At 35-Year Rent Inflation High, Homes Guarantee Campaign Demands Federal Action on Rent Inflation
Polling and Economic Analysis Points to Political Appetite for Rent Regulation
WASHINGTON – RealEstateRama – People’s Action’s Homes Guarantee campaign today demanded federal action on rent inflation in a media briefing with allies and tenant leaders. The briefing included the release of an economic analysis co-written with Groundwork Collaborative on rent inflation and polling by Data for Progress.
“I feel trapped,” Progressive Leadership Alliance of Nevada and Homes Guarantee tenant leader Vanessa Armour said. “Am I going to spend the rest of my life scraping it all together? While the government does nothing to help me? While the government is actually in the business of financing greedy landlords like mine?”
The economic analysis discusses rent inflation as a driver of core inflation, corporate landlord price gouging, the worsening rent inflation and eviction crisis, how the Federal Reserve’s interest rate hikes raise rents and disproportionately hurt Black tenants, and the failure of the private market in combating homelessness. The polling shows the majority of voters want the federal government to take action.
“Any strategy to bring down prices must include housing and affordability. Landlords and housing corporations are telling their investors they’re ready to jack up rents as much as possible. If our policy fixes for inflation don’t target the housing market, we risk failing to meet one of the most urgent needs of millions across the country,” Groundwork Collaborative Director of Policy and Research Mike Mitchell said.
“Rent instability has huge impacts on the lives of people, and it hurts families,” National Housing Law Project Executive Director Shamus Roller said. “It’s crucial for the Biden administration to take action around rent regulation and we think they have the tools legally to do so.”
“Voters across race, partisanship, and nearly every other demographic, identify increasing costs of living as the most pressing issue in their lives,” Data for Progress Polling Analyst Anika Dandekar said. “Our new polling on housing demonstrates the president has a mandate from renters and homeowners alike to ensure tenants’ rights and safe housing.”
July’s Consumer Price Index (CPI) showed rent inflation increased at a rate of 6.3% in the past year, the highest in 35 years. The briefing came the day after the Homes Guarantee campaign brought three tenants facing rent hikes to D.C. to meet with the Federal Housing Finance Agency. Earlier this week, the campaign released a memo of federal actions to curb rent inflation and sent it to the White House signed by 220+ legal partners, housing justice, and tenant-led organizations.
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