The National Housing Law Project on New FHFA Requirements: Tenants Need Protections, Not Notice

FHFA Must Do More to Protect Tenants

WASHINGTON D.C.—The National Housing Law Project today released the following statement by executive director Shamus Roller in response to the Federal Housing Finance Agency’s (FHFA) new requirements for multifamily properties with federally-backed mortgages through Fannie Mae and Freddie Mac:

“The power imbalance between corporate landlords and tenants is untenable, and these requirements do little to correct it. Corporate landlords will continue business as usual, exploiting the rental market to hike rents and evict tenants. We need a national solution to meet the scale of this problem.

“Today’s announcement by the Federal Housing Finance Agency shows that the agency can use its power to rein in corporate landlord greed. Let’s finish the job. The FHFA can and should demand more from Fannie Mae and Freddie Mac to protect tenants and promote equity in the housing finance market. Tenants need real protections and stability, not notice of bad behavior by corporate landlords.”

The National Housing Law Project recently published the National Tenants Bill of Rights with the National Low Income Housing Coalition and Tenant Union Federation that sets out seven essential rights to establish a baseline of tenant protections in the rental housing market.