A new follow-up study conducted by economists from MetroSight, sponsored by the National Multifamily Housing Council and the National Apartment Association, shows that some housing regulations increase the cost of rent, particularly for lower-income renters and those renting from small multifamily properties. The report builds on findings released earlier this year.
The research specifically analyzed the impact of source-of-income, eviction, resident screening and state preemption laws on rent costs. It found that resident screening laws increase rents between 1.5% and 3.4%, or about $252 to $708 per unit annually; source-of-income regulations increase rents between 5.2% and 5.3%; and eviction laws increase rents between 5.9% and 6.3%.
“As housing affordability continues to be a nationwide concern requiring action from state, local and federal lawmakers, this study importantly shows how misguided regulations have the ability to increase monthly costs for renters,” said NAA president and CEO Bob Pinnegar. “Now more than ever, our nation needs responsible, sustainable policy solutions that, instead of raising costs, work to boost the supply of housing and improve affordability long-term.”
The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...
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Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...
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Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...
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