866 - Biden's Renter's Bill of Rights by Lindsay Frankel

The Biden-Harris administration is responding to a rent-burdened nation with new actions designed to promote a fair rental market, alongside the release of a “Blueprint for a Renters Bill of Rights.” The demand for housing skyrocketed in 2021, causing rents to increase 17.1% year-over-year at their peak in February 2022. 

The Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) are being charged with identifying unfair practices that prevent tenants from accessing or maintaining housing. The Federal Housing Finance Agency (FHFA) announced that it would consider limits on rent increases and other renter protections through a transparent and public process. And the U.S. Department of Housing and Urban Development will publish proposed rules that would require certain owners of rental assistance properties and public housing authorities to give 30 days’ notice to terminate a lease for nonpayment.  

The administration is also calling on state and local governments, as well as the private sector, to participate in improving conditions for renters by making their own commitments — as an example, the Wisconsin Housing and Economic Development Authority (WHEDA) and the Pennsylvania Housing Finance Agency (PHFA) have limited rent increases on subsidized affordable housing to 5%. 

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