Fishers debates 10% rental cap designed to protect neighborhoods

By DANIELLE ZULKOSKY
WISH-TV | wishtv.com

Two meetings in Fishers on Monday tried to explain the proposed housing rental cap in city neighborhoods.

The proposed ordinance, first unveiled in February, would require a 10 percent cap on rental houses and townhomes in neighborhoods across the city. It would go into effect at the beginning of 2026 and would grandfather in all existing rental homes.

The city government had an online informational meeting at noon.

In the evening, a separate community-led meeting was at the Fishers branch of the Hamilton East Public Library.

The meetings were organized to allow residents to express their concerns to the council about the proposed rental cap, which some believe will negatively impact home values and community diversity.

Steve Ladig, a real estate broker, said, “Putting a 10 percent rental cap on homes will decrease the value of many of the homes, especially in the neighborhoods that have a high concentration of rentals. They’ve experienced a great appreciation.”

Republican Mayor Scott Fadness said that the proposal was developed in response to concerns from residents about the increasing number of rentals in neighborhoods.

“We had heard from a number of neighborhoods that were concerned about this issue, and so we’ve tried to be as thoughtful over the last year and a half and come up with a solution that doesn’t create a great deal of bureaucracy but does ensure that none of our neighborhoods get to a point of saturation on rentals,” Fadness said. “We’ve heard time and time again from people who live there who’ve spent their live savings, and we want to make sure that neighborhood keeps its integrity and vibrancy for the long term.”

Norma Johnson, a long-time Fishers resident, voiced opposition, suggesting the proposal aims to exclude certain demographics from the community.

“When I moved here in 2001 there were very few people of my complexion here,” Johnson said. “You hear comments like ‘We don’t want to end up like Indianapolis’ or ‘We don’t want to end up like Lawrence.’ But I know the code word, and the code word is ‘We don’t want a whole lot of ‘those people’ moving out here.’”

Andrea Davis, executive director of the Hamilton County Affordable Housing Directive, emphasized the need for a variety of housing options to support community growth.

“We firmly believe that in order to thrive, our community needs a wide variety of housing along the housing continuum,” Davis said.

She says the variety includes single-family homes, townhomes, duplexes, and apartments or condos, some to rent and some to buy, to support the community in all phases of life.

The council will hear public comments on the proposal at its April 21 meeting.

Organizers of the community-led panel say they plan to send all of its feedback to the council before the proposal is up for a vote.

This story was originally published by WISH-TV at wishtv.com/news/politics/fishers-rental-cap-proposal.