NAA and NMHC Statement on the Testimony of James H. Schloemer

Today, James H. Schloemer, Chair of the National Multifamily Housing Council (NMHC) and Chief Executive Officer of Continental Properties Company, testified before the House Financial Services Subcommittee on Housing and Insurance on behalf of the nation's rental housing providers, their residents, the National Multifamily Housing Council and National Apartment Association (NAA).

"At a time of widespread housing affordability challenges, we are committed to ensuring that apartment providers can meet the long-term housing needs of the 40 million Americans who live in apartment homes. While housing cost difficulties present themselves differently from community to community the cause is simple: We do not have enough housing.

"The only way out of this supply shortage crisis is to build more housing. Estimates indicate that we will need 4.3 million new apartment units by 2035. Regrettably, the current political, economic and regulatory environment makes building incredibly difficult.

"Unfortunately, policymakers are considering a multitude of proposals that negatively impact the addition of housing supply-including AI, revenue management, broadband, rent and fee regulation, evictions, financial and criminal screening, energy efficiency and building code standards, just to name a few. Each has the potential to negatively impact the investment, ownership and operations of rental housing providers. None would increase housing supply.

"Rent regulations are another harmful proposal, including the misguided and counterproductive plan offered by President Biden to cap rent increases at 5% annually. Decades of research shows that rent regulation devastates rental housing quality and harms affordability. The Biden administration proposal to cap rents will not add a single new unit of housing, and, in fact worsens housing availability and quality.

"However, we can solve the housing challenges facing the country. Congress must prioritize increasing our nation's housing supply and support pro-housing policies that will, in turn, ensure greater housing stability and affordability for renters at a variety of income levels for decades to come. We further urge Congress to work with the Administration to implement initiatives like the Administration's Housing Supply Action Plan that address challenges to the development of new housing."

The full testimony can be found here.

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