Today, rent control has quickly become a popular policy among progressive politicians. While Oregon may be the first state in the country to pass a rent control cap law earlier this year, California has now become the second state in the country to pass a law for mandated statewide rent control.
It can be scary as an owner or manager to see these types of laws go into effect. What does it mean? How will this impact my property? How can I correctly handle the changes that are going into effect? With some patience, you’ll be able to gain further understanding into the state’s new regulations. Here are some key highlights.
What is the New California Rent Control Law?
California State Governor Gavin Newsom recently signed a statewide rent control provision into law to help “ease” the housing crisis occurring throughout the state. The new law places a statewide rent increase cap of 5 percent plus inflation per year.
What Types of Buildings will be Impacted?
Rent control will be applied to apartments and other multi-family buildings.
However, some buildings will be exempt like single-family homes – unless owned by a corporation or real estate investment trust. Duplexes where the owner currently lives in one of the units will also be exempt.
What is “Just-Cause” Eviction?
With the new law, for landlords it will now be required to provide an explicit reason for eviction of tenants.
No Need to Worry
As an owner, each aspect of this new law may seem overwhelming. No one enjoys new laws which may get in the way of their business. Further understanding what the new law implications are and where they will be applied to will help deal with any tenants that have questions regarding rent changes.
At MGR, we are always up-to-date on new state regulations and laws. With the help of a reputable property manager, you won’t have to worry about dealing with the new rent control
laws. For a better peace of mind in knowing your property and tenants are in good hands, please contact an MGR agent today.
The materials available at this web site are for informational purposes only and not for the purpose of providing legal advice.