With the weather we have experienced in January, thinking about the spring season to come is nice.  But there is something happening in Fishers that is worth watching and can impact our city and neighborhoods.

At the Fishers City Council meeting January 13, councilors received a presentation from the mayor’s Chief of Staff Jordin Alexander about a proposal to limit rental homes to 10% per neighborhood.  This was recommended by a housing study commissioned by the city and presented to the Council 2 years ago.

It has taken about 2 years to look into this issue and for the staff of Mayor Scott Fadness to come up with a response to the growing number of rental homes in the city, particularly those owned by out-of-town entities, including Wall Street investment firms.

The presentation to the Council was the first step.  What comes next is the precise language of a proposed ordinance.  Council members appeared receptive to the idea and Mayor Fadness invited suggestions from Council members on exact language for the ordinance.

The first reading of a proposed ordinance is expected to be before the City Council by February or March.  It is expected to take about 3 months for any final approval, presuming all goes smoothly.

This has drawn media attention in Indianapolis news outlets such as the Indianapolis Star and Indianapolis Business Journal.  But don’t be fooled into thinking this is a done deal.

It is clear there is a positive initial reaction from the Fishers Council members.  Homeowners Associations (HOAs) appear to be behind such an ordinance limiting the number of rental units in each neighborhood.  Homeowners in many neighborhoods have concerns about the condition of some of the rental homes.  But I hear rumblings of opposition ahead.

Keep in mind that the interests buying and renting these homes are well financed entities such as hedge funds.  They have plenty of money and if they decide this ordinance will get in their way of doing business, those interested parties will not hesitate to begin using those resources in opposition of an ordinance such as the one Fishers is exploring.

I have seen chatter online and viewed arguments that may be used.  For example, there are many families unable to buy a home in Fishers for various reasons but are able to rent.  Would Fishers be penalizing these families?

It should be noted this proposal will not impact the cost of renting a home in Fishers.  That is true, it will not reduce rental home costs in Fishers.  The clear goal of this ordinance would be allowing more families to buy homes in the City of Fishers.

I am looking forward to seeing the first proposed language of a Fishers ordinance addressing rental homes.  HOAs have complained that the absentee owners often neglect maintenance and repairs of these rental homes, forcing HOAs to take legal actions, which adds expenses all HOA homeowners must share.

Keep an eye on this issue as the weather warms with the coming spring season.