Gov. Gavin Newsom signed legislation capping rents for millions of Californians.
Millions of Californians will for the first time have new safeguards against large rent increases after Gov. Gavin Newsom signed legislation on Tuesday capping annual rent hikes for the next decade. The new protections come as major metropolitan regions across the state have seen double-digit increases in their homeless populations and residents havecited homelessness and housing problems as the most pressing issues facing the state.
There are a number of exceptions to the law’s new rules. The rent cap will not apply to apartments built within the last 15 years or single-family home rentals unless they’re owned by corporations or other institutional investors.Limits on rent increases will not change for those currently living in rent-controlled apartments. But the new rules extend protections for renters living in newer complexes in cities with rent control.
While the new law allows for rent increases that are much higher than average wage growth, renter advocates argue it will prevent sudden surges at levels that could drive people from their homes. Anfound about 6.7% of the properties statewide in the company’s database last year were subject to rent increases that exceeded the cap.
But three months later, Newsom brokered a deal that made the cap stronger, resulting in the legislation signed Tuesday. The stricter measure came alongside an agreement from the apartment association that it would drop its opposition — the Realtors, whose prior agreement had been shredded, then spoke out against the changes.
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