The latest on the midterm election and what it means for rental housing.
November 9, 2022 |
Updated November 22, 2022
On or before Tuesday, November 8, 2022, voters from across the country cast ballots in this year’s pivotal midterm election. The outcomes of this election have determined the control of Congress for the remainder of President Joe Biden’s term.
Here are the election’s key takeaways as of the morning of Tuesday, November 22, 2022 – and what they mean for the rental housing industry.
It appears that the predicted red wave became more of a red ripple, and slim margins in both chambers will certainly have an impact on governing over the next two years.
- Democrats maintained their 50-seat Senate majority by flipping one seat: Pennsylvania, where Lieutenant Governor John Fetterman (D-PA) defeated Republican Mehmet Oz.
- The Georgia contest between incumbent Democratic Sen. Raphael Warnock and Republican Herschel Walker will go to a runoff election, as neither candidate reached the 50% vote threshold to avoid a runoff. The runoff will be held Dec. 6, and early voting begins Nov. 28.
- Republicans narrowly captured a majority in the House.
The White House has indicated a willingness to use powers at their disposal to advance their key policy priorities.
Ready for a deeper dive? Read this brief for more midterm results and an outlook on the remainder of the 117th Congress.
In several jurisdictions across the country, rent control measures were on local ballots.
- Pasadena, CA. A movement to pass Measure H - which would cap yearly rent increases at 75% of the Consumer Price Index (CPI) and enact other renter protections – is ahead by just over 700 votes, and is still too close to call. Read more.
- Santa Monica and Richmond, CA. Voters in these two localities considered additional measures to restrict rent increases to a maximum of 3% annually. In Santa Monica, with the “majority of votes cast,” votes in favor of Measure RC remain ahead with more than 57%. In Richmond, votes in favor of Measure P are still leading with just over 56%.
- Portland, ME. In Portland, voters narrowly approved a ballot measure that would cap yearly rent increases at 70% of the CPI in addition to enacting other renter protections. Read more.
The National Apartment Association (NAA) will continue to monitor the results of the midterm elections for industry impact – and continue robust efforts to advocate on behalf of its members against damaging policies like rent control and instead for sustainable solutions to our nation’s affordability challenges. Check back on this page for updates as they become available.