Conn. HBA Wins Initial Victory in Rent Control Battle — But the Fight Is Just Beginning

The Connecticut legislature introduced H.B. 6588 in January to cap annual rent increases at 4% and ban no-cause evictions, based on efforts by a grassroots organization called Cap the Rent Connecticut. Cap the Rent Connecticut wanted to lower the cap to 2.5%, had a large following and was very well organized. It became quickly apparent that action was needed to support housing providers in the multifamily sector.

“They were frighteningly well-organized,” recalled Sheila Leach, vice president of operations at the Home Builders and Remodelers Association (HBRA) of Central Connecticut, who attended several of the Cap the Rent events to get a better understanding of the organization’s strategy and messaging. “And they had a story to tell.”

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Private Residential Construction Spending Declines in February

Private residential construction spending declined 0.6% in February, as spending on single-family construction decreased 1.8%. Spending declined for the ninth month in a row amid elevated mortgage interest rates. Consequently, private residential construction is 5.7% lower compared to a year ago.

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Lack of Existing Inventory Continues to Support Builder Sentiment

Builders remained cautiously optimistic in April as limited resale inventory helped to increase demand in the new home market even as the industry continues to grapple with building material issues.

Builder confidence in the market for newly built single-family homes in April rose one point to 45, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).

Currently, one-third of housing inventory is new construction, compared to historical norms of a little more than 10%. More buyers looking at new homes, along with the use of sales incentives, have supported new home sales since the start of 2023.

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Distribution of 1-4 Unit Residential Construction Loans Among Banks by Asset Size

According to NAHB analysis of Federal Deposit Insurance Corporation (FDIC) data, large banks (assets greater than $10 billion) have increased their share of the residential construction loan market above pre-Great Recession levels in recent years.

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