Rent control is back on the front burner in California as lawmakers consider a bill that would cap monthly increases statewide and Gov. Gavin Newsom weighs in to support 'a renter protection package.'
However, some have suggested recent rent stabilization proposals from state legislators could worsen the Golden State's housing problem by creating disincentives for builders to invest in rental units.
Landlord groups charge that some local rent-control ordinances in California started with inflation-adjusted standards similar to AB 1482 but then made it tougher for property owners to recapture rising expenses since as utility rates, trash and recycling fees, as well as property taxes and special assessments.
Meantime, there's also a push to get a measure on the 2020 statewide ballot in California that would allow local jurisdictions to put rental control ordinances on properties at least 15 years old. The state's Costa Hawkins Act currently limits the ability of cities to apply rent control to older units.
"We agree steps should be taken to address housing affordability in California, but virtually all independent economists agree this measure would exacerbate California's existing shortage by discouraging new construction and reducing new investment in affordable housing," said a Blackstone spokesperson in an email statement.
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