Legislative News

February 2, 2023

Hello GAAR Family,

As we work together for the successful future of our state, our communities, our neighbors, and our industry, it’s imperative that we continue the pressing conversation surrounding rent control. Senate Bill 99, which would repeal rent control prohibition, was tabled by a bipartisan vote in the Senate Health and Public Affairs Committee on Wednesday afternoon.
 
While it will likely remain tabled throughout the remainder of the 2023 session, we will continue to keep an eye on any movement. We remain solidly opposed to repealing the ban on rent control but stand ready to work with stakeholders to ensure housing for all.
 
When calculating solutions, we must first identify the root cause. The issue at hand is not the fault of hardworking local property owners; instead, it is a market-driven supply and demand issue. SB 99 doesn’t just ignore the causation; it exacerbates the situation by discouraging new development and causing supply to further diminish.
 
We want New Mexicans to thrive and have access to stable housing. In order to attain those outcomes, solutions must be supply-oriented and focus on addressing the varying needs of our diverse population. By working collaboratively with real estate industry professionals, stakeholders, property owners, renters, and our elected officials, we can meet in the middle to form solutions that will address the causation and create a more accessible housing market in New Mexico.

With this in mind, we have identified the following solutions:

• Prioritize Making Homeownership Attainable for All
  • The rental market can be volatile and is tied to inflation, while homeownership offers stability and provides the opportunity for families to build generational wealth. We stand in support of measures to increase down payment assistance and resources to empower renters to become buyers. SB140 would provide $48 million in down payment assistance and incentivizes home ownership.
• Expand the Emergency Rental Assistance Program (ERAP)
  • The statewide ERAP program assists both homeowners and renters with resources and bridging the gap in affordable rent and affordable property management. While this program has recently stopped taking applications, we advocate for the continuation and expansion of this program to better benefit all New Mexicans and increase access to housing.
• Update Zoning Policies
  • The City of Albuquerque has proposed the Housing Forward Initiative, which will update zoning laws to address the housing crisis. We support this model and similar measures focused on removing the barriers to increasing housing supply, and we encourage other municipalities to follow suit.

Let’s join together, use our voices, and work toward actionable solutions that benefit everyone across our great state. If you have any questions, please send me an email at Kent@GAAR.com

Best,
 
Kent Cravens, RCE, CMLX2
Chief Executive Officer / Government Affairs Director
Greater Albuquerque Association of REALTORS®

New Mexico Biscochitos
6 C. flour
1/4 Tsp. salt
3 Tsp. baking powder
1 1/2 C. sugar
2 Tsp. anise seeds
2 eggs
2 C. lard
1/4 C. brandy
*1/4 C. sugar
*1 Tbsp. cinnamon

Sift flour with baking powder and salt. In a separate bowl, cream lard with sugar and anise seeds until fluffy. Beat in eggs one at a time. Mix in flour and brandy until well blended. Refrigerate 2-3 hours. Turn dough out on floured board and pat or roll to 1/4" to 1/2" thickness. Cut into shapes (the fleur-de-lis is traditional). *Dust with a mixture of sugar and cinnamon. Bake 10-12 minutes at 350° or until browned.

Share with your REALTOR® team, and clients, or enjoy with friends and family.