(March 8, 2019) Oregon’s Mortgage Interest Deduction is Under Attack!
On Monday March 11, 2019 at 1 pm, HB 3349 will be up for a hearing in the House Human Services & Housing Committee. The bill would effectively eliminate the mortgage interest deduction for many Oregonians throughout the state. Oregonians at all income levels rely on the mortgage interest deduction to afford their homes. The bill would also eliminate the ability for Oregonians to deduct interest on homes as they transition from one home to another and are carrying overlapping mortgages.
- Read House Bill 3349
- Learn more about the details of House Bill 3349
- Contact your legislator and tell them to vote “NO” on HB 3349
Multifamily NW has provided a document to help landlords navigate the changes with the passing of SB 608. This document was generated by Multifamily NW.
(February 28, 20019) Governor Brown has signed SB 608. Due to the emergency clause, this bill is effective immediately.
(February 26, 2019) What You Need to Know About Senate Bill 608
Senate Bill 608 passed in the Senate and in the House. The statewide rent control bill has an “emergency clause” and thus will become effective upon passage and signature by Governor Brown. We anticipate this could be as early as March 1, 2019. We know there will be many questions, please see a Summary of Senate Bill 608 along with Frequently Asked Questions for your reference.
Call For Action - No on Senate Bill 608+
We’re less than a month into the 2019 Legislaive Session and one of the most controversial bills introduced has been scheduled for a public hearing and work session.
- Economists nearly universally agree that rent control programs reduce the supply of housing units.
- A reduction in the number of units actually causes increased rents overall.
- Rent control programs decrease mobility for tenants and require larger security deposits to recoup costs associated with damage.
- Rent control programs encourage the transition of rental units to condominiums as well as provide incentive to tear down existing buildings for the construction of new ones.
- We have underbuilt housing of all kinds. But, recent investments in multifamily units in the Portland area has caused the steepest decline [in rents] across the US!
- The primarty goal of any good policy is “First, Do No Harm.” Rent control discourages further investments in much needed housing.
A statewide rent control system is unprecedented, no other state has adopted a statewide standard for rent control. The majority of states have laws that preempt rent control due to it’s evaluated negative impacts on supply.
- Only four states allow municipalities to impose rent control, and those programs have been anything but successful.
The Oregon Association of REALTORS® has been workingin good faith with members of the Legislative Assembly to address structural problems with our housing shortage. We will continue to work with stakeholders and elected officials on positive solutions that do not cause further harm to our existing housing crisis.
Smith, Noah, 'Yup, Rent Control Does More Harm Than Good', Bloomberg
Opinion, January 18, 2018, https://www.bloomberg.com/opinion/articles/2018-01-18/yup-rent-control-does-more-harm-than-good
"Why Rent Control Hurts Renters." YouTube, PragerU, January 12, 2014, https://www.youtube.com/watch?v=oJvTTGOHFkU&vl=en
Sparling, Zane, "Portland rents drop 2.7% in steepest decline arcoss US," Portland Tribune, October 21, 2018, https://pamplinmedia.com/pt/9-news/409754-309346-portland-rents-drop-27-in-steepest-decline-across-us
Lehner, Josh,’Why Housing Supply Matters,’ Oregon Economic News, Analysis and Outlook, December 14, 2017, https://oregoneconomicanalysis.com/2017/12/14/why-housing-supply-matters/
“Rent Control Laws by State.” National MultiFamily Housing Council Research & Insight, August 29, 2018 https://www.nmhc.org/research-insight/analysis-and-guidance/rent-control-laws-by-state/
OAR Seeks to Increase Investments for Individual Development Accounts; Home Ownership+
OAR Seeks to Increase Investments for Individual Development Accounts; Home Ownership
Amongst a long list of legislation your Government Affairs Key Committee has identified as barriers to housing development and economic development, we have joined forces with Neighborhood Partnerships to increase investments and accelerate home ownership savings though the Oregon’s individual Development Account program.
Individual Development Accounts are funded though the elected purchasing of tax credits. A public-private-partnership with Neighborhood Partnerships manages the program for the state. For qualifying Oregonians earning 80% of area median income (AMI).
The great news, savings are matched three-to-one for deposits made by participants in the program. And, often non-profits will increase the match rate above the three-to-one match!
The total credit market is currently capped at $7.5 million. In past years, the credit market has been exhausted by mid-February. The bill (once introduced) will seek to increase the cap to $15 million. Also, for participants saving for a home, there is a limit of $3,000 deposited per year. The bill will allow individuals to save the same amount in a six-month time period, accelerating the opportunity to make a down payment.
We’re actively shopping the legislation and gathering legislative sponsors. Look for the bill number in the coming weeks and check out the links below to learn more about IDAs and the 2019 legislation.
2019 Legislative Priorities +
(January 24, 2019) 2019 Legislative Priorities
The 2019 Legislative session began on Tuesday and Housing is sure to be a hot topic. Check out this video update from OAR's Government Affairs Director, Shawn Cleave. Shawn mentions two bills that are already being proposed, Senate Bill 608 (Rent Control) and House Bill 2001 (Single Family Zoning Changes.) Both of these bills are controversial. We are tracking them closely and ready to advocate on behalf of REALTORS®. We also need your help. Legislators respond to their constituents and from time to time we may ask you to reach out to your House or Senate Representative and let them know where you stand on an issue. To make this process seamless, please sign up for REALTOR® Party Mobile Alerts. You will recieve real-time notifications on issues and calls to action. Simply text the word "REALTORS" to 30644 or register online at https://realtorparty.realtor/member-consumer/rpma.