Biden Executive Order

[Aubrey P.]

As a landlord, who relies on credit scores and other pertinent information to vet renters, I’m concerned about Biden’s latest Executive Order. He’s looking to try to ensure racial equity by a change in how credit reporting is measured to include things like cable bills being paid. Increasing section 8 vouchers and the amounts allotted, among a slew of other proposals.

My concern, and I preface this by saying I am pro-racial equity, will be that it could decrease the tools for which to weed out potential problem tenants with poor credit histories, or generally that this could lead to litigation for small landlords.

anyone see this EO? All I know is I can use credit scores now to help weed out tenants, but I just don’t know the full ramifications of this yet.

[Greg M.]

I don't know anything about the Executive Order (and probably neither does Biden), but if wokeness forces changes that make the credit score less reliable by forcing the usage of other criteria, landlords will do what landlords always do. We will raise the rent to cover the cost of the added risk and look to other criteria when screening. Rent that was $1500 is now $1600. Min income that was 2.5X rent is now 3X rent. Needing 2X rent in savings is now needing 3X rent in savings.