Striking Tenants Demand Rent Caps and Other Protections
October 29, 2024
Tenants in two Kansas City apartment buildings with Fannie Mae-backed loans are withholding rent, demanding repairs and rent control.
- Around 200 tenants across two properties, Independence Towers and Quality Hill Towers, kicked off rent strikes on October 1.
- Tenants are demanding that the Federal Housing Finance Agency (FHFA) address substandard living conditions and are requesting a 3% rent cap on Fannie Mae and Freddie Mac-backed properties.
Why It Matters: The rent strikes are part of a broader movement spearheaded by the Tenant Union Federation, with similar strikes planned in several other states. This Federation aims to pressure federal regulators to address the national housing affordability crisis.
As reported by Politico, FHFA did not address directly the demand by the unions behind the strikes for a rent cap at properties with loans backed by the GSEs.
However, as CREFC reported on July 12, FHFA introduced in July new tenant protections, including grace periods for rent payments and required notice for rent increases and lease expirations, as evidence of its commitment to tenant rights. Siobhan Kelly, associate director of the Office of Multifamily Analytics and Policy at the FHFA, stated: