Buckle your seatbelts, California. You may be in for another showdown with the Trump administration. You too, New York and Oregon.

When Treasury released its housing finance reform plan a week ago, there was one proposal buried in the middle that didn’t get much attention: curbing Fannie Mae and Freddie Mac multifamily lending in areas that adopt rent control. It was marked “administrative,” meaning Treasury believes it can be done without input from Congress.

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