Elections Continued...

North Carolina continues to maintain national attention having sixteen electoral college votes. Candidates must fight to win over voters in the Tar Heel State by focusing on inflation, abortion and Ukraine/Israel. The economy continues to be top of mind for voters and affects nearly every industry. The rising cost of insurance continues to pain apartment association members and negatively affects rent costs. Who will fight for the rental housing industry at the national and state level? What races will impact the housing industry?

All eyes are on the Governor’s race which will determine if North Carolina maintains their swing state status or if Republicans really control North Carolina politics. Governor Roy Cooper (D)’s vacancy provides an opportunity for Republicans to pick up a coveted seat. Mark Robinson (Lieutenant Governor), Dale Folewell (Treasurer), and Andy Wells (former State Senator) are some of the candidates on the Republican ticket that have statewide name recognition. Michael R. Morgan (former NC Supreme Court judge) and Josh Stein (Attorney General) are the other well-known household names on the Democrat ticket. Mark Walker (former Congressman) has already withdrawn his candidacy for the Republican ticket and is instead running for North Carolina’s Sixth Congressional District. With any luck our next governor will be a candidate who is pro-business and wants to continue making North Carolina a desirable destination to work and live.

On the national scale, the Democrat ticket gained a much needed shake up. According to the national pollster FiveThirtyEight’s average of all polls, Biden’s approval rating is 39.1 percent, with 54.7 percent of Americans disapproving of his leadership. President Biden gained a challenger who is 27 years his junior. Congressman Dean Phillips (D-MN) announced he will no longer run for his House of Representatives seat. “After three terms it is time to pass the torch,” he said. Could this 54-year-old revive the Democrat party with his youthful energy, positivity and fresh ideas? Could he be a modern John F. Kennedy who took the nation by storm with his charisma and ideals? Or will he fail to defeat an incumbent president in next year’s primary even with marginal approval ratings?

The Republican ticket is equally as exciting to follow. Currently, seven candidates remain with Senator Tim Scott (R-SC) recently suspending his presidential campaign. Former President Donald Trump remains the front runner and narrowly leads Biden in a hypothetical rematch according to a CNN poll. We all know how accurate the 2016 polls were. Former SC Governor Nikki Haley is the last candidate from the Carolinas remaining on the GOP stage. Vivek Ramaswamy offers a fresh face having never held public office and describes himself as a “true outsider.” FL Governor Ron DeSantis remains in the running and has been more than friendly to the housing industry. Just this year Governor DeSantis signed into law Senate Bill 102, the Live Local Act. The legislation appropriates $711 million for the Florida Housing Finance Corporation (FHFC) to fund or assist in affordable housing projects, and “deleting the authority” of local governments to adopt or maintain rent control measures. Could Americans elect an anti-rent control candidate who fights for our industry and housing affordability?

The next twelve months will be crucial for North Carolina and our industry. Candidates will continue to drop like flies as primary elections and unsuccessful campaigns come to an end. Inflation continues to be front and center on most American’s minds, but time will tell if it remains a hot button issue when they hit the polls. We will continue to watch and give our thoughts on how the elections will affect the housing industry.