a home buyer expo supported by a REALTOR® Party Housing Opportunity Grant.
The Advocacy Resource Guide – Vote, Act, and Invest, REALTOR® Party – includes resources and tools that can help associations reach their advocacy goals and meet Core Standards requirements. State and local REALTOR® association staff can request printed copies for events and conferences by contacting Ted Wright. Requests for printed guides must be submitted two weeks prior to the event.
Attend NAR’s 2023 Sustainability Summit to expand your knowledge, reach more customers, and position yourself as the go-to expert in innovative, sustainable solutions. Don’t miss this chance to grow your expertise and stand out in the market. Early bird pricing ends on August 1st – register now!
By educating members about the Fair Housing Act and providing resources, NAR is helping ensure REALTORS® vigilantly protect the rights of all buyers and sellers. NAR’s ACT! Plan uses accountability, culture change, and training to eliminate discrimination in real estate. Visit NAR.realtor/ACT to learn more about our commitment to fair housing.
NAR’s Broker Engagement Program provides exclusive benefits, opportunities, and need-to-know information on current trends that impact brokers’ bottom line today, as well as long-term solutions for strategic growth. Head to broker.realtor to take advantage of these programs.
Sign up for the support and leadership training you need with REALTOR® L.E.A.D. courses – an innovative development experience specifically designed for emerging and seasoned leaders. Enroll to awaken or define your full leadership potential and take ownership of your vision for the future.