The National Multifamily Housing Council (NMHC), National Housing Conference (NHC) and dozens of other housing groups yesterday sent a letter to Congressional leaders expressing our deep concern about language in the 21st Century ROAD to Housing Act, now pending before the Senate, that would effectively eliminate the production of Build-to-Rent (BTR) housing.
As written, the 7-year disposition requirement will effectively shut down BTR development, leading to less supply and fewer options for renters. This provision would take hundreds of thousands of housing units off the market over the next decade, many of which would serve lower- and middle-income households.
Even if it were possible to build these units, which it would not be under the new legislative language, it could lead to the forced displacement of thousands of renters each year as housing providers are forced to sell. It also threatens to negate the other pro-supply elements of the larger bipartisan housing package. The 7-year disposal requirement fundamentally misunderstands BTR homes and how they are developed and managed.
The intent of the legislation is to build more homes, reduce costs and improve affordability. The BTR provision directly undermines those goals and would worsen housing affordability, not increase it.
NMHC, our partners and members will continue to engage with lawmakers to remove the BTR language from the bill and return the legislation to the original goals of the Members of Congress and Administration supporting it.
Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is where rental housers and suppliers come together to help meet America’s housing needs by creating inclusive and resilient communities where people build their lives. We bring together the owners, managers, developers and suppliers who provide rental homes for 40 million Americans from every walk of life—including seniors, teachers, firefighters, healthcare workers, families with children and many others. NMHC provides a forum for leadership and advocacy that promotes thriving rental housing communities for all. For more information, contact NMHC at (202) 974-2300, email the Council, or visit NMHC's website at nmhc.org.
