While all eyes were focused on the outcome of the Presidential and Congressional elections, the results of down-ballot races could define the next generation of housing policies, including in several cities and states actively working to implement rent control.
In 2021, we anticipate rent control threats to emerge in various parts of the country, particularly in light of the COVID-19 pandemic. Even before the U.S. Centers for Disease Control and Prevention imposed a national moratorium on evictions, nearly all 50 states enacted their own eviction measures either through executive order, legislation or judicial order. To many lawmakers, rent control may be seen as a natural next step as federal and state moratoria expire.
We will be watching several states closely. We believe the most likely states for activity include Colorado, Illinois, Massachusetts, Nevada and Washington State. We also anticipate expansion efforts in California and New York. Several other states will require close monitoring for activity within state legislatures.
Rent control threats may come in the form of state legislation, municipal measures or, once again, state or local ballot initiatives. These efforts come at a time when housing affordability is on the minds of millions of Americans, particularly in light of the economic ramifications stemming from COVID-19. Lawmakers will be motivated to act.
Download the full Election Memoradum: The November Elections 2021 Rent Control Outlook