Apartment Trends Magazine March 2019 | Page 40

APARTMENT ADVOCATE NATIONAL APARTMENT ASSOCIATION / NATIONAL MULTIFAMILY HOUSING COUNCIL 2019 State of Play: NAA’s Take on Policy Issue Trends H ousing affordability challenges will be the driving force behind legislative and regulatory activity affecting the apartment industry, at all levels of government. Particularly in the nation’s cities, policymakers are looking for quick fixes to provide relief for low to moderate- income renters while putting increased pressure on apartment owners to shoulder the resulting financial and operational impacts. There are several areas of concern that may catch fire as they relate to housing affordability concerns. Also included are some trending issues that have implications from an operational perspective. EVICTION Eviction policy has come under intense media scrutiny as housing affordability becomes a more pressing issue in cities and states across the country. While the eviction process has long since been a focus of tenants’ rights activists and state and local policymakers, it has witnessed renewed fervor in light of the popularity of Matthew Desmond’s book Evicted and his subsequent research at Princeton, as part of the Eviction Lab project. measures that encourage the development of affordable housing, or mandatory programs that stipulate a percentage of units be set aside and fixed with below market rents as a condition of approval for new development. Increasingly, the latter is being used by state and local governments to increase affordable housing in communities experiencing high rates of growth. While well-intentioned, these policies result in the opposite outcome of their intended aim. Inclusionary zoning is a form of rent control that stymies development and leads to overall price increases. These mandates act as a tax on housing construction, which increases building costs and reduces housing supply. 41 inclusionary zoning bills were introduced by 16 states in 2018. While Tennessee successfully adopted a state preemption law to prevent localities from mandating inclusionary zoning, Louisiana’s governor vetoed similar legislation last year. In 2019, NAA expects a similar or increased activity at the state and local level in 2019. RENT CONTROL Rent control policies are government- enforced price controls that place limitations on the rent an apartment owner may charge in market rate rental housing. Rent control laws also typically result in a host of additional regulatory burdens on apartment owners and operators, including restrictions on rent increases, required approval for special assessments to cover repairs or major capital improvements, limits on vacancy decontrol and just cause eviction measures. They distort the housing market by acting as a deterrent and disincentive to develop rental housing, and rent control measures discourage owners from re-investing in their properties through maintenance and rehabilitation. Last year 117 rent control bills were introduced in states and localities. 17 of those became law. On a related note, while the apartment industry saw a significant win in the defeat of California’s ballot measure to repeal the Costa Hawkins Federal, state and local policymakers are focused on resident protections that seal eviction court records, otherwise remove barriers to securing housing or keep renters in place by making the eviction process more difficult. Whether it be restrictions on eviction screening or implementing just cause eviction protections, these policies have significant consequences for the industry. Last year 411 eviction-related bills were introduced in 42 states, with 72 bills becoming law. A similar bill volume is expected in 2019.. INCLUSIONARY ZONING Adopted by over 500 localities across the country, inclusionary zoning policies typically fall into two categories: voluntary 38 | TRENDS MARCH 2019 www.aamdhq.org