What Does The Fed Have Against Renters?

What does the Federal Reserve have against renters?

In a recent report entitled "The Homeownership Gap", the Fed implies that residential tenants are not "invested" in their communities and contribute to "less stable" neighborhoods. This is a slap in the face to the 95 million hard working Americans who just happen to rent their homes.

To say that renting leads to unstable neighborhoods ignores reality. One only needs to drive through some of the newer single family home projects in states like Arizona, California or Nevada and elsewhere that were built during the speculative fervor of the last decade to see every other home either in foreclosure or vacant. Now that's unstable neighborhoods for you.

It's hard to see, however, how communities of active seniors, young families and people who just want to enjoy life without the burdens of maintaining a home result in a situation the Fed finds unacceptable.

We have written to the Fed and Members of Congress demanding that they retract their demeaning characterizations of residential tenant communities.