This program lowers rents to 31% of income, so instantly rents will fall to match incomes, and in doing so drag other rentals down with them.[/quote]
The news release does not say that rents will be lowered to 31% of income. It says that, to qualify, the borrower-become-renter may not pay more than 31% of income to cover the newly established market rental rate.
The unanswered question is how market rental rate will be established for each property.
