Joint Statement on Rent Control Proposals

JOINT STATEMENT ON RENT CONTROL PROPOSALS

On Behalf of:
Bonnie Smetzer, President
The Florida Apartment Association (FAA)

Lee Rogers, President
The Apartment Association of Greater Orlando (AAGO)

Media Contacts:
Amanda Gill, FAA Government Affairs Director, amanda@faahq.org, 248-894-8523
Raleigh “Lee” Steinhauer, AAGO Government Affairs & Legal Counsel, lee@aago.org, 908-202-6882

The apartment industry recognizes the housing shortage has impacted housing affordability in Central Florida. Housing affordability is a national challenge due to the rising demand for rental housing as well as barriers to development. We look forward to working collaboratively with state and local policymakers to increase the supply and affordability of housing in the state of Florida.

While some lawmakers may view rent control as a viable option, in practice these policies have demonstrable and well documented negative effects. Evidence does not just suggest, it confirms that these policies have a detrimental impact on the housing market. In practice, rent control benefits a select few at the expense of the rest of the rental population, while reducing the quantity and quality of housing options. To see the true impact of rent control, look no further than the most expensive rental markets in the country. For example, in Los Angeles, uncontrolled rents increased more than three times faster than rent-controlled units after the rent control policy was put in place. Similarly, in San Francisco, rent-controlled properties were nearly 10 percent more likely to convert to condos than other buildings, which resulted in a notable reduction in the supply of rental housing.

In light of the indisputably negative implications of rent control, the apartment industry supports more effective alternatives to increasing the supply and reducing the cost of housing. Some of these alternatives include: enhancing and expanding public-private partnerships, reducing regulatory barriers, and expanding housing choice. The Florida apartment industry looks forward to continuing to work with state and local policymakers to improve housing affordability in the state of Florida.

The Florida Apartment Association represents more than three-quarters (80%) of apartment homes in Florida — nearly 700,000 units — and nearly three-quarters (74%) of all apartment communities in Florida. Since 1971, FAA has worked to ensure high property management standards and resident satisfaction and safety in Florida, and provides advocacy, professional development, and networking opportunities for its members.

The Apartment Association of Greater Orlando (AAGO) is a trade association representing more than 700 apartment communities consisting of more than 180,000 apartment homes, as well as apartment owners, managers, developers, suppliers, and thousands of industry professionals in Orange, Osceola, Lake, Seminole, and Volusia Counties. AAGO is dedicated to promoting and advancing the needs of the apartment industry in Central Florida.