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Unusually, the industry’s regulator, the Appraisal Foundation, was established by the industry itself and then, in 1989, designated by Congress as its regulator. In other words, vote totals in the next election are now visibly in play. The FHFA, from its founding in 2008 to 2021, was an independent regulator.
Rather than adamantly saying "no," I came to realize that since advocates mostly lose out on such initiatives--except if the city or state requires a public vote--we should be focusing on mitigating the problems from such facilities and increasing the benefits. I and many activists were against public funding, but it happened anyway.
But in recent years, California’s state government has stepped in to accelerate housing production by reforming zoning regulations, removing some of the red tape that has slowed production, and cracking down on localities that have historically resisted densifying.
reforms that Treasury and the Federal Housing Finance Agency (FHFA), the regulator and conservator of F&F, could undertake instead. Regulators imposing a consent decree on undercapitalized financial institutions are a standard practice.[[The Is the planned conservatorship exit real or not (Part 1)?
This allowed its regulator, the Federal Housing Finance Agency (FHFA) – which declared itself to be their conservator – to operate the companies in lieu of their stockholders and boards. The first event occurred in September of 2008 when the government placed the GSEs into conservatorship during the great financial crisis.
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