As California becomes the second state to cap residential rent increases statewide, renters who live in the Golden State may want to prepare for higher housing costs nonetheless.
Earlier this year, Oregon became the first state in the country to pass a law that mandated statewide rent control. In Oregon, rent increases are limited to 7% plus inflation each year. Similar to the California law, the Oregon legislation also banned no-cause evictions, which landlords could have used to circumvent the rent caps because they are allowed to increase rents by more than the capped amount when they’re signing with a new tenant.
Most states have laws that actively prevent municipalities from creating their own rent control mandates, according to the National Multifamily Housing Council, a trade group that represents the owners of apartment buildings. While New York does not have a statewide rent control policy in the vein of California’s and Oregon’s, it does have a law that allows individual cities to create their own policies.
Rent control may actually make housing more expensive Additionally, researchers have found that rents for apartments that were exempt from rent control policies grew much more substantially as a result.
Ya think? How stupid are these people?
“May not be foolproof?” RUFKM? In California, both LA and SF have had rent control for decades. They lead the state in homelessness and lack of affordable housing. This is now an investment strategy to arbitrage RC to buy low, kick ‘em out, jack rents, sell hi.
Do government control prices of food petrol etc? No, so why would rent control work? Better for government to build council housing at affordable rent instead.
Bullying
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