Everybody say it with me: Increased supply reduces prices.
For those in the back and in Washington: Increased supply reduces prices.
Instead of pushing for a 5% national cap on rent increases, how about letting the free market do its job? If policymakers really want to lower housing costs, they should streamline zoning and permit approvals—not interfere with pricing.
Here’s the real cap we need:
A 30-day limit on zoning and permit reviews nationwide.
Lower pre-construction costs so the process doesn’t cost more than the build itself.
Housing affordability starts with getting more units built, faster. Look at Phoenix Metro over the last four years: rents surged, construction followed, and as new homes and apartments hit the market, pricing started dropping. The market works—when you let it.
During the Trump administration, I was invited to Real Estate stakeholder calls during the pandemic. Now, to the Biden administration, I say: bring in the professionals. Housing needs to be affordable for tenants, landlords, developers, and taxpayers alike. Overregulation and rent controls won’t fix affordability—building more housing will.