Last week, California became one of only three states in the Union to impose statewide rent control. Oregon enacted rent controls in March and New York began limiting annual increases on a statewide basis in June.
While the measure won the favor of leases across the state and even the California Apartment Association which previously opposed the bill, outspoken critics remain. Experts familiar with the rent control measures that have been in place in New York City for decades, say California currently lacks the oversight to enforce such sweeping limits on rent hikes. NYC has the Homes and Community Renewal agency which enforces violations of rent control laws. California lacks a dedicated agency or department.
It remains to be seen if the State will fill in this gap. In the interim, the Aramco Report appreciates readers like Nancy C. of Oceanside for chiming in on the subject of rent control. What burning real estate questions do you have? Readers who wish to share their thoughts with us are welcome to reach out to us on social media at #AramcoReport.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.