Show notes
A new proposition for rent control is on the ballot in California. Proposition 33, if it passes, would expand rent controls to include single-family homes and newer apartments. Many cities, including San Francisco and Los Angeles, already limit the amount a landlord can raise the rent each year — but for nearly 30 years, California has imposed limits on those limits, via a law known as Costa-Hawkins. That law states that cities cannot set rent control on single-family homes or apartments built after 1995. And landlords are free to set their own rental rates when new tenants move in. Tenant advocates have been fighting Costa-Hawkins for years, but so far, without success. They tried to overturn it with ballot measures in 2018 and 2020. Lawmakers also tried with legislation. While those efforts failed, Gov. Gavin Newsom in 2019 signed a law limiting annual rent increases statewide to 5% plus inflation.
According to the Public Policy Institute of California, nearly 30% of California renters spend more than half their income on rent — which is higher than in any other state except Florida and Louisiana. But, is rent control the answer? There have been studies that show the negative side effects of rent control, but the Journal of Housing Economics recently published a review of 112 rent control studies, and the results are eye opening, or at least they should be. Links: ~~~~
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References: https://www.sciencedirect.com/science/article/pii/S1051137724000020 https://eyeonhousing.org/2024/09/new-review-spotlights-the-unintended-consequences-of-rent-control/ 
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