A new episode of the No Cap podcast features a guest who lives at the intersection of policy and production. Sharon Wilson Geno brings more than 30 years across the nonprofit, private, and public sectors. Over that time, she’s moved from her legal career and work at Volunteers of America to leading NMHC, where she helps shape national housing policy for an industry that provides over one-third of US rentals.
In addition, NMHC works closely with NAA and other partners to advocate across federal, state, and local levels; moreover, the two organizations have built a rare industry partnership that avoids competition and strengthens policy outcomes. Under Sharon’s leadership, the organization is focused on expanding housing supply, modernizing outdated programs, and improving how the multifamily industry is perceived by both the public and policymakers.
Conversation Highlights
Alex: Give us your background—how did you end up leading NMHC?
Sharon: I started as a lawyer and quickly realized I wanted to create real impact. From there, I moved into affordable housing work, ran a national nonprofit platform through COVID, and eventually landed at NMHC. It was the right moment, with housing becoming a top-three national issue.
Jack: For people who aren’t familiar, what does NMHC do?
Sharon: We’re an advocacy and industry-facing organization for multifamily owners, developers, operators, investors, and increasingly, tech suppliers. Our members build the housing where people build their lives.
After that, the conversation shifted to the makeup of the industry—and how affordable and market-rate housing are starting to converge.
Alex: What’s unique about this moment in time?
Sharon: Class A and affordable housing are becoming more connected. Correspondingly, policy shifts and market need are driving partnerships. We’re bringing more workforce and affordable developers into the NMHC community and launching a new committee focused on capital-A affordable housing alongside our existing workforce housing group.
Jack: Why do you think there’s still stigma around landlords and multifamily housing?
Sharon: Perception lags reality. Still, while there are a few bad actors, they’re the exception. Our goal is to highlight the good work—building communities where people have real housing choice. And we need to uplift renters. They’re our clients, and they add value to every community.
“We’ve hung on for more than a century to this idea that the American dream is defined only by homeownership, we don’t recognize lifelong renting as a path to mobility and freedom, and that needs to change.”
Afterward, we discussed rent control and the growing influence of public opinion on housing policy.
Alex: Rent caps seem politically popular. Do they actually work?
Sharon: They don’t. In fact, decades of research show that rent control reduces supply, investment, and even housing quality. For example, look at New York and San Francisco. Through the Housing Solutions Coalition—which includes NMHC, NAA, MBA, NAHB, and NAR—we’re educating policymakers and voters, especially younger ones, on what truly drives affordability. Recently, we’ve been active in Colorado, Nevada, and Washington State.
Jack: So what approaches actually help?
Sharon: First, zoning and code updates—like Colorado’s single-stair rule—add 20% more units per building without compromising safety. Second, faster permitting for qualifying multifamily projects. And finally, Florida’s Live Local Act, which combined zoning reform with $1 billion in funding and closed rent-control loopholes. As a result, it’s created a stable, investable environment that other states should replicate.
Building on that, the discussion shifted to the federal level—specifically, what Washington can do without adding new bureaucracy.
Alex: Can the federal government help without creating new bureaucracy?
Sharon: Yes. For instance, one idea is for the federal government to match local tax abatements—say, 30 to 50 percent—when states and cities offer them under specific rules. Since we already match federal funds for transportation and disaster programs, the framework exists.
Jack: Section 8 seems like the most direct lever. Why not expand it?
Sharon: It’s not an entitlement, meaning funding is limited. Only one in four eligible Americans receives assistance. Therefore, the program needs a full regulatory update: quicker inspections, simpler administration, and perhaps an EBT-style voucher for some households. Additionally, we need more hard units of public housing, not just vouchers, to match the scale of the shortage.
“In housing, only one in four Americans who qualifies actually gets assistance, that’s the kind of gap we need to close if we’re serious about affordability.”
Alex: What’s your take on all the GSE privatization talk?
Sharon: It’s complicated. The GSEs’ 2008 agreement with Treasury created a rolling credit structure that’s hard to unwind. Interest has compounded on interest, and removing that from the federal balance sheet could add billions to the national debt. Given today’s high rates and housing shortage, this isn’t the time to disrupt multifamily liquidity. It will likely take several more years—and single-family will drive that timeline.
We wrapped with what gives her hope.
Alex: What are you most optimistic about right now?
Sharon: Technology. It’s improving operations and resident experiences today, and construction technology is where the next breakthroughs will come. Modular building, panelized systems, even 3D printing can make housing stronger, faster to build, and potentially more insurable. We’ve built the same way for a century—it’s time to evolve.
Watch the full episode on our YouTube Channel or your favorite podcast app.
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