California Rent Control Bill Advances, Fueled by Housing Crisis – The New York Times

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Normally a leader in progressive politics, California is something of a follower in this case. Earlier this year, Oregon limited rent increases for most tenants to 7 percent annually plus inflation. In New York, state lawmakers significantly strengthened regulations that dictate the rents of almost half of New York City’s rental stock and allowed other cities to impose their own rent caps.

Most states have laws that explicitly ban rent control, a century-old mechanism that has divided tenant activists, who argue that it is the most cost-effective way to quickly curb housing costs, and economists, who largely agree that it constrains the long-term housing supply. Only four states — California, Maryland, New Jersey and New York — have localities with rent control, along with Washington, D.C.

But the idea of rent control is gaining steam, fueled by a far-reaching network of tenant unions and others organizing efforts to combat displacement and skyrocketing rents.

Source Article from https://www.nytimes.com/2019/09/10/business/economy/california-rent-control.html

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