Post by High Priestess on Jan 13, 2018 5:25:15 GMT
In California, there's a law called "Costa Hawkins" which states that cities cannot apply rent control to buildings built after 1995. Tenant groups have attempted to overturn this law and get more buildings covered by rent control. That effort failed in the California legislature this week, happily for property owners.
I've many times made the point that I think rent control is an outdated concept and we all need something that works better. Price controls on property rentals are not fair, and they also dont' lead to lower rents. The areas with the strictest rent control have the highest rents. Economists agree that rent control causes rents to increase. So the only ones who benefit are those who moved in a long time ago and have rents well below current market rates. Newcomers and those who have to move see no benefit at all.