CALL TO ACTION: Orange County Rent Stabilization Presentation

Posted By: Trinity Kutschinski Rent Control ,

Orange County Rent Stabilization Call to Action


EMAIL OUR FRIENDS ON THE ORANGE COUNTY COMMISSION

Email Template Instructions - Please copy and paste the email template provided below to contact the Mayor and our friends on the commission. Please note - We are not asking you to email the entire BCC. We have included a link to the email addresses of those we are asking you to contact, below.


EMAIL TEMPLATE

SUBJECT LINE - Agenda Item: III. Discussion Agenda (A.2.) Rent Stabilization

Mayor Demings and Commissioners - 

I am a multifamily housing provider who [owns / manages / develops] rental properties in Orange County.

To start, I commend the County for its continued efforts to ensure residents have access to a robust set of housing options. This is a goal very much shared by the industry.

Like many others in the industry, I concur with the findings of the rent stabilization study produced by the County’s consultant. As the study identifies, issues driving the costs of housing are deeply structural and primarily stem from inadequate housing construction relative to the demand, with current market conditions reflecting trends that have been emerging for years. Additionally, the increased cost of land, construction, property taxes, insurance premiums, impact fees, and project financing have all contributed to the increases in home prices and rents.

With around 1,000 individuals moving to the central Florida region every week, the study's findings reaffirm that demand for housing continues to outpace supply. As an industry, we understand that identifying effective solutions to not only increase, but bring new rental housing stock, into the market, faster, is more important than ever. 

Further, we echo the study’s findings that rent stabilization fails to address the underlying structural issues driving housing costs, and in fact, as the study notes, may even prove counterproductive by deterring much-needed production of new housing inventory, exacerbating the very problem it attempts to solve. 

As such, in accordance with the study’s findings, we do not believe that rent stabilization represents a necessary or proper solution to the costs of housing and is likely to have many negative unintended consequences. 

As an industry, we are committed to being meaningful partners to the County and its efforts to increase overall housing stock and affordability. As always, we welcome the opportunity to work with the County to identify effective solutions to produce more housing supply.  

Thank you 

EMAIL OUR FRIENDS ON THE ORANGE COUNTY COMMISSION

Email Template Instructions - Please copy and paste the email template provided below to contact the Mayor and our friends on the commission. Please note - We are not asking you to email the entire BCC. We have included a link to the email addresses of those we are asking you to contact, below.

Multifamily Developer EMAIL TEMPLATE

SUBJECT LINE - Work Session Agenda Item: I.A.1. Rent Stabilization

Mayor Demings and Commissioners - 

I am a multifamily housing provider who develops rental properties in Orange County.

Rent control poses enormous risks to future development in Orange County, especially from a project financing standpoint. Simply put, banks and other investors who provide the necessary financing for a new apartment project to break ground will be far more reluctant to do so in Orange County with rent control in place. Some will likely decline to do so or make their financing far more expensive to account for the heightened risks posed by rent control. This will make it far more difficult, and costly, for much-needed new projects in the County to move forward, which will only further constrict housing supply.

[If you are an affordable developer, discuss the additional challenges already associated with securing project financing.]

[If there is any additional context you can provide about what this proposal would mean for project financing, please include that here.] 

For property owners and managers, rent control poses risks too and is likely to result in a decline in property maintenance, due to an inability to properly staff and/or reinvest in their properties. Similarly, rent control also encourages the conversion of apartment buildings from residential to nonresidential use, taking additional units out of stock. 

With the demand for housing continuing to outpace supply, the industry understands that identifying solutions not only to increase but bring new rental housing stock, into the market, faster, is more important than ever. It is for these reasons that I urge each of you to oppose rent control and instead explore other alternative policy solutions that focus on the creation of additional housing inventory. 

As always, the industry strives to be a meaningful partner to the County and would welcome the opportunity to work together to identify these solutions.  

Thank you,