Legislation has been introduced in the U.S. House of Representatives (HR 5028) that would allow homeowners whose houses have been foreclosed to stay in their houses for up to five years as renters paying fair market rent.
The “Right to Rent Act of 2010” is based on a concept developed by Dean Baker, co-director of the liberal Center for Economic and Policy Research. It was also endorsed by conservative economist Arnold King of the Cato Institute at a Congressional hearing last week.
NAA/NMHC are following the measure to determine its potential impact on the shadow market and apartment demand. No companion legislation has been introduced in the Senate and it is unclear whether it has any traction in Congress’s crowded legislative agenda.