Rent Control May Be On Ballot

[gregb]

Passage may impact real estate as much as the ADU legislation.

https://www.independent.com/news/2018/may/03/fight-rent-control-california-cities-clears-ballot/

 

[Randolph Kinney]

I suspect the opposite effect will occur in that less rentals will become available that fall under rent control.

 

[Tim The Enchanter]

Didn't the ADU thing fail?

Glad I am not a renter anymore. Because I agree with them, the rent is too damn high.
And it is one thing that almost never goes down.

 

[Slappy]

Very interesting times we live in. Local rent control laws are an expected result of very high housing costs. I am very curious as to how we will handle the relaxation of ADU constraints in Cal. Ultimately, ADU valuation be a function of the market. That will take some time though as we will be all sorting out how to value all these formally non conforming / unwarranted ADU's

 

[Randolph Kinney]

Rents and housing costs have soared in California, especially in recent years, as new home building has failed to keep pace with population growth. The problem hits low-income residents hardest. More than 1.5 million Californians pay more than half their incomes on rent, fueling concerns about displacement and gentrification across the state.

http://www.latimes.com/politics/la-pol-ca-rent-control-expansion-bill-dies-20180111-story.html

The solution is more housing. Rent control limits housing. California has very restrictive development codes that add cost and time to development.