Gov. Gavin Newsom has pledged to sign a statewide rent control bill for buildings older than 15 years. Here's how landlords could respond.
Life at The Driftwood apartments was far from perfect.
Yukelson and others in the industry say many small owners provide relatively affordable housing and don’t always raise the rent. But they fear that once owners realize they won’t have an option for a big increase down the line, landlords will start to raise rent more often, maybe up to the maximum allowed.
Another, who called himself a “large mom-and-pop” with “a few hundred” units in Southern California, wanted to remove low-rent residents so he could charge higher prices. However, the analysis of 10 California communities over a five-year period found that most median annual rent increases were below 8%, which would probably be the cap in many years under the new law, given recent inflation rates.
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